The University of Toledo FCU:
The Importance of Active Accounts
Maintaining an active account at The University of Toledo Federal Credit Union (UTFCU) is essential for members who want to continue enjoying the full benefits of their membership. The UTFCU has issued a reminder that any account with no activity for 12 months is considered dormant—a status that can lead to complications for account holders.
What Does It Mean for an Account to Become Dormant?
When an account is labeled as dormant, it essentially means that the account has become inactive, with no deposits, withdrawals, or other financial activities recorded over the course of a year. While this status doesn't close the account, it does signal that the account may require attention to avoid potential issues such as inactivity fees, reduced services, or even eventual closure.
The Risks of a Dormant Account
Accounts that fall into dormant status can be subject to additional fees that members may otherwise avoid by simply keeping their accounts active. Furthermore, members may lose access to some of the conveniences and privileges that come with an active account, such as seamless access to loans, online banking, and other services.
How to Keep Your Account Active
UTFCU recommends that members make at least one transaction every few months to ensure their accounts remain active. This could be as simple as a small deposit or withdrawal, or even using the account to pay bills or make purchases. Additionally, members can set up automatic transfers or direct deposits to keep the account in good standing without the need for manual intervention. This is particularly important for those who may have secondary accounts they don't use as frequently.
Staying Connected with Your Finances
UTFCU encourages members to regularly review their account statements and take advantage of the online and mobile banking services that make managing accounts easier than ever. These tools can help members stay on top of their financial activities and avoid the pitfalls of inactivity.
Contacting UTFCU for Assistance
Members who believe their account may be at risk of becoming dormant or who have questions about their account status are encouraged to contact UTFCU's member service team at 419-534-3770. The credit union is committed to helping members maintain active, healthy accounts and offers various resources to assist with account management.
Call us today at:
(419) 534-3770
Click below to get a copy of our dormant account letter: