Many of our members have been concerned about our inactive / dormant account fees.  Most of our members do not have to worry about this fee.  Members that have a loan, IRA, checking account, certificate, or have made a deposit or withdrawal from their savings within the last 3 years will not be charged this fee.  Cashing Checks, buying money orders, or other fees do not qualify as activity.

What is the inactive / dormant account fee?

The inactive / dormant account fee is a $5/month fee that is taken out of your account at the end of each quarter until there is activity in your account or until the account is closed.

How do I prevent this fee?

Simple, make a withdrawal or deposit of at least $1 once every 3 years.  You could also open a checking account, certificate, IRA, or get a loan.  All of these things would make and keep your account active.

Why does the credit union have this fee?

When your account is inactive for 5 years, it will be considered dormant and we have to send the balance into the State of Nebraska.  We start to fee the account after 3 years of inactivity to get the attention of the member and spark some activity.  It is not just the Chadron Federal Credit Union that has this fee, every financial institution in Nebraska has a similar fee.  The reason for this is the Nebraska Escheat Law.  This law states:

I want to have a place to save money without being penalized.

There are some people that have their savings account with us but have moved elsewhere.  They would like to keep their account here, but only access the money for emergencies or for whatever reason.  They would like to be able to do this without being charged a fee, which we totally understand.  The way to do this would be to put their money into a certificate.  This would keep their account from being inactive, plus earn a higher interest rate.

If you do have any other questions or concerns, please contact us.

   Send mail to chadronfcu@chadronfcu.com with questions or comments about this web site.    Last modified: 07/26/06