Citizens First Bank - Changes Already or Just the Way It Is Now??

[Topgun 1776]

According to a CFB rep today, the new bank sale isn't official until May of 2026.

But, I've noticed a few things - yes, these are "first world" problems - but, I wonder if this is an indication of what's to come.

I called this morning due to a "dormant letter" that spelled out there has been no activity on my account for almost 365 days (which wasn't true). Because of this, if I didn't have some activity on the account, they would charge me a $10 dormant fee each month until I do.

Yes, I keep a small amount in my CFB account and I've been with them for 5 years. But, I've never received a dormant notice and I've gone several years now without such a notice.

I've never had to speak to a machine and always been able to speak to a person each time I've called about anything before. Today, I was sent to an automated response that said I was "# 7 in the cue." I elected a call back, but never got it. I had to call them over an hour later and finally spoke to the rep. He told me he would document my account as contacted and there would be no charge - this time. I informed him if I ever did receive a dormant fee of $10, I would take my small balance elsewhere just for principal. I'm sure that didn't scare him.

Has anyone else experienced this type of notice before or the change in customer service since their announcement to sell?

[Bill14564]

Received a dormant account letter a couple of years ago. Might have been after five years of inactivity. Transferred money out to another bank and back again to resolve it.

[CoachKandSportsguy]

yes, MA has a dormant account process where after two years of no activity, the money is sent to the state automatically and the account is closed. My deceased parents have $6 at the state and will be there forevah. .

[Rainger99]

yes, MA has a dormant account process where after two years of no activity, the money is sent to the state automatically and the account is closed. My deceased parents have $6 at the state and will be there forevah. .

You can claim the funds.

Heirs can visit findmassmoney.gov to search for unclaimed property by entering the name of the deceased relative and their town of residence.

Filing a Claim:
If unclaimed property is found, heirs can submit a claim electronically through the website. The Unclaimed Property Division will send documentation to complete and return.

For assistance, contact the Massachusetts Unclaimed Property Division at (617) 367-0400.

[asianthree]

We open Citizens checking account in 2007. We deposited money randomly for years when we came down. In 2011 we received a notice of account switching to dormant, for lack of use for 12 months. No fees were incurred, but had to go to a branch to reactivate.

So OP there has been a policy in place since at least 2011.

[Rainger99]

I called this morning due to a "dormant letter" that spelled out there has been no activity on my account for almost 365 days (which wasn't true).


If it wasn’t true, what did they say when you told them that there had been activity?

[BrianL99]

According to a CFB rep today, the new bank sale isn't official until May of 2026.

But, I've noticed a few things - yes, these are "first world" problems - but, I wonder if this is an indication of what's to come.

I called this morning due to a "dormant letter" that spelled out there has been no activity on my account for almost 365 days (which wasn't true). Because of this, if I didn't have some activity on the account, they would charge me a $10 dormant fee each month until I do.



That's nothing new, it's always been their policy or a perhaps a law in FL? They send the letter and all you have to do it walk into a branch and let them see you're alive.

Seems like a reasonable request.

[Topgun 1776]

He couldn't explain how they missed it.

[Thetwisted2]

According to a CFB rep today, the new bank sale isn't official until May of 2026.

But, I've noticed a few things - yes, these are "first world" problems - but, I wonder if this is an indication of what's to come.

I called this morning due to a "dormant letter" that spelled out there has been no activity on my account for almost 365 days (which wasn't true). Because of this, if I didn't have some activity on the account, they would charge me a $10 dormant fee each month until I do.

Yes, I keep a small amount in my CFB account and I've been with them for 5 years. But, I've never received a dormant notice and I've gone several years now without such a notice.

I've never had to speak to a machine and always been able to speak to a person each time I've called about anything before. Today, I was sent to an automated response that said I was "# 7 in the cue." I elected a call back, but never got it. I had to call them over an hour later and finally spoke to the rep. He told me he would document my account as contacted and there would be no charge - this time. I informed him if I ever did receive a dormant fee of $10, I would take my small balance elsewhere just for principal. I'm sure that didn't scare him.

Has anyone else experienced this type of notice before or the change in customer service since their announcement to sell?

They just want to make sure you are still alive, the $10 fee is to ensure you respond

[Angelhug52]

Happened at Mid Fl and with a credit card company. No big deal. Wrote a check.That was sufficient to keep account active. Happily let credit card close.Lets be realistic if I wasn't using it maybe I didn't want it. Credit cards that require me to use AI or talk to customer service in foreign countries are not my favorite.

[G.R.I.T.S.]

Just move the account. There are other banking entities here that might save you money instead of charging you for your business.

[Rwirish]

Yes and no.

[srswans]

…

I called this morning due to a "dormant letter" that spelled out there has been no activity on my account for almost 365 days (which wasn't true)…

Has anyone else experienced this type of notice before or the change in customer service since their announcement to sell?

Yes, Citizens sent me a similar letter two years ago. They said that I needed to make an in-person transaction once a year or they’d charge me. Annoying since I make online transactions every month or so which don’t count. Gotta visit a branch or ATM once a year at Citizens.

[Mrmean58]

Just move the account. There are other banking entities here that might save you money instead of charging you for your business.

Bad advice. Financial institutions are required by either state or federal law depending on their charter to try and locate the owners of an acct to ensure they are either still living or haven't moved and forgotten about account after a period of inactivity.
I'm going to assume that the OP receives paper monthly statements. With inactive accounts that receive paper statements, the monthly fee is to offset the cost of producing that monthly cost.

[jojoturf]

Have NY bank account for 28 years, now with over $40K balance after transferring $475K to the Villages for new house in 2023. Got dormant letter exactly 1 yr later. Never had one before. Letter stated if no activity in 30 days, balance would move to NY State Unclaimed Funds. ������ Closed account immediately.

[westernrider75]

According to a CFB rep today, the new bank sale isn't official until May of 2026.

But, I've noticed a few things - yes, these are "first world" problems - but, I wonder if this is an indication of what's to come.

I called this morning due to a "dormant letter" that spelled out there has been no activity on my account for almost 365 days (which wasn't true). Because of this, if I didn't have some activity on the account, they would charge me a $10 dormant fee each month until I do.

Yes, I keep a small amount in my CFB account and I've been with them for 5 years. But, I've never received a dormant notice and I've gone several years now without such a notice.

I've never had to speak to a machine and always been able to speak to a person each time I've called about anything before. Today, I was sent to an automated response that said I was "# 7 in the cue." I elected a call back, but never got it. I had to call them over an hour later and finally spoke to the rep. He told me he would document my account as contacted and there would be no charge - this time. I informed him if I ever did receive a dormant fee of $10, I would take my small balance elsewhere just for principal. I'm sure that didn't scare him.

Has anyone else experienced this type of notice before or the change in customer service since their announcement to sell?

Both the #7 in the que and the dormant letter are not new. I opened an account several years ago that I only use for Venmo, so I use it very rarely, but they advised me then that I could get that letter.

[Cliff Fr]

Yes, Citizens sent me a similar letter two years ago. They said that I needed to make an in-person transaction once a year or they’d charge me. Annoying since I make online transactions every month or so which don’t count. Gotta visit a branch or ATM once a year at Citizens.

That's actually to protect you and the bank

[Scott.B]

Best way around this, for me, is to set-up a direct deposit, for $1, regularly into this account. This works if you have income coming in regularly, and a way to manipulate or distribute it this way.

[TomPerry]

OP, I don’t understand why you have “small amount” in CFB! Is it just in case! That required the bank to incur administrative expense to comply with state dormant account laws. The small fee is there way of dealing with small PITA accounts. Perhaps these PITAs is why “The Villages” are selling the bank.

[Altavia]

OP, I don’t understand why you have “small amount” in CFB! Is it just in case! That required the bank to incur administrative expense to comply with state dormant account laws. The small fee is there way of dealing with small PITA accounts. Perhaps these PITAs is why “The Villages” are selling the bank.

One reason is ready cash access at many ATM's. They probably make up the cost via relatively low interest rates on deposits.

Wondering what the odds for so many brick and mortar locations and ATM's at every Rec Center surviving under a new owner with a different business model?

[lvlwallach]

Always been that way. Just write a check or make a deposit

[Lancer]

yes, MA has a dormant account process where after two years of no activity, the money is sent to the state automatically and the account is closed. My deceased parents have $6 at the state and will be there forevah. .

Money is not moved to the state, escheat, after 5 years.

[crash]

According to a CFB rep today, the new bank sale isn't official until May of 2026.

But, I've noticed a few things - yes, these are "first world" problems - but, I wonder if this is an indication of what's to come.

I called this morning due to a "dormant letter" that spelled out there has been no activity on my account for almost 365 days (which wasn't true). Because of this, if I didn't have some activity on the account, they would charge me a $10 dormant fee each month until I do.

Yes, I keep a small amount in my CFB account and I've been with them for 5 years. But, I've never received a dormant notice and I've gone several years now without such a notice.

I've never had to speak to a machine and always been able to speak to a person each time I've called about anything before. Today, I was sent to an automated response that said I was "# 7 in the cue." I elected a call back, but never got it. I had to call them over an hour later and finally spoke to the rep. He told me he would document my account as contacted and there would be no charge - this time. I informed him if I ever did receive a dormant fee of $10, I would take my small balance elsewhere just for principal. I'm sure that didn't scare him.

Has anyone else experienced this type of notice before or the change in customer service since their announcement to sell?

Yes this is normal for them. If no activity either deposit or withdrawal for a year you will get the monthly charge. I have been making a $20 deposit per year just so I get the free banking services.

[CoachKandSportsguy]

You can claim the funds.


please stop insulting people's intelligence. .

the fact that I know its there, why its there, how it got there, and how much it is, means I have investigated the process, and determined its not worth my effort, as stated in the post.

[joshgun]

Yes

[gmdds]

When we banked with them, we also only kept a small amount with them, as they paid ridiculously low amounts on their various deposit accounts. Had they paid a better rate, we would have kept more money there…they didn’t, we didn’t.

[bowlingal]

Topgun....why didn't you just go a branch and straighten this out?

[Wayne Mudge]

According to a CFB rep today, the new bank sale isn't official until May of 2026.

But, I've noticed a few things - yes, these are "first world" problems - but, I wonder if this is an indication of what's to come.

I called this morning due to a "dormant letter" that spelled out there has been no activity on my account for almost 365 days (which wasn't true). Because of this, if I didn't have some activity on the account, they would charge me a $10 dormant fee each month until I do.

Yes, I keep a small amount in my CFB account and I've been with them for 5 years. But, I've never received a dormant notice and I've gone several years now without such a notice.

I've never had to speak to a machine and always been able to speak to a person each time I've called about anything before. Today, I was sent to an automated response that said I was "# 7 in the cue." I elected a call back, but never got it. I had to call them over an hour later and finally spoke to the rep. He told me he would document my account as contacted and there would be no charge - this time. I informed him if I ever did receive a dormant fee of $10, I would take my small balance elsewhere just for principal. I'm sure that didn't scare him.

Has anyone else experienced this type of notice before or the change in customer service since their announcement to sell?

Keys Federal Credit Union stole $165.00 from me the same way. I had money in the account for a rainy day, never received any notice, and every month they were hitting my account for being dormant. I closed the account. It makes no sense to me what the fee would be for ?

[asianthree]

OP, I don’t understand why you have “small amount” in CFB! Is it just in case! That required the bank to incur administrative expense to comply with state dormant account laws. The small fee is there way of dealing with small PITA accounts. Perhaps these PITAs is why “The Villages” are selling the bank.

In 2004 Citizens had paperwork with their mortgage applications papers to open CFB checking account. At the time we did want or need a different bank, we weren’t even using them for a mortgage. Yet there was the paperwork to sign, like it was a giant perk. I’m sure you remember that little push of opening CFB accounts in early 2000s

So there is one reason many have CFB and use it as an afterthought. We keep around $2,000, their online bill pay and transfer is so antiquated we would never use as a primary. Few years ago I went to close the account and they transferred to a different offer for better service. Still not impressed, so I have been writing checks to deplete the account so before Suncoast takes over it will be closed.

[Singerlady]

According to a CFB rep today, the new bank sale isn't official until May of 2026.

But, I've noticed a few things - yes, these are "first world" problems - but, I wonder if this is an indication of what's to come.

I called this morning due to a "dormant letter" that spelled out there has been no activity on my account for almost 365 days (which wasn't true). Because of this, if I didn't have some activity on the account, they would charge me a $10 dormant fee each month until I do.

Yes, I keep a small amount in my CFB account and I've been with them for 5 years. But, I've never received a dormant notice and I've gone several years now without such a notice.

I've never had to speak to a machine and always been able to speak to a person each time I've called about anything before. Today, I was sent to an automated response that said I was "# 7 in the cue." I elected a call back, but never got it. I had to call them over an hour later and finally spoke to the rep. He told me he would document my account as contacted and there would be no charge - this time. I informed him if I ever did receive a dormant fee of $10, I would take my small balance elsewhere just for principal. I'm sure that didn't scare him.

Has anyone else experienced this type of notice before or the change in customer service since their announcement to sell?
Yes, I got the letter. Called, talked to someone. He explained the issue. I just promised him that I’d try to make at least one transaction before next year. He told me to not worry, just call and they’ll fix it. Hmmmm….

[OrangeBlossomBaby]

Maybe this is a wealthy person's problem. I can't understand why anyone would have a bank account they never use. My CFB account is where my SS checks go, and those funds are used for daily/weekly expenses and to pay my medical/dental premiums every month. We use another bank for other things spouse's SS check and paycheck, paying off major bills like taxes, home/car insurance, car payments, etc.

[asianthree]

One reason is ready cash access at many ATM's. They probably make up the cost via relatively low interest rates on deposits.

Wondering what the odds for so many brick and mortar locations and ATM's at every Rec Center surviving under a new owner with a different business model?

More importantly, will SunCoast appraise developers asking prices on homes, then approve mortgages that other financial institutions may not.

[Burnsurfer]

I experienced that two years ago with Citizens First Bank. It prompted me to transfer small amounts of money into that account monthly just so I don't have to worry about it.