RICHMOND, Va. — Guardian Federal Credit Union had been working for months to fulfill audit requests at the behest of the Virginia Division of Unclaimed Property, but at the same time CEO Chris Anuswith did not feel it was proper and got fed up. “They visited two years ago and wanted to go back and look at our dormant accounts and how we handled them,” Anuswith began. Despite a lot of man-hours to comply with the requests spanning accounts from 1994-2004 with some of the records on paper, microfiche, and other now archaic modes of storage, the $37 million credit union sorted through the paperwork.

Eighteen months later, the division came back to them asking for “a high five figure amount” in dormant account fees the credit union had collected. Problem was when many of the members reactivated their accounts, Guardian had returned the fees to the accountholders. The division said those funds should have been escheated to the state.

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