Dormant Accounts

There are certain government regulations passed down to us that stipulate for an account to remain “active”, it must have at least one transaction per year. At gfcu we have a variety of simple ways that you can ensure your account does not become dormant.

  • Use our Mobile app to pay a bill, deposit a cheque, or transfer funds
  • Make a deposit at ANY Canadian Credit Union ATM
  • Come into the branch to conduct any type of transaction
  • Or just send us an email to let us know what you would like to do!

Accounts that do not conduct at least one transaction within a 24 month period will have their status changed to Dormant. This change comes with a $30 administration fee. After 10 years of inactivity, regulations further stipulate the account(s) must be closed completely, and its contents handed over to the BC Unclaimed Property Society.

Account holders will be notified before their account is marked dormant, so please ensure we have your most up to date contact information*. If after 45 days the account holder has not conducted a transaction, the account will be changed to dormant, and the funds will become inaccessible until the account holder contacts someone at Grand Forks Credit Union. Once an account is dormant, the account holders will be contacted twice within a ten year period. If the account holder cannot be contacted, or does not take action in that time frame, the funds are either transferred to the BC Unclaimed Property Society, or (if under $100 ) retained in a holding account with Grand Forks Credit Union.

If you believe your account is dormant, please contact us in person, by phone or by email.

447 Market Ave – Grand Forks, BC

1.866.442.5511

info@gfcu.com

*Accounts containing less than $5 will not be notified ahead of time, and will simply be placed into a dormant status after 12 months of inactivity.