Dormant Accounts and Unclaimed Property

What is a Dormant Account?

A Dormant Account is an account that has had no activity for an extended amount of time specified by the member's state of residence. Activity includes, but is not limited to, deposits, withdrawals, and contact with the Credit Union. Dividends earned do not constitute account activity. 

What is Unclaimed Property?

Unclaimed Property consists of money and other personal assets that are considered lost or abandoned when an owner cannot be located after a specified period of time. In the financial institution industry, this includes checking accounts, share certificates, and savings accounts.

Why does it matter?

All states require financial institutions to report when personal property has been abandoned or unclaimed after a period of time specified by state law. If the account has remained inactive for the period of time specified by state law, the firm must report the account to the state where the member resides. The state then claims the account through a process called "escheatment," whereby the state becomes the owner of the account. As part of the escheatment process, the state will hold the account as a bookkeeping entry, against which the former account owner may make a claim. 

What should I do?

If you have been notified that your account will be turned over to the state and you wish to keep this from happening, you can contact the Credit Union immediately at (540) 663-2181 or return your account to an active status by performing any transaction involving the dormant account. 

If you have been notified that your account has been sent to the state, you can reference https://www.unclaimed.org/ to find the state and location to claim your property. Each state can have a different process in claiming property, so please contact that state's Treasury Department if you have questions.