Go to main content Miami Firefighters Federal Credit Union Miami Firefighters Federal Credit Union
Online Banking

Dormant Accounts

Miami Firefighters Federal Credit Union wants to maintain an active relationship with you, our valued member. "Once a member, always a member" is something we're proud of and losing you would be like losing a part of the MFFCU family. However, State of Florida law requires all financial institutions to report and remit unclaimed funds by November 1st of each year. Miami Firefighters Federal Credit Union is compelled to comply with state law and makes considerable effort to contact account owners who have unclaimed funds that are slated for the required annual unclaimed funds procedure. Efforts to include email, letters mailed and phone calls all to the information on the account at that time.

Miami Firefighters Federal Credit Union's Dormant Account Policy provides for an account to be deemed a Dormant Account when there has been no member-initiated activity for a period of 12 months. If an account is deemed to be dormant, the account may be assessed a monthly fee in accordance with the most current credit union fee schedule, currently $5 per month charged annually totaling $60.

What does this mean?

Each year, we are required by state law to review all member accounts to ensure that there has been transaction activity or documented member contact within the last 5 years. For the purpose of this review, the posting of accrued interest to accounts does not constitute transaction activity. If Miami Firefighters Federal Credit Union cannot demonstrate there has been transaction activity or cannot document member contact then the credit union is required, by law, to close Dormant Accounts and remit any remaining account balances to the State of Florida -- Department of Revenue. This is done annually on November 1st as required by the Florida Unclaimed Property Act (Escheat Law).

What can you do?

If your account has not had activity for a substantial amount of time or you receive a communication from the credit union by phone, email, or postal mail that your account is slated for the required Dormant Account funds submission process, you must contact the credit union to tell us what to do with your account – keep the account open or close the account. We sincerely want to retain you as a lifelong member of the MFFCU family. By contacting us, we can update your account and it will no longer be considered dormant. If you wish, you may also deposit funds into your account to bring it back to active status and avoid the Dormant Account closure process in the future.

How you can keep your account open and stop the Dormant Account closure process:

  • Contact us by phone at (305) 324-4004;
  • Contact us by email at memberservices@mffcu.org and include your name and member number;
  • Make a deposit to your Miami Firefighters Federal Credit Union account;
  • Drop by of office and speak to a Member Service Rep.

When you contact the credit union, we will ask you to verify your identity to ensure that we are dealing with the member/owner of the account. Any MFFCU representative can assist you when you call, write, or visit to update your account status.

How can I avoid my account being classified as dormant?

We simply ask you to do one of the following to keep your account and membership active:

  • Make a deposit to your account at least every 12 months.
  • Notify the credit union immediately if you have a change in address. You can do this by contacting the Credit Union or within the online banking app.
  • Take advantage of other credit union services such as an auto loan, credit card, mortgage/ home equity line of credit, personal loan, recreational vehicle loan, a checking account, or anything else that illustrates account activity.

If your account has been closed for dormancy

If your credit union account has been closed due to no activity or member/account owner contact within the last 5 years and there was a balance left after fees were taken, we have submitted your remaining balance to the State of Florida. You can request these funds be returned to you through the State of Florida's Unclaimed Property website.

  • Visit the State of Florida's Unclaimed Property website.
  • Perform a search using the information and links provided under "Personal Claims."
  • If the account funds are being requested by the heir/estate of a deceased account owner, reference the information is provided under "Estate/Heir Claims." An authorized representative of the owner/estate will need to the email below for assistance and instructions on how to file the claim.
  • If you have questions or need assistance in filing a claim to have your funds returned to you by the State of Florida, you should contact the unclaimed property division directly.

Email: FloridaUnclaimedProperty@MyFloridaCFO.com
Mailing Address:
Florida-Unclaimed Property
Post Office Box 8599, Tallahassee, FL 32314-8599

Go to main navigation