How do I avoid fees or possible escheatment for a lack of activity in a bank account?
My credit union notified me that there was no activity in my account for over 12 months. Other than acknowledging that I want the account to remain active, what do I need to do to avoid any fees or possible escheatment for a lack of activity in the account? Should I generate activity on the account by making a deposit or a withdrawal?
If you still need this account or want the flexibility of having access to this account for the future, you should check with the credit union on its policies. They may require that you do a certain number of transactions or type of transactions during a set period. Check with them.
I'd look at going to a bigger institution or online bank. Typically no fees there. Some banks like TD will require some minimum amount of asset level to be there to have no fees, albeit rather low like $2,500. I think this is your best course of action. If you love the Credit union you could always let them know your predicament and see if they'll refund them or else you are going to have to leave them. This will likely work in most cases. That said I'd suggest the other options first.
What is your reason for keeping the account active? Do you have loans or other banking products through the same credit union? You are obviously not using it for your everyday needs. With that said, however, simply moving money in and out of the account every couple months would avoid this problem. You could also just set up one of your auto-pays like your internet bill and once per month move the amount you need for it into the account. You could even automate this process by just setting up an automatic monthly transfer. It doesn't need to be much. You just need some occasional activity is all.