Deposit accounts won't live forever

man sleeping over money

Earlier this year, we made members aware of plans to close dormant accounts by September 9, 2024.

Hanscom FCU is required by Massachusetts and other states’ laws to close deposit accounts that have not had any activity within the past three years.

These accounts and funds will be turned over to the Abandoned Property Division of the Commonwealth of Massachusetts Department of the State Treasurer.

If you received a letter about a pending dormant account, here’s what you can do:

  • Make a deposit into the account
  • Make a withdrawal from the account
  • Send Hanscom FCU a letter requesting that your membership status be changed to “active”

Please note that dormant accounts can include various types of accounts, such as checking, savings, money market, and share certificates. These inactive accounts may be subject to inactivity fees.

To learn more, please contact our Member Engagement Center at (800) 656-4328, option 5.

 

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About Author

Andrew Ravens
Andrew Ravens

Andrew Ravens is the VP of Communications and Public Relations at Hanscom Federal Credit Union.

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