Dormant Account Business Rules

CX BUSINESS RULES version updated 6/9/2023:

An account is considered dormant/inactive if the following does not occur during the designated period:

Deposit, withdrawal, or money transfer

No contact with the bank – phone call/ email/ secure message /mail

Demand Checking accounts go dormant after 12 months of inactivity

Savings accounts go dormant after 24 months of inactivity

Certificate of Deposit go dormant after 36 months of no contact from the first maturitydate

The dormant letter is generated once the account is changed from active to dormant status

There is no pre-letter generated before the account goes into a dormancy status

The dormant fee is $5.00 monthly

CDs are not charged a $5.00 monthly dormant fee

The fee will be charged the following month

A Manager can waive the dormant fee(s)

Escalate to the Customer Success leader for approval

Send HubSpot ticket to DBO

Effective April 11, 2023, dormant letters will no longer be required to be notarized

The letter must be signed

Color of Copy of Government Issued ID must be sent

If the signature does NOT match – please ask for a color copy selfie to be taken with their ID

If a customer contacts us, do not authenticate the customer with the same information located on the letter

On the letter:

Name

Address

Account number

Please use four of the following:

Email address

Account type

Last four (4) of SS#

Mother’s Maiden Name if available

Send Happy Banker code to the number on file only

Phone number

Dormancy letters are located in the Quontic Operation Folder

See the Control Section for the procedure to access these letters

Dormant letters are mailed when the account becomes dormant to the customer’s address on file

Mailed through regular USPS (7-10 business days). See page 3 for an example of the form

Once the dormant letter is generated, DBO will need that letter to reactivate the account

Exceptions:

If the account is at a zero balance, we can close the account without the dormant letter if the customer requests it in writing.

If the customer wants to close the account and receive a fee refund of $5.00 the dormant letter is required to be reimbursed, then proceed with the closure items needed.

Escheatment status

Every July, a letter is sent to the customer /vendor about the inactive account

The customer /vendor must sign the Escheatment Letter and return them to us before November of that year. See page 3 for an example of the form

Funds will be sent to the state if the customer /vendor does not respond within that time

Outstanding Negotiable check

Every July, a letter is sent to the customer/vendor about the stale check

The customer/vendor must sign the Negotiable Item Affidavit Letter and return them to us before November of that year. See page 3 for an example of the form

Funds will be sent to the state if the customer/vendor does not respond within that time

CX Specialist must manually upload ALL documents sent to the customer to the HubSpot ticket