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Dormant & Escheated Accounts

Learn how to prevent account dormancy, reactivate your account, and understand state unclaimed property laws.

An account is considered dormant after one (1) year of no activity and will need to be reactivated. If your account goes dormant, we can help you get it reactivated.

After a 3-year period of no activity, states consider funds in such accounts to be unclaimed. Every year, Peak Credit Union is required to close these accounts and send the funds to the respective Departments of Revenue until they are claimed by their owners.

Below you’ll find information about how to prevent an account from going dormant, how to reactivate a dormant account, and more.

Frequently Asked Questions (FAQ)

How long does it take for an account to become dormant?
A: 12 Months (365 Days)

What is account dormancy?
A: Account dormancy is when there is no qualifying activity for a set period of time, causing it to be classified as inactive under state unclaimed-property laws.

What causes an account to become dormant?
A: An account becomes dormant when it has no member-initiated activity for a defined period of time.

Why do financial institutions have to turn over dormant accounts to the state?
A: Financial institutions are required to turn over dormant accounts to the state, so the government can safeguard the funds – and ensure they’re returned to the rightful owner if they come forward.

What laws or regulations govern dormancy and escheatment?
A: Escheated funds are sent to the state associated with your last known address.

  1. Washington: Dormancy and escheatment are governed by the Revised Uniform Property Act, RCW 63.29.
  2. Oregon: Dormancy and escheatment are governed by the Uniform Disposition of Unclaimed Property Act, ORS 98.302-98.376

      How Do I Keep My Account Active?

      What types of activity keep my account active?
      A: Processing a transaction in online banking, at any Peak Credit branch, or ATM, or using your Peak Visa debit card for purchases

      Will I be notified before my account becomes dormant or is sent to the state?
      A: Peak Credit Union will send four corresponding letters by mail to the address on file for you within a three-year period.

      What happens if I don’t respond to dormancy notices?
      A: If Peak Credit Union does not receive your signed response or any communication from you within the three-year period, your account will be classified as abandoned. It will then be closed, and the remaining balance will be transferred to the state associated with your last known address.

      How is My Account Impacted When It’s Dormant?

      Will my account still earn dividends while dormant?
      A: Your account will not earn dividends while it is in dormant status.

      Are there fees associated with dormant accounts?
      A: Yes. There is a $5 monthly fee.

      Will my debit card, online banking, or other services be affected?
      A: Your debit card will remain active until the card expiration date. All services will remain in effect until the account is closed.

      How to Reactive a Dormant Account

      How can I prevent my account from becoming dormant?
      A: One transaction per year will keep your account active.

      How do I reactivate a dormant account?
      A: You can visit any Peak Credit Union branch, use your debit/ATM card, or process a transaction in online banking.

      What to Do if My Account Enters Escheatment?

      What happens after my account is escheated to the state?
      A: After your account is escheated, the state holds the funds as unclaimed property until you reclaim them through its website.

      Can I still get my money back after it’s been turned over?
      A: Yes, you can still reclaim your money from the state by filing an unclaimed property claim.

      Can I reopen my membership after escheatment?
      A: Yes, a new membership application will be required.

      Where can I reclaim my funds once they have been sent to the state?
      A: If your account becomes escheated, you can visit your state’s* unclaimed property website to claim your funds:

      You can also call their offices:

      *Please visit your state's unclaimed property website if you live outside Oregon or Washington State.

      If you need to reactivate a dormant account or have any related questions, please don’t hesitate to reach out. We’re here to help. Call us (800) 258-3115, chat with us online, or visit your nearest Peak branch.