(a) A credit union may transfer a dormant account to the regular reserve within thirty (30) days after written notice to the credit union member, at the credit union member’s last known address as shown upon the records of the credit union, stating the credit union’s intention to make the transfer, and giving the member the opportunity to request the deferral of the action or to withdraw the account prior to the transfer.

Terms Used In Tennessee Code 45-4-704

  • Deposit: means a deposit of money, bonds or other things of value, creating a debtor-creditor relationship. See Tennessee Code 45-1-103
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(b) For the purposes of this section, “dormant account” means an account in an amount less than twenty-five dollars ($25.00) and to which the member has neither made a deposit nor withdrawal for a period of one (1) year preceding the date of the notice provided for herein.
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