Share accounts with a balance less than the minimum balance required to own a share ($5.00) for (3) three months will be closed and the funds transferred to the general ledger. Funds may be withdrawn and transferred from any other jointly owned account or sub account (including share certificate accounts) to maintain the required minimum balance. If such a transfer is made, written notice will be provided to the member. Sub-share accounts such as share draft/checking, clubs, money market, insurance, and escrow, with no activity for six (6) months will be closed and the balance transferred to the regular share account.
Share accounts to include Youth and Life Savings accounts that have not had member-initiated activity for (12) twelve months will be classified as a dormant account. SEVA Saves accounts have an eighteen (18) month stipulation. These accounts will be assessed an inactive account fee of $15.00 each month until the account balance is less than the minimum five ($5.00) required to retain credit union membership. At the time the account is less than $5.00, it will be closed and the funds transferred to the appropriate general ledger account.
If an account balance is greater than the minimum to retain membership after (5) five years of being dormant, the balance in the account will be forwarded to the state under the Virginia Unclaimed Property Act (Escheat Law).
The Supervisory Committee will attempt to inform members of the need to take the necessary actions to bring their account to an active status.
If a member brings the account to an active status, inactive fees already assessed will not be refunded and dividends will not be paid on those funds. If the funds are forwarded to the state, it is the responsibility of the member to take appropriate action to recover the funds.