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NFCU accounts, Alliant accounts, and dormancy

Senior Contributor

NFCU accounts, Alliant accounts, and dormancy

I know this may vary per credit union, but would like to know others' thoughts of how long you can let your CU savings and checking go without activity before the CU would close the accounts.

 

I placed NFCU and Alliant in the title because those are CU's I have accounts with, and ones that I don't use the checking and savings as often.

 

I do use my BECU checking for car payments, but don't really use my BECU savings much at all.

 

I don't normally run my payments through these accounts - would that count as activity? In any event, I really don't want to run payments through these accounts as I have my main bank account for that purpose.

 

Would placing a small mobile deposit into each account every 4 months be ok? I don't plan nor wish to do direct deposits nor any ACH transactions to these accounts.

 

Just wondering what others' experience has been with how long CU accounts can go without activity prior to closure - both for the above two credit unions, but CU experience in general is also welcomed. Thank you.!



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Message 1 of 16
15 REPLIES
Senior Contributor

Re: NFCU accounts, Alliant accounts, and dormancy

I would like to know the answer to this also .
Message 2 of 16
Regular Contributor

Re: NFCU accounts, Alliant accounts, and dormancy

In my experience Alliant is VERY quick to close one's account for dormancy.  I first became an Alliant member in summer 2011. Applied for savings only (as I had ChexSystems baddies at the time) and a credit card; the credit card app was declined and I never put any funds in the savings account.  I am not sure when the account was closed but I stopped receiving emails from Alliant in August 2013 - so likely 24 months from date of last activity.

 

Fast forward to 2016: when I joined MyFico and saw positive reviews for Alliant's banking products (namely the ability to ACH funds in and out of the CU) I called to open a checking account. I had lost my old membership documents from 2011 and they couldn't find any record of my membership under my SSN. So I just joined again over the phone; for eligibility, they took my word that I had given a donation to the foster care organization in 2011.

 

I would imagine it helps to keep at least a few dollars in savings to keep an account open with any CU, if you do not have a credit product with that CU.

Current scores high 600s on EX/EQ/TU.

Amex Platinum NPSL - NFCU Platinum $17,900 - Chase Ritz $14,000 - PenFed Promise $5000 - Synchrony PayPal MC $5000 - Barclay AA $4000 - Merrick Bank $2400 - USAA Amex $2000 - Local CU Visa Classic $1600 - Cap 1 $1650 - Amex Delta Gold $1000 - Chase Freedom Unlimited $500 + several store cards.
Message 3 of 16
Senior Contributor

Re: NFCU accounts, Alliant accounts, and dormancy


10yearsrebuilding wrote:

In my experience Alliant is VERY quick to close one's account for dormancy.  I first became an Alliant member in summer 2011. Applied for savings only (as I had ChexSystems baddies at the time) and a credit card; the credit card app was declined and I never put any funds in the savings account.  I am not sure when the account was closed but I stopped receiving emails from Alliant in August 2013 - so likely 24 months from date of last activity.

 

Fast forward to 2016: when I joined MyFico and saw positive reviews for Alliant's banking products (namely the ability to ACH funds in and out of the CU) I called to open a checking account. I had lost my old membership documents from 2011 and they couldn't find any record of my membership under my SSN. So I just joined again over the phone; for eligibility, they took my word that I had given a donation to the foster care organization in 2011.

 

I would imagine it helps to keep at least a few dollars in savings to keep an account open with any CU, if you do not have a credit product with that CU.


 

Thanks, 10years rebuilding. It sounds as if your account was closed because you never put any funds into it once it was opened.

 

I think we are looking more at accounts that we have already funded with several hundred dollars and are leaving those funds in there; the question is more one of how long an account can go without ongoing activity before there is an issue or account closure.

 

I was thinking of just depositing a small amount every 4 months but not sure if that is often enough.



Favorite Cards : ~ Citi Double Cash World Elite MasterCard ~
~ American Express Blue Cash Preferred ~ Chase Hyatt Visa Signature ~
~ Citi AAdvantage World Elite MasterCard ~ Citi Prestige ~ Alaska Airlines Visa Signature ~ Discover it Miles ~
Message 4 of 16
Senior Contributor

Re: NFCU accounts, Alliant accounts, and dormancy

I think I am gonna set up to have a small amount transfered into our savings every mth or so , we need to build our savings up anyways now that we have paid off all debts and can start back saving again . It has been put on hold for a while trying to pay off collections and repair our credit .
Message 5 of 16
Regular Contributor

Re: NFCU accounts, Alliant accounts, and dormancy


humuhumunukunukuapuaa wrote


 

Thanks, 10years rebuilding. It sounds as if your account was closed because you never put any funds into it once it was opened.

 

I think we are looking more at accounts that we have already funded with several hundred dollars and are leaving those funds in there; the question is more one of how long an account can go without ongoing activity before there is an issue or account closure.

 

I was thinking of just depositing a small amount every 4 months but not sure if that is often enough.



 

A deposit every 4 months should be fine with Alliant.  I dug up their fee schedule here (PDF) and it shows a $10 inactivity fee will be assessed if one year goes by with no deposits or withdrawals.

 

I love Alliant's banking products so far!

Current scores high 600s on EX/EQ/TU.

Amex Platinum NPSL - NFCU Platinum $17,900 - Chase Ritz $14,000 - PenFed Promise $5000 - Synchrony PayPal MC $5000 - Barclay AA $4000 - Merrick Bank $2400 - USAA Amex $2000 - Local CU Visa Classic $1600 - Cap 1 $1650 - Amex Delta Gold $1000 - Chase Freedom Unlimited $500 + several store cards.
Message 6 of 16
Regular Contributor

Re: NFCU accounts, Alliant accounts, and dormancy

I was worried about this too.  So I was told by a navy rep to just move a couple of dollars between the checking and savings account to show transactions.  So about once a month i move $5 between the two accounts.  Im holding off on using them until a few months from now when I apply for a cash rewards card.  But just a quick transfer between accounts will keep Navy open atleast.  And Im talking about transferring the $5 between the two navy accounts on their site.  Not from an outside account.  You could also push like $5 to navy from your main checking account to keep some activity on it.  Either way, just do something with it and it will keep resetting the clock.  As for the length of time before it gets closed, Im not sure.  

Message 7 of 16
Senior Contributor

Re: NFCU accounts, Alliant accounts, and dormancy

I don't really have the time every single month to do this between multiple accounts at several credit unions, thanks, though. Hoping that someone can provide insights as to whether once every 4 months with Navy would be suffocient.


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Message 8 of 16
Moderator

Re: NFCU accounts, Alliant accounts, and dormancy


humuhumunukunukuapuaa wrote:
I don't really have the time every single month to do this between multiple accounts at several credit unions, thanks, though. Hoping that someone can provide insights as to whether once every 4 months with Navy would be sufficient.

This might help a bit with NFCU:

 

  • You will be considered an active member in Navy Federal as long as you have a Membership Savings Account balance of $50 or more; have a Membership Savings Account balance of $5 or more and a checking account, a Money Market Savings Account (MMSA), a certificate, an Individual Retirement Account, a credit card account, an additional savings account, or a current consumer loan or mortgage account; or have a Membership Savings Account balance of $5 or more and are a member under the age of 24.
  • If you do not meet one of the above criteria, you will be considered an inactive member and may be subject to a quarterly Inactive Member Fee in the amount listed on Navy Federal’s current Schedule of Fees and Charges. The fee will be assessed until you meet one of the criteria listed above or the Membership Savings Account is closed, thereby terminating your membership. Once this happens, you must be in Navy Federal’s field of membership to reopen the account

This is from https://www.navyfederal.org/pdf/applications-forms/NFCU_606.pdf

 

It appears as long as you have at least $50 in your savings account you're fine, or as long as you have another account the savings account balance could even be the minimum $5 and you would still be fine.

 

In any case, those of us with credit cards or checking accounts should be OK (which is most of the NFCU folks around here).  It appears the only people at risk of dormant account fees would be those who gain membership with a $5 savings/share account and then never open another account or get their original savings up to $50 (i.e. only have $40 in savings with no further activity).

 

This was a great question and is a fantastic reminder for those of us who have relationships with multiple banks and credit unions to be aware of the requirements to maintain those relationships!  Smiley Wink

 

 

Edited to add:  While my post addresses membership dormancy, account dormancy is slightly different.  The information regarding dormant checking accounts with NFCU is in the document I linked to above (see page 4).  In a 'nutshell', no action will take place until 365 days has passed, but even then if you have other NFCU products the dormancy terms seem to not apply (see doc for details).  I was actually quite impressed... it seems you almost have to be trying to incur dormant account fees with NFCU (unlike some other institutions, <cough> Wells Fargo <cough>)  Smiley Happy

Message 9 of 16
Senior Contributor

Re: NFCU accounts, Alliant accounts, and dormancy


UncleB wrote:

humuhumunukunukuapuaa wrote:
I don't really have the time every single month to do this between multiple accounts at several credit unions, thanks, though. Hoping that someone can provide insights as to whether once every 4 months with Navy would be sufficient.

This might help a bit with NFCU:

 

  • You will be considered an active member in Navy Federal as long as you have a Membership Savings Account balance of $50 or more; have a Membership Savings Account balance of $5 or more and a checking account, a Money Market Savings Account (MMSA), a certificate, an Individual Retirement Account, a credit card account, an additional savings account, or a current consumer loan or mortgage account; or have a Membership Savings Account balance of $5 or more and are a member under the age of 24.
  • If you do not meet one of the above criteria, you will be considered an inactive member and may be subject to a quarterly Inactive Member Fee in the amount listed on Navy Federal’s current Schedule of Fees and Charges. The fee will be assessed until you meet one of the criteria listed above or the Membership Savings Account is closed, thereby terminating your membership. Once this happens, you must be in Navy Federal’s field of membership to reopen the account

This is from https://www.navyfederal.org/pdf/applications-forms/NFCU_606.pdf

 

It appears as long as you have at least $50 in your savings account you're fine, or as long as you have another account the savings account balance could even be the minimum $5 and you would still be fine.

 

In any case, those of us with credit cards or checking accounts should be OK (which is most of the NFCU folks around here).  It appears the only people at risk of dormant account fees would be those who gain membership with a $5 savings/share account and then never open another account or get their original savings up to $50 (i.e. only have $40 in savings with no further activity).

 

This was a great question and is a fantastic reminder for those of us who have relationships with multiple banks and credit unions to be aware of the requirements to maintain those relationships!  Smiley Wink

 

 

Edited to add:  While my post addresses membership dormancy, account dormancy is slightly different.  The information regarding dormant checking accounts with NFCU is in the document I linked to above (see page 4).  In a 'nutshell', no action will take place until 365 days has passed, but even then if you have other NFCU products the dormancy terms seem to not apply (see doc for details).  I was actually quite impressed... it seems you almost have to be trying to incur dormant account fees with NFCU (unlike some other institutions, <cough> Wells Fargo <cough>)  Smiley Happy


This is outstanding information (as usual!) and is very helpful, UncleB. Thank you! Much appreciated. Smiley Happy



Favorite Cards : ~ Citi Double Cash World Elite MasterCard ~
~ American Express Blue Cash Preferred ~ Chase Hyatt Visa Signature ~
~ Citi AAdvantage World Elite MasterCard ~ Citi Prestige ~ Alaska Airlines Visa Signature ~ Discover it Miles ~
Message 10 of 16