Inactive and Dormant Accounts

All you have to do is make at least one transaction within a two year period. Transactions can include everyday banking activities like a withdrawal or deposit at a branch or ATM, using your debit card to make a purchase, making a bill payment or a transfer of funds to or from the account through a branch, online, mobile and telephone banking or an ATM.

Please note: accruing interest and service charges on an account are not considered to be transactions.

FirstOntario will notify you in your monthly statement about an inactive or dormant account.

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.

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.

To reactivate an inactive or dormant account, simply complete one banking transaction using the account.