Inactive and dormant accounts
All Canadian financial institutions, including credit unions, are legally required to advise account holders in writing about inactive and dormant accounts.
These accounts and any balances remain yours, and if applicable, they continue to accrue interest.
FirstOntario notifies members of inactive or dormant accounts by including an alert message and additional information in your account statement after two years and five years of inactivity.
To ensure your account remains active, simply make at least one transaction within a two year period.
Inactive account
An account with no transaction activity for two years.
Dormant account
An account with no transaction activity for five years. Dormant accounts are subject to an annual maintenance fee.
Frequently asked questions
How do I ensure my account stays active?
All you have to do is make at least one transaction within two years. Transactions can include everyday banking activities like a withdrawal or deposit at an ATM, using your debit card to make a purchase, making a bill payment or a transfer of funds to or from the account.
Please note: accruing interest or automated regular transfers on an account are not considered to be transactions.
How do I know if I have an inactive or dormant account?
FirstOntario will notify you in your monthly statement about an inactive or dormant account.
Why does FirstOntario send notices about inactive and dormant accounts?
Canadian financial institutions, including credit unions, are legally required to send written notification to account holders about inactive or dormant accounts. FirstOntario notifies our members after two years of account inactivity and again after five years. After 10 years with no transaction activity, Ontario credit unions must transfer unclaimed balances to the Minister of Finance.
What happens to an account with a zero balance?
After two years with no transactions an account will become inactive and after five years with no transactions it will become dormant, regardless of the balance.
What should I do if I have an inactive or dormant account?
To reactivate an inactive or dormant account, simply complete one banking transaction using the account.