Penn East Federal Credit Union

February 28,
Dear *** ***:
Industry standard best practices require that we have processes and procedures in place to minimize the number of dormant accounts on our booksDormant accounts pose an internal control risk which auditors and federal examiners
find troublesome
In fact, the state of Pennsylvania considers any account with no activity for years to be “Unclaimed Property” and requires us to turn it over to the state:
http://www.patreasurv.gov/unclaimedPropertv.html
One important tool we use to control and close inactive accounts is the dormant account fee, which we begin charging at two yearsThis is one of the few tools we have that allow us to manage and close dormant accounts
Your account was charged a dormant account fee and closed on December 31,
This was reported to you on your December statement which you received in January That is the last statement you received from us
We would like for you to be an active member of the credit union and I apologize that our dormant account fee created a problem for youHowever it is not in your interest or ours to allow an account with no activity other than a $savings account to sit idle for yearsIf you wish to be an active member of the credit union, we would be delighted to refund your $fee and re-open your account
Sincerely,