Dormant accounts

Dormant Accounts

An account will be flagged as DORMANT when there has been no member initiated transaction on the account for a period of 3 years.

Don’t worry if it’s a while since you used your credit union account, we understand accounts can go unused for many different reasons. You may have moved home or job or where you were studying or simply forgotten you had an account with us, or maybe a family member/parent opened an account for you years ago and you weren't aware of this.

If you have maintained the Minimum Shares requirement your account will remain open but it will be flagged as Dormant on our system. The minimum Shares requirement for membership of Dublin South Credit Union is €10. It is the Members responsibility to ensure that sufficient funds remain in their Share Account to retain membership.

What to do if your Account is Dormant

There's no need to join South Dublin Credit Union again if your account is dormant but you will need to reactivate, close or transfer your account to another credit union to access your shares or transact on your account. Of course we’d love to have you back with us and it’s a quick and easy process to do. Once you have reactivated your account you can start saving with us again and enjoying all the benefits South Dublin Credit Union offers including taking out loans.

Reactivate your account: To do this you will need to provide;

1. Up to date photographic identification eg a drivers’ licence or passport
2. Up to date proof of address - a utility bill, bank or credit card statement or letter from a government department (NB the document must be dated within the last 3 months)
3. Evidence of your PPSN (Personal Public Service Number) must be provided, if not already held by us (we cannot accept the Public Services Card).
4. Carry out a transaction on your account (eg a lodgement or withdrawal).

Close your account: To do this you will need to provide;

1. Up to date photographic identification eg a drivers’ license or passport
2. Up to date proof of address eg a utility bill, bank or credit card statement or letter from a government department (NB the document must be dated within the last 3 months)

Then you will be able to withdraw your shares and close your account.

Transfer your account to another Credit Union: If you wish to transfer your account to another Credit Union, you will need to open a new account with them and authorise them to transfer your account. You will need to provide up to date photographic identification and proof of address to your new Credit Union, which can be used to update the information held with South Dublin Credit Union, enabling the transfer to take place.

Please note that the requirements regarding member documentation of identity, proof of address and PPSN detailed above are to comply with the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2021.

The funds in your account will remain protected under the Deposit Guarantee Scheme even if your account is classified as a dormant account. Dividends and interest shall continue to be payable on dormant accounts however members will not be eligible for Life Savings insurance or Death Benefit Insurance while their credit union account is dormant.

Standard Rule for Credit Unions: Rule 22 Dormant accounts

Dormant Accounts are covered by the above Credit Union Rule 22 which states:

The Credit Union may deal with shares and deposit accounts as hereinafter provided when there has been no member-initiated transaction on the account for a period of three years and when no reply has been received within thirty days from the member to a notice sent, by ordinary post, to him/her at his/her last known address, of intent by the Credit Union to close the account(s). Dividends and interest shall continue to be payable on such accounts.

Any Questions?

If you have any questions about dormant accounts or would like to check the status of your account, please call us on 01 288 4877, contact us online here or drop in to our office in Stillorgan.