April 11, 2016


  • Very interesting topic, thanks for a great article!
    Oak Tree Business Systems, Inc.
  • This is a great article!
  • What does the credit union do with the fees it takes from the members' accounts? Does it go to income as fee revenue? Why not just develop a definition of an inactive account and send a check to the account owners with a note saying "we noticed you've stopped using your account and thought you'd like your money back. If you still want to use your account let us know and we'll show you how to get even more from your credit union." Maybe I'm cynical, but it looks to me like the CU is just taking their members' money ...
  • Fees are far less risky and, yes, generate revenue. Consider the cost to the credit union if they were to generate 500, even 1000 checks and mail them--labor, paper, ink, postage. That can add up fast! Not only would they be voluntarily clearing deposit assets that could very well be kept (we've had dormant members chose to reactivate and stay!), but there is no guarantee those checks are ever cashed--will they actually reach the member? Folks that have dormant accounts don't often keep the CU up-to-date on information, so they're likely to get a lot of returned mail too. You might suggest that a CU should be able to handle such a situation, but consider that CUs both large and very small struggle with this problem, and the CUs with small assets aren't equipped to financially handle the strain of the solution you're suggesting.