Inactive/Dormant Account Policy Template

Description

This comprehensive Inactive/Dormant Account Policy Template is an essential tool for credit unions seeking to establish clear guidelines for managing inactive and dormant accounts. Designed by industry experts, this Word-downloadable template provides a robust framework to ensure compliance with regulatory requirements and best practices in account management.

The template covers all aspects of inactive and dormant account handling, including precise definitions of what constitutes an inactive or dormant account, timeframes for classification, and procedures for monitoring and reporting. It outlines specific steps for attempting to contact account holders, handling unclaimed funds, and the process for account reactivation.

Key sections of the policy template include:

1. Purpose and Scope
2. Definitions of Inactive and Dormant Accounts
3. Identification and Monitoring Procedures
4. Member Communication Strategies
5. Fee Structure and Assessment
6. Escheatment Process
7. Reactivation Procedures
8. Reporting Requirements
9. Staff Training and Responsibilities
10. Policy Review and Update Schedule

This customizable template allows credit unions to tailor the policy to their specific needs while ensuring all critical elements are addressed. It includes placeholder text for credit union-specific information, making it easy to personalize.

The policy template is drafted in clear, concise language, making it accessible to staff at all levels. It includes best practices for record-keeping, audit trails, and internal controls to maintain the integrity of inactive and dormant account management.

By implementing this policy, credit unions can mitigate risks associated with inactive accounts, improve operational efficiency, enhance member service, and ensure compliance with relevant regulations. This template is an invaluable resource for credit unions of all sizes, providing a solid foundation for effective inactive and dormant account management.