What is a Dormant Account and Why Does It Matter?
A dormant account is an account that has had no customer-initiated activity for a certain period of time. Dormancy matters because financial institutions are required by law to safeguard inactive accounts and eventually turn over unclaimed funds to the state if the owner cannot be reached. This process is called escheatment.
Can joint owners view statements?
Yes, joint owners can access statements through their Online Banking login.
Does my joint owner have access to Online Banking?
Yes, joint owners can set up their own Online Banking login. Each owner should have their own credentials.
Can my joint owner get a card or ring?
Yes! Each account owner is eligible for a card or ring: Note: The joint owner must request their own card or ring.
Can I remove my joint owner?
Once a joint owner has been added, they cannot be removed. If you no longer want a joint account, you must close the existing account and open a new individual account. Exception: If an owner passes away, the account will be updated accordingly.
What happens if a joint owner passes away?
Ownership automatically transfers to the surviving owner(s). Documentation may be required to update records.