PARDA Credit Union - Dormant Account Fee Information

Will you be affected by the new dormant account fee?

Has it been over 2 years since you have performed a transaction with your PARDA account?

If you have answered “yes” to the question above, then you may be affected by the dormant account fee!

How to avoid the dormant account fee:

It’s simple! Perform a member generated transaction. A member generated transaction includes: cash or check deposits and withdrawals, ATM transactions, Home Banking and PAR Audio Response Transactions, Share Draft or ACH (Automated Clearing House) Transactions. However, member generated transactions do no include: dividend postings or fee postings.

What happens if I don’t perform a member generated transaction within 2 years?

Your account will be placed in a Dormant Account Status, a hold will be placed on your account and you must complete a cash or check transaction via in branch or mail in order to remove the Dormant Account Status. Your account will be charged a $5.00 monthly fee for every month that your account remains in a Dormant Account Status.

Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.
National Credit Union Administration, a U.S. Government Agency.

NOTICE OF CHANGES IN TEMPORARY NCUA INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS

All funds in a ''noninterest-bearing transaction account'' are insured in full by the National Credit Union Administration through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to members under the NCUA's general share insurance rules.

The term ''noninterest-bearing transaction account'' includes a traditional share draft account on which the insured credit union pays no interest or dividend. It does not include any transaction account that may earn interest or dividends, PARDA Premier Account, Primary Shares, Share Certificates and Sub-Accounts, even if share drafts may be drawn on the account. For more information about temporary NCUA insurance coverage of transaction accounts, www.ncua.gov.