Skip to content
View all posts

What happens if your account becomes inactive?


What happens if your account becomes inactive?


It’s your first day at your new job. You hear about SWACU and decide to open an account. You put money in once and go about your life. Then one day, you receive an email telling you that your account is being escheated. 

What is escheatment? 

It’s the process in which your SWACU account’s balance from a checking or savings account will be turned over to the state due to inactivity, if not claimed or the account is not used.  

How does escheatment happen? 

If a member opens an account and does not use the account, the member’s account will fall into one of the following categories over time.

Inactive: Account is open, but member has not initiated any transactions for six months.

Dormant: Account is open, but member has not initiated any transactions for a year. Home Banking credentials are no longer available. 

Escheatment: Account is open, but member has not initiated any transactions for three years. Member is contacted to claim the account. Funds are sent to the state if funds are not claimed. 

How to avoid escheatment 

  1. You will also need to maintain your active account by using your account and initiating transactions. Here are some ways to use your account: 

  • Use your debit card. 
  • Use in-branch services (deposit, withdraw, etc.) 
  • Mail a check for deposit.
  • Make a deposit at an ATM.
  • Make a withdrawal at an ATM.
  • Have an active loan with SWACU.  
  1. Always keep your contact information updated. If you move, get a new phone number or change email addresses, update your information to ensure we can contact you.  

  1. If you are currently in escheatment and are ready to claim your SWACU account, simply fill out the form online or call us at 800-262-5325. Just remember to initiate a transaction in order to keep your account active.  

When are funds turned over to the state? 

After we have attempted contacting you several times and your account has not been claimed, SWACU will begin the process to turn your money over to the state. 

If an escheated account is under $50, a fee will be charged, and the account will be closed. No funds are escheated. 

Are there fees charged? 

Yes. If an account shows no activity for six months, there is an inactive fee of $5 per month; and, if account becomes escheated, the fee is $50.  

How can you claim escheated funds? 

You can claim your account once it’s been submitted to the state, but you will have to claim it directly from the State of Texas regardless of the state you live in. Click here to learn more. 

Apply for a Loan

Need financing? We've got your back. Apply online in just minutes!

Consumer Loans Mortgage Loans

Become a Member

Join the SWACU family for awesome rates and unmatched service.

Learn More Join