FAQ

A dormant account is when an account does not have any activity for 12 months. Activities include but are not limited to deposits, withdrawals, and contact with B-M S Federal Credit Union. To help you avoid a dormant account, please make at least one transaction on your account within 12 months to maintain active status.

State and federal laws require us to make accounts dormant after a certain period of inactivity. Inactive accounts could be signs of forgotten accounts, and we want to protect our members’ money and information by placing restrictions to help prevent unauthorized access. You can reactivate your account by reaching out to us, and you’ll regain full access to your account.

To maintain an active status on your account, please remember to make at least (1) one transaction on your account within 12 months.

Dormant accounts have restricted access to prevent unauthorized access to your account. You may not be able to access your account electronically, and access to other services may be restricted.

Once your account remains dormant for 3 years, it is considered abandoned, and state law requires us to close your account and transfer your funds to the state. This process is called escheatment.

Once your account has been escheated, any funds in those accounts are considered unclaimed property with the state. To retrieve your unclaimed property, you can visit https://www.nj.gov/treasury/unclaimed-property/