Dormant Account FAQ

Accounts fall under the Dormant Account Policy if there has been no activity for two years. The account is subject to Dormant Account fees until there is activity to bring the account back to active status or the account is closed. Please read the information provided, then contact us by emailing fedecu@fedins.com or calling 507-455-5430 with any additional questions.

Why is my account dormant? 

The account may be considered dormant if it meets Dormant Account Policy criteria:

• There was no account activity in the past 24 months.
• The available balance of the account is $50.00 or less. 
• Membership has only a Primary Share savings with no other account or loan.

What is the fee for dormant accounts?

The Dormant Account fee of $50.00 is charged annually until there is activity to bring the account back to active status, or the account has a zero balance due to fees, then it will be closed. The fees and terms applicable to your accounts can be found in the Truth In Savings Account Disclosures and Fee Schedule or by contacting the credit union.

How do I remove the Dormant Account status?

The account will no longer be considered a Dormant Account by completing one of the following:

• Deposit into the account: Bring your Primary Share Savings balance over $50.00 by making deposit(s). Set up recurring deposits with online banking ACH transfers, use Remote Deposit Capture in the mobile banking app, or establish direct deposits into the account.
• Open a Checking account: Money is easy to access with online banking, debit cards, personal checks, and more. The funds in the checking account also earn a competitive dividend rate. Request a new account form by emailing fedecu@fedins.com, calling 507-455-5430, or stopping by one of the FECU office locations in the Federated Insurance buildings for personalized service.  
•  Finance a new loan: Click Apply for Loan, then select a loan type from the drop-down list to complete the online application. We offer a variety of loans with competitive interest rates and flexible terms. Members and their eligible family members are able to get a new or used vehicle, purchase a home, pay for college expenses, refinance current loans, and more.
• Open a new savings account: To get started, send an email to fedecu@fedins.com or give us a call at 507-455-5430 to open one or multiple accounts that include the Choice Savings accounts, Money Market funds, and Term Share Certificates that are available in terms ranging from 3 months to 5 years.

What if my account is no longer used?

The FECU is committed to providing products and services that meet your spending and savings needs. We encourage you to contact FECU for assistance so you can start maximizing your membership benefits with us. If you no longer have a need to use our services, you can request the necessary form to complete the account closure process. Please keep in mind that closing your Primary Share account will mean forfeiting your access to member benefits.

Note: If you have any additional questions, please review the information provided in the Truth In Savings Account Disclosures and Fee Schedule. Please call 507-455-5430 for more information about fees, accounts, services, loan rates, and current account status.