As to each interest bearing or share account of each member or depositor in a credit
union, the credit union shall generally make available to any member or depositor
with an existing account, in addition to actually giving to the member or depositor,
on the opening of the interest bearing or share account and, later, on demand of the
member or depositor the following written notice:
“Under Maryland law, all funds remaining in this interest bearing or share account
become the property of this State after the account has been inactive for 3 years
and notice is sent to the member or depositor at that member's or depositor's last
known address. This account will be considered inactive if the member or depositor has not: (1)
increased or decreased the amount in the account; (2) presented the passbook or other
similar evidence of the account for the crediting of interest or dividends; (3) written
to this credit union about the account; (4) engaged in any credit, share, or other
deposit transaction with the credit union; or (5) otherwise indicated an interest
in the account as evidenced by a memorandum on file with this credit union.”
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