Government regulations stipulate that in order for an account to remain “active”, it must have at least one transaction conducted per year. At OCU we have a variety of simple ways that you can ensure that your account does not become dormant.
- Come into the branch and conduct a transaction on your account
- Conduct a transaction on your account at any Canadian Credit Union ATM
- Conduct a transaction on your account using Member Direct Online Banking
- Use our Mobile App to conduct a transaction on your account
- Send us an email with your intentions for the account
Accounts that do not conduct a transaction within an 18 month period will have their account status changed to Dormant. OCU will attempt to contact account holders once the account becomes dormant, so please ensure we have your most up to date contact information on file. The funds in the account will become inaccessible until the account holder contacts OCU with their instructions for the account. If after 60 days the account holder has not conducted a transaction or contacted OCU with instructions, the account will be closed to the OCU Dormancy Register and will be subject to a $50.00 annual administration fee.
After 10 years of dormancy, regulations further stipulate that remaining funds be transferred over to the BC Unclaimed Property Society. Funds under $100.00 will be retained by OCU. Funds over $100.00 will be transferred to the BC Unclaimed Property Society.
If you believe that you may have a dormant account with OCU, please contact us in person, by phone or by email.