Workers Credit Union (Credit Union) may terminate any membership and close account(s) or restrict services for nonparticipation in Credit Union affairs or failure to maintain the required minimum share balance with the Credit Union.
1. Failure to maintain one share
- Fails to complete payment of one share within 30 days of admission to membership, or
- Fails to complete payment of one share within 90 days from the increase in the par value of shares, or
- Reduces the share balance below the par value of one share and does not increase the balance to at least the par value of one share within 180 days of the reduction.
“Nonparticipation” is defined as the member’s failure to vote in elections and failure to conduct business with the Credit Union. This will not apply to any account held by a member who has at least one other active account or relationship with the Credit Union.
Termination of membership does not relieve a member of any liability to the Credit Union. Termination of membership due to nonparticipation will be effective thirty (30) days after the member has been notified of the termination by mail, sent to the member’s last known address on the Credit Union’s records unless the member has notified the Credit Union of their intention to participate as defined above before the expiration of the thirty (30) day period. Upon termination for nonparticipation, the Credit Union will close the terminated member account and provide him or her with the remaining funds, less any amounts due to the Credit Union.
A member may appeal any restriction placed on member services or termination of membership due to nonparticipation by submitting a written request to the Credit Union’s Supervisory Committee with details explaining why such restriction or termination of membership should not be implemented. The Supervisory Committee will review and notify the member within thirty (30) days with an explanation why the action will remain in force or what, if any, services may be restored. In accordance with this policy, members that have been expelled following a vote by the Board of Directors do not have a right to appeal expulsion.
Written notice of the policy as adopted, and the effective date of such policy shall be mailed to each member of the credit union at the member’s current address appearing on the records of the credit union not less than thirty days prior to the effective date of such policy. In addition, each new member shall be provided written notice of any such policy prior to or upon applying for membership.