Dormant Accounts

How to Keep Your Account Active  | Dormant Account Disclosure

 At Beach Municipal FCU, we are committed to maintaining a strong and active financial relationship with you. We understand that members open accounts for various reasons, and occasionally these accounts may not serve as their primary account. Perhaps you have moved, forgotten about your account, or a relative may have opened the account for you when you were younger. While we value our relationship and hope it continues for many years to come, we want you to be aware of how your account can go dormant.

Accounts with no member-initiated activity in any suffix for a period of 12 months are considered dormant. Accounts with active loans or Share Certificates will not be considered dormant.

Dormant accounts are subject to a fee. For accounts with combined balances less than $50.00, a quarterly fee of $5.00 or the account balance, whichever is lower, is charged. When the total share balance reaches $0.00, the account is closed.

Our Long John Saver Kids Club and Pipeline accounts are excluded from the dormant account fee.

To prevent your account from becoming dormant, you can take these simple steps:

• Make a deposit or withdrawal at least once a year.
• Set up an automatic ACH authorization to transfer a specific amount from another financial institution to your Beach Municipal FCU account on a regular schedule, such as monthly or biweekly.
• Apply for a loan with Beach Municipal FCU to take advantage of competitive lending rates.
• Consider investing in a Share Certificate, which automatically renews every six or twelve months and earns higher dividends than a regular savings account.
• Keep your contact information up to date with Beach Municipal FCU to ensure timely and effective communication.

By following these steps, you can keep your account active and avoid dormancy, ensuring continued access to your funds and the benefits offered by Beach Municipal FCU.