Compliance Question of the Week: 12-27-11
December 29, 2011
December 27, 2011
Do we have to pay dividends on dormant or inactive accounts?
Yes. The commentary on Truth in Savings states:
“6. Dormant accounts. Credit unions must pay dividends on funds in an account, even if inactivity or the infrequency of transactions would permit the credit union to consider the account to be ‘inactive’ or ‘dormant’ (or similar status) as defined by state or other law or the account contract.”
Truth in Savings Commentary
Questions? Contact the Compliance Hotline: 1.800.546.4465, firstname.lastname@example.org.
Posted in Compliance News.