Dormant
doesn’t mean gone
If you haven’t used a Mallow Credit Union account in a while, it may have become dormant — but your savings are safe, your shares stay put and keep earning dividend, and your account won’t be closed. If you think you hold an old account, or you’re just not sure, we’ll help you check and reactivate it.
Think you have an old account with us?
If you think you previously held a Mallow Credit Union account or you are unsure about the status of an account, please check with us. You may have a dormant account which can be reactivated.
Under Rule 19 of the standard rules for Credit Unions (ROI) and in line with Government Legislation, regarding dormant accounts; dormant accounts are classified as any account which has no member generated transactions in the last 3 years.
When an account becomes dormant your shares remain in the Credit Union and continue to earn dividend on an annual basis, however you will not be able to transact on your account until you reactivate it. Please be assured that your account will not be closed.
NB: To comply with the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2021, Mallow Credit Union is required to establish the identity and verify the permanent residential address of all its members. This information must be correct at all times.
If you have a dormant account that you no longer wish to hold you can:
Reactivate your Account
To reactivate your account you must:
- Make a transaction (lodgement or withdrawal)
- Provide valid photo I.D. (passport or driving licence) and proof of address (utility bill or bank statement dated within the last 6 months)
- Provide Proof of your PPS number (payslip, social welfare documentation, medical card etc.)
Close your Account
If you have a dormant account that you no longer wish to hold you can close your account.
To do this you will need to call into your local branch with valid photo I.D. (passport or driving licence) and proof of address (utility bill or bank statement dated within the last 6 months) to withdraw your shares and close your account.
Transfer your Account
If you have moved from the area or the common bond and wish to transfer to a Credit Union closer to your current residence, just contact your nearest credit union to make the transfer and we can liaise with them. You will still need to bring in the required documentation, a valid photo I.D. (passport or driving licence) and proof of address (utility bill or bank statement dated within the last 6 months) for them to complete this transfer.
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