Why is my account inactive?
Your account is considered inactive because no transaction activity has occurred within the past three years. According to the Escheatment Laws in the State of Maryland, accounts that have not had any transactions within the previous three years must be reported as dormant. Per this requirement, if we are unable to reactivate your account by October 24, 2022, the funds will be escheated to the state.
How can I activate my account?
Simply make a deposit through our mobile app, or transfer money between your accounts in Online BankingOpens in New Window, and your account will automatically be restored to active status.
OR, allow us to conduct a small transaction (one cent deposit) by filling out our Account Activation FormOpens in New Window. You may then mail, fax, or email the signed form back to us, and we'll get your account reactivated!
Who should I contact regarding my inactive account?
Please call our Member Service Department at (301) 929-7990 or (800) 888-6560, or email us at memberservice@lfcu.org
Why can't you just keep my account open?
We want you to keep your account open, but we must follow Maryland laws and that includes transferring "abandoned" accounts to the state.
I receive statements every month. Does that count as contact?
Unfortunately, receiving statements does not count as activity under Maryland law. Members are required to initiate contact with the credit union.
What if I have a Certificate Account?
The purpose of a Certificate Account is to allow it to accumulate interest. Even if your Certificate renewed automatically, we still require that you contact us at least once a year to verify all your information is up to date. By staying in touch, your account will stay active.
What if I have an Individual Retirement Account (IRA)?
If you are over the age of 70 ½, your account may be subject to abandoned property laws. Please contact us so that we can assist you.
The owner of this account is deceased. How do I handle this?
Please have the executor of the estate contact us so we can help him or her take care of the account.
How do I claim the property if I miss the deadline to contact Lafayette Federal?
If you do not contact us or claim the property prior to the deadline, you will need to file a claim with the Maryland's unclaimed property administrator to claim your property. Learn moreOpens in New Window.
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