Compliance Question of the Week

A member’s property, including interest and dividends, are presumed abandoned and to be unclaimed property unless the owner, within three years, has either:

  1. Increased or decreased their deposit account;
  2. Communicated in writing to the credit union concerning the property;
  3. Indicated an interest in the property through a memorandum or other record on file prepared by an employee of the credit union;
  4. Owned other property at the credit union and the credit union communicates in writing about that other property to the same address as the property that would otherwise be presumed abandoned; or
  5. Had another relationship with the credit union where the owner:
    • Increased or decreased their deposit account;
    • Communicated in writing with the credit union;
    • Indicated an interest in the property through a memorandum or other record on file prepared by an employee of the credit union and the credit union communicated in writing with the owner regarding the property that would otherwise be considered abandoned, at the address where communications regarding the other relationship are regularly sent.

One exception: the above rules do not apply to deposits made by a guardian or decedent’s personal representative when the deposit is subject to withdrawal only with a court order.

Related Links
RCW 63.29.060
ORS 98.308

Questions?  Contact the Compliance Hotline: 1.800.546.4465 or email us at compliance@nwcua.org

Posted in Advocacy News, Compliance.