| Credit union share accounts may be
considered abandoned if a deposit or withdrawal is
not made over a period of time, generally one to five
years. This may be true even in cases where CDs
(Certificates of Deposit) automatically
"roll-over." Have you lost
track of a savings account, certificate of deposit
(CD), or safe deposit box? Did you have unclaimed
money at a credit union that moved, changed its name,
or closed? Don't assume that because your
credit union no longer exists that unclaimed funds
are lost forever. Your dormant account may
have been transferred to a new institution after a
merger or acquisition.
Even
in the event the credit union failed and closed its
doors, you may still be entitled to collect insurance
proceeds - up to $100,000 per account - from
government regulators. Since 1990, more than
$331 million has been paid out to well over 100,000
credit union members.
Unclaimed
money may be recovered after years of inactivity,
even if a passbook is lost or destroyed, but you must
act promptly to safeguard your interest, as some
claims are subject to time limits. To trace
an unclaimed credit union share, lost certificate of
deposit or missing safe deposit box order
our Special Report: Unclaimed Credit Union Funds
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