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Dormant Accounts and Unclaimed Property

At CRCU, we understand that sometimes accounts go unused for various reasons. Perhaps you've moved, forgotten about an account you had with us, or had a family member or parent open an account for you years ago without your knowledge. Although we hope you will continue to take advantage of our services, it's important to know how an account can become dormant, which could eventually result in funds or possessions being turned over to the State of Texas Unclaimed Property Division.


What is a Dormant Account?

A Dormant Account is one that has been inactive for a certain length of time, as determined by the member's state of residence. Inactivity can refer to the absence of deposits, withdrawals, or contact with the Credit Union. However, dividends earned on the account are not considered activity.

What makes an account go dormant?

According to the Texas Comptroller, an account is dormant when on March 1st of the current year:

  • the member has property that has remained unclaimed for at least (3) three years, or
  • the owner has not communicated , in writing or otherwise, with regard to the membership during the abandonment period.

What is Unclaimed Property?

Unclaimed Property refers to personal assets, including money, that are considered lost or abandoned when the owner cannot be located after a specific period of time. In the financial industry, this includes checking accounts, share certificates, and savings accounts.

Why is this important?

All states require financial institutions to report when personal property has been abandoned or unclaimed after a certain amount of time, as specified by state law. If an account remains inactive for the specified period, the institution must report it to the member's state of residence, through a process called "escheatment." This means that the state becomes the owner of the account, but the former account owner may still make a claim against it by following the state's procedures for doing so.

Have your funds ever been escheated?

If you suspect that your funds may have been escheated by CRCU or any other financial institution and you want to check whether you have any unclaimed property in your name, you can visit https://claimittexas.org/.

What can you do to prevent your account from going dormant?

  • Stay active with CRCU!
  • Set up direct deposit. Have your entire check deposited or just a portion of it. Either way, it's considered activity.
  • Use your debit or credit card
  • Finance your next loan with us, regular payments are considered account activity
  • Conduct regular transactions on your account or at minimum, once a year
  • Keep your contact information updated with us