URGENT - Anyone with a CPFCU Trust Acct - MUST READ NOW

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  • StillServing

    I know NOTHING !
    Feb 1, 2011
    949
    Calvert County
    BACKGROUND INFO:
    Myself and 4 other friends with Trusts opened accounts in Oct '11. We were told that there were NO FEES if we kept a minimum $25 balance in the acct.

    FAST FORWARD TO TODAY::mad54:
    One of the guys went to put some money into his account and found out the account was closed in June due to "Lack of activity". The rest of us called Cedar Point to find out ours were closed as well for the same reason. We all went in and this is what we were told:
    After one year of inactivity you are assessed an inactivity fee of $7 a month until the account runs out of funds, then it is closed. It stays on the books for about a year after the money runs out so it is easy to re-open.
    This was NEVER communicated to any of at the time the accounts were opened so we bitched. They refunded 3 months worth of inactivity fees ($21 total) and reopened the accounts for us. You need to conduct at least 1 transaction (deposit/take out a $1) per year in order to avoid the fees/account closure.

    IF YOU HAVE A TRUST ACCT AT CEDAR POINT FEDERAL CREDIT UNION, call or go in TODAY and check the status of your account !!!!
     

    trailtoy

    GOA, MSI, NRA
    MDS Supporter
    May 19, 2013
    1,481
    St. Marys
    This happened to me a while back, except that I got a statement showing the fee so I went in and pitched a fit. I should check on it, probably coming up again.
     

    outrider58

    Eats Bacon Raw
    MDS Supporter
    Jul 29, 2014
    49,818
    My bank sends me ''inactivity'' notices with an option to continue. I just hit continue. No issues.
     

    BigDaddy

    Ultimate Member
    Feb 7, 2014
    2,235
    It's actually a bigger problem than just trust accounts at this particular credit union.

    Inactive accounts, IRA's, mutual funds and bank accounts can be turned over to the state as unclaimed property after 3 years. I heard a stock broker speak about this recently. I am not clear whether this is the state being more aggressive or it is generated by the financial companies trying to clear the dead wood in their portfolio, but he is seeing it happen more often.

    Once the state of MD has it, it takes them months to acknowledge they have it and more to process your claim. A week after you get your money, Peter Franchot sends you a letter on stationary you paid for with postage you paid for, telling you how happy he is to be of service to you.

    In fairness to the banks, checking accounts aren't free to them. The CEO of JP Morgan says every free account cost the bank $300 +. It's nice that we can still get free checking accounts, but to have one to park $100 for a couple decades to satisfy the ATF is not a constitutional right.
     

    StillServing

    I know NOTHING !
    Feb 1, 2011
    949
    Calvert County
    Checking account may be one thing, but a savings account? Isn't that what they're for Saving?? Wouldn't be such a big deal if we weren't told when we opened them that as long as we kept the $25 minimum in the account there would be no fees. Just wanted to make sure anyone else that had an account there knew to keep an eye out.
     

    rico903

    Ultimate Member
    May 2, 2011
    8,802
    It's actually a bigger problem than just trust accounts at this particular credit union.

    Inactive accounts, IRA's, mutual funds and bank accounts can be turned over to the state as unclaimed property after 3 years. I heard a stock broker speak about this recently. I am not clear whether this is the state being more aggressive or it is generated by the financial companies trying to clear the dead wood in their portfolio, but he is seeing it happen more often.

    Once the state of MD has it, it takes them months to acknowledge they have it and more to process your claim. A week after you get your money, Peter Franchot sends you a letter on stationary you paid for with postage you paid for, telling you how happy he is to be of service to you.

    In fairness to the banks, checking accounts aren't free to them. The CEO of JP Morgan says every free account cost the bank $300 +. It's nice that we can still get free checking accounts, but to have one to park $100 for a couple decades to satisfy the ATF is not a constitutional right.

    This is a a state of MD thing. As mentioned in another thread. I got a letter from a mutual fund company saying that since I did not have any activity for 3 years I had to make contact with them to keep the state from taking it. Didn't have to do anything other than make contact.
    Several other states are also doing this. Just fishing to steal more of our money.
     
    Last edited:

    rico903

    Ultimate Member
    May 2, 2011
    8,802
    My trust account is with M&T and as long as I keep $500 in it there is no fee or other issues. This may seem like a lot but the interest on $500 for a year wouldn't be shyt. And the checks were free.
     
    Last edited:

    Minuteman

    Member
    BANNED!!!
    Thanks for the heads up!


    I wonder if it's possible to set up an automatic revolving transfer process, whereby one account will transfer a small amount of money to another account, once a year. Linking several accounts together this way would ensure redundancy so all your accounts would stay open, fee free, and active. Wonder if this could be done for free or cheap?
     

    erwos

    The Hebrew Hammer
    MDS Supporter
    Mar 25, 2009
    13,866
    Rockville, MD
    What did M&T do? Having my trust account there I want to stay on top of it.
    M&T has an inactivity fee of some sort. I bypassed it by doing a $20 direct deposit to the account every month. I just checked mine, and everything's real good so far.

    Don't even get me started on the nightmare that Capital One / Chevy Chase's fee was. I tried to close my account with them three times, and they kept it open because they were nailing me with fees. It almost got to legal action.
     

    rico903

    Ultimate Member
    May 2, 2011
    8,802
    M&T has an inactivity fee of some sort. I bypassed it by doing a $20 direct deposit to the account every month. I just checked mine, and everything's real good so far.

    Don't even get me started on the nightmare that Capital One / Chevy Chase's fee was. I tried to close my account with them three times, and they kept it open because they were nailing me with fees. It almost got to legal action.

    I've had mine there for a couple of years and have not occurred any fees. I was told that as long as I maintained a $500 balance I wouldn't.
     

    ironpony

    Member
    MDS Supporter
    Jun 8, 2013
    7,191
    Davidsonville
    Sons of b1tches ...
    I imagine the banks lobbied the states to pass this, bank saves $300 and the state just collects. Win win.
    Knowing this I closed savings account A and transferred to existing account B, then got a letter stating dormant account B has been accessed, well yes ... I did? Why dormant? Not a credit union.
     

    MaraD

    The Tall Girl
    Aug 15, 2013
    76
    Baltimore, MD
    I had M&T mark as inactive both my private and business savings accounts. They didn't send me any notices ahead of time. They never notified me that they took my private savings account, however, they did call after they took the business savings account. I had to file forms with M&T to get both savings accounts back.
     

    spclopr8tr

    Whatchalookinat?
    Apr 20, 2013
    1,793
    TN
    I have a safety deposit box set up for once a year transfers for annual rental that keeps my accounts active. But I will keep a closer eye on statements from now on. Thanks for the heads up.
     

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