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Dormant & Escheated Accounts

Use this article to learn how to keep your account active, reactivate a dormant account, and reclaim funds if they have been sent to the state as unclaimed property.

What Is a Dormant Account?

An account becomes dormant after 12 months (365 Days) without qualifying member activity.

Dormant accounts may be subject to restrictions and fees until activity is restored.

Qualifying Activity Includes

  • Transactions made through Digital Banking
  • Deposits or withdrawals at a Peak branch
  • ATM transactions
  • Purchases made with your Peak Visa debit card

Tip: One qualifying transaction each year will help keep your account active.

What Happens When My Account Becomes Dormant?

If an account becomes dormant:

  • A $5 monthly dormant account fee may be assessed.
  • The account will no longer earn dividends.
  • Your account remains open and available for reactivation.
  • Your debit card will remain active until its expiration date.
  • Digital Banking and other services remain available until the account is eventually closed.

Peak will attempt to contact you before your account is considered abandoned.

How to Reactivate a Dormant Account

You can reactivate a dormant account by completing a qualifying transaction, including:

  • Making a transaction in Digital Banking
  • Using your debit or ATM card
  • Visiting a Peak branch and completing a transaction

If you need assistance reactivating your account, contact us at (800) 258-3115.

Will I Be Notified?

Yes.

Peak Credit Union sends dormancy notices to the address we have on file.

Over the three-year dormancy period, up to four notices may be mailed notifying you that:

  • Your account is dormant
  • Your account may be considered abandoned
  • Funds may be sent to the state as unclaimed property

Keeping your mailing address current helps ensure you receive these notifications.

What Is Escheatment?

Escheatment occurs when an account remains inactive for an extended period and is considered abandoned under state unclaimed property laws.

After approximately three years without qualifying activity, Peak is required to:

  1. Close the account.
  2. Transfer the remaining funds to the state associated with your last known address.
  3. Report the funds as unclaimed property.

The state then safeguards the funds until the rightful owner submits a claim.

Can I Still Get My Money Back?

Yes.

Even after funds have been transferred to the state, you may still claim them.

To begin the process, search your state's unclaimed property website.

Washington Residents

Oregon Residents

If you live outside Oregon or Washington, visit your state's unclaimed property website.

Can I Reopen My Membership After Escheatment?

Yes.

If your account has been closed and funds have been escheated, you may open a new membership with Peak.

A new membership application will be required.

Frequently Asked Questions

What causes an account to become dormant?

  • An account becomes dormant when there is no qualifying member-initiated activity for 12 consecutive months.

Why do financial institutions send dormant account funds to the state?

  • State unclaimed property laws require financial institutions to turn over abandoned funds so they can be safeguarded until the rightful owner claims them.

Which state's unclaimed property program receives my funds?

  • Funds are sent to the state associated with your last known address.

What laws govern dormancy and escheatment?

  • For members in our primary service areas:

    • Washington: Revised Uniform Unclaimed Property Act (RCW 63.29)

    • Oregon: Uniform Disposition of Unclaimed Property Act (ORS 98.302-98.376)

Will my account earn dividends while dormant?

  • No. Dormant accounts do not earn dividends.

Are there fees for dormant accounts?

  • Yes. Dormant accounts are subject to a $5 monthly dormant account fee.

Will my debit card still work?

  • Your debit card will remain active until its expiration date. Other account services generally remain available until the account is closed.

Need More Help?

Ranger is available 24/7 through website chat to answer questions and help you find information.

Live chat with a representative is available :

  • Monday-Friday: 8:00 a.m. - 6:00 p.m. PT

  • Saturday: 9:30 a.m. - 2:00 p.m. PT

  • Excluding holidays

Prefer to call? Contact us at (800) 258-3115.