- 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
- On the letter:
- 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.
- Exceptions:
- 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
