All Canadian financial institutions, including credit unions, are legally required to advise account holders in writing about inactive and dormant accounts.
These accounts and any balances remain yours, and if applicable, they continue to accrue interest.
Creative Arts Financial notifies our members of Inactive or Dormant Accounts by including an Alert Message and additional information in your account statement after two years and five years of inactivity.
To ensure your account remains active, simply make at least one transaction within a two year period.
An account with no transaction activity for two years.
An account with no transaction activity for five years.
Dormant accounts are subject to an annual maintenance fee.
All you have to do is make at least one transaction within a two year period. Transactions can include everyday banking activities like a withdrawal or deposit at a branch or ATM, using your debit card to make a purchase, making a bill payment or a transfer of funds to or from the account through a branch, online, mobile and telephone banking or an ATM.
Please note: accruing interest or automated regular transfers on an account are not considered to be transactions.
Creative Arts Financial will notify you in your monthly statement about an inactive or dormant account.
Canadian financial institutions including credit unions, are legally required to send written notification to account holders about inactive or dormant accounts. Creative Arts Financial notifies our members after two years of account inactivity and again after five years. After 10 years with no transaction activity, Ontario credit unions must transfer unclaimed balances to the Minister of Finance.
After two years with no transactions an account will become inactive and after five years with no transactions it will become dormant, regardless of the balance.
To reactivate an inactive or dormant account, simply complete one banking transaction using the account.
At Creative Arts Financial, we understand that creators of all kinds deserve a financial partner that truly supports their unique journey.
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