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1. Monday, January 23, 2012 - 10:07 PM
Well, the account is closed now so too late -- but you should have contacted them immediately and aksed if they would please reverse any fee, and you should have made an immediiate depost to make it active. It sounds like after getting that notice in mid-December, as of mid-January you still had not made the deposit! You don't seem to have taken the notice seriously nor to have contacted them.
They did give you the notice of a fee being imposed -- when you opened the account and got the fee scheudle -- I'm sure it was on there, I've never seen a bank of CU that did not have it. Dormancy rules are set by law, although the financial institution adds on a fee. You are confusing that legal requirement for them to notify of a fee with actually taking the fee out.
I do agree that they should notify before taking a dormancy fee, just to give you a chance. But I don't believe they have no legal duty to do so as long as you are notified of the fee possibility on the fee schedule. And they did notify you in mid-December, but you did not act. Since you get only a quarterly statement, it is possible none of those months would have been hit with the fee if you had acted in December. Nonetheless, it is very possible the CU would have reversed them -- I got hit with one once, and they graciously reversed it when I immediately made a deposit. They do not have to do it, and certainly not all will, but many or most will do so if you act immediately, showing due diligence.
They did give you the notice of a fee being imposed -- when you opened the account and got the fee scheudle -- I'm sure it was on there, I've never seen a bank of CU that did not have it. Dormancy rules are set by law, although the financial institution adds on a fee. You are confusing that legal requirement for them to notify of a fee with actually taking the fee out.
I do agree that they should notify before taking a dormancy fee, just to give you a chance. But I don't believe they have no legal duty to do so as long as you are notified of the fee possibility on the fee schedule. And they did notify you in mid-December, but you did not act. Since you get only a quarterly statement, it is possible none of those months would have been hit with the fee if you had acted in December. Nonetheless, it is very possible the CU would have reversed them -- I got hit with one once, and they graciously reversed it when I immediately made a deposit. They do not have to do it, and certainly not all will, but many or most will do so if you act immediately, showing due diligence.
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