Minnesota Statutes 52.191 – Inactive Accounts
Current as of: 2023 | Check for updates
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Whenever a member’s share or deposit balance is less than $25 and the member has not transacted any business with the credit union for a period of at least three years, the board of directors, after giving 30 days’ written notice by certified mail to the last known address of the member, may transfer the balance to the operating reserve fund of the credit union. Thereafter, subject to the law governing abandoned funds, the member may recover the funds in the account at the time of the transfer by making application to the credit union for such funds, but the credit union shall have no obligation to the member for the payment of dividends or interest on the funds after the transfer to the operating reserve.
Terms Used In Minnesota Statutes 52.191
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.