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Right to Re-consideration When Closing Acct.

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Question: 
When sending a letter to close a member's accounts due to multiple fraud incidents, are we required to include verbiage relating to their right to re-consideration?
Answer: 

Check your by-laws and any State laws that may apply, if you are a State credit union.

[Editor's note: Randy's answer alludes to certain membership rights under the Federal Credit Union Act, such as the right to maintain a share account and the right to vote at annual meetings that apply to federal credit unions. There may be similar rights of membership in state-chartered credit unions.]

First published on 09/27/2020

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