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