GOABCO logo
Abco header options ABCO Federal Credit Union ABCO Federal Credit Union ABCO Federal Credit Union ABCO Federal Credit Union ABCO Federal Credit Union
ABCO personal banking gif
ABCO horizontal bar

Avoid Dormant Account Fees and Escheat (sending the funds to the state)

Dormant accounts are defined as accounts that have had no activity on shares/savings or loans for a period of 12 months or more. When this inactivity period has been reached, we will begin to notify you that your account has fallen into the dormant status. This means that unless activity resumes your account may be subject to fees and ultimately escheated.

Accounts that remain inactive will be assessed a monthly fee of $15 beginning with the 18th month of inactivity. Also, New Jersey statutes require that any account that remains inactive for a three-year period is escheated (the funds are sent) to the State Treasury Department.

These actions are easily avoidable by simply utilizing the products and services that ABCO membership provides. You also have the option to close your account. If you have questions, please contact Member Care at 800-225-1859.

 

 

 

goabco spacer
goabco horizontal spacer
Equal Housing Verified by Visa NCUA