Common use of Accounts Presumed to Be Abandoned/Dormant Accounts Clause in Contracts

Accounts Presumed to Be Abandoned/Dormant Accounts. If you have not made a withdrawal from, or deposit to, your account for an extended period of time and we have been unable to contact you, your account may be classified by us as “dormant.” Additionally, in instances where you have not communicated with us, and/or you have not increased or decreased the balance in your account for an extended period of time, as provided by applicable law or regulation, your account may be deemed “abandoned.” State and federal law and Teachers policy govern when deposit accounts (including, without limitation, accounts within a retirement plan), are considered “inactive,” “dormant” or “abandoned.” The applicable state law to determine abandonment will be the law of the state of your last known address. If this information is not known to us or if you have a foreign address, then we will follow the laws of the state of New York. For certain purposes, automated transactions (for example, automated transfers between your accounts) may not be considered activity for this purpose, even if your balance changes. Credit union charges or dividend payments are not considered activity affecting the balance in your account. In accordance with state law, funds in dormant, inactive and/or abandoned accounts will be remitted to the custody of the applicable state agency, and we will have no further liability to you for such funds. If we consider your account inactive, then we may hold all statements, but fees and charges will continue to apply, if the account received dividends we may stop paying dividends, we may refuse to pay items drawn on or payable out of the account, except where otherwise legally prohibited. For additional information on inactive accounts please see the Suspension or Limitations of Services section. If you re-establish contact with us, we do not have to reimburse you for fees and we are not liable to you for any dividends that would otherwise have accrued on your account. Subject to applicable law, we may charge a dormant account fee, and the account will be presumed to be dormant, inactive and/or abandoned. To avoid being charged a dormant account fee, at least annually, you should do one of the following: ● Write a check; ● Make a deposit or withdrawal(excluding recurring ACH transactions); ● Have a deposit or withdrawal post to your account(excluding recurring ACH transactions); or ● For your convenience you may write us a letter including you name, address, a statement that you are aware of your accounts with Teachers, including a copy of a non-expired Government issued ID, and your signature. The communication can be: ● Emailed as an attachment to: ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇.▇▇▇; ● Mailed to: Teachers FCU, ▇▇ ▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇; ● Faxed to: ▇▇▇-▇▇▇-▇▇▇▇; or ● Scheduling an appointment at one of convenient branch locations utilizing: ▇▇▇▇▇://▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇▇▇▇▇▇▇▇▇.▇▇▇/service We may, at our option, attempt to contact you prior to remittance of funds to the applicable state; provided that we will attempt to do so if required by applicable law. We may assess a fee for sending you notice and publishing your name in a newspaper of your state, unless prohibited by law. Once your funds are remitted to the applicable state, you must apply to the appropriate state agency to reclaim your funds. After the funds on deposit have been remitted to the state, the account is closed and dividends do not continue to accrue on any dividend- bearing account. The fact that you have an active account with us does not keep your other accounts active. State law will determine whether related activity is a factor.

Accounts Presumed to Be Abandoned/Dormant Accounts. If you have not made a withdrawal from, or deposit to, your account for an extended period of time and we have been unable to contact you, your account may be classified by us as “dormant.” Additionally, in instances where you have not communicated with us, and/or you have not increased or decreased the balance in your account for an extended period of time, as provided by applicable law or regulation, your account may be deemed “abandoned.” State and federal law and Teachers policy govern when deposit accounts (including, without limitation, accounts within a retirement plan), are considered “inactive,” “dormant” or “abandoned.” The applicable state law to determine abandonment will be the law of the state of your last known address. If this information is not known to us or if you have a foreign address, then we will follow the laws of the state of New York. For certain purposes, automated transactions (for example, automated transfers between your accounts) may not be considered activity for this purpose, even if your balance changes. Credit union charges or dividend interest payments are not considered activity affecting the balance in your account. In accordance with state law, funds in dormant, inactive and/or abandoned accounts will be remitted to the custody of the applicable state agency, and we will have no further liability to you for such funds. If we consider your account inactive, then we may hold all statements, but fees and charges will continue to apply, if the account received dividends interest we may stop paying dividendsinterest, we may refuse to pay items drawn on or payable out of the account, except where otherwise legally prohibited. For additional information on inactive accounts please see the Suspension or Limitations of Services section. If you re-establish contact with us, we do not have to reimburse you for fees and we are not liable to you for any dividends interest that would otherwise have accrued on your account. Subject to applicable law, we may charge a dormant account fee, and the account will be presumed to be dormant, inactive and/or abandoned. To avoid being charged a dormant account fee, at least annually, you should do one of the following: ● Write a check; ● Make a deposit or withdrawal(excluding recurring ACH transactions); ● Have a deposit or withdrawal post to your account(excluding recurring ACH transactions); or ● For your convenience you may write us a letter including you name, address, a statement that you are aware of your accounts with Teachers, including a copy of a non-expired Government issued ID, and your signature. The communication can be: ● Emailed as an attachment to: ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇.▇▇▇; ● Mailed to: Teachers FCU, ▇▇ ▇▇▇ ▇▇▇▇PO Box 9005, ▇▇▇▇▇▇▇▇▇Smithtown, ▇▇ ▇▇▇▇▇NY 11787; ● Faxed to: ▇▇▇-▇▇▇-▇▇▇▇; or ● Scheduling an appointment at one of convenient branch locations utilizing: ▇▇▇▇▇://▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇▇▇▇▇▇▇▇▇.▇▇▇/service We may, at our option, attempt to contact you prior to remittance of funds to the applicable state; provided that we will attempt to do so if required by applicable law. We may assess a fee for sending you notice and publishing your name in a newspaper of your state, unless prohibited by law. Once your funds are remitted to the applicable state, you must apply to the appropriate state agency to reclaim your funds. After the funds on deposit have been remitted to the state, the account is closed and dividends do not continue to accrue on any dividend- interest-bearing account. The fact that you have an active account with us does not keep your other accounts active. State law will determine whether related activity is a factor.