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

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?

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.

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.

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.

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

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.

He couldn't explain how they missed it.

Dormant fee
 

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

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.

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

Yes and no.

Need In-Person Transactio
 

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.

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.

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.