Account Dormancy

What is 'account dormancy'?

Accounts that have no record of activity for 1 year are presumed to be dormant and are set to be charged a monthly dormancy fee of $1. Under section 73.101 of the Texas Property Code, an account is classified as abandoned when it has been inactive (without any depositor-initiated activity) for at least three years.  Accounts that are presumed abandoned are subject to escheat (be remitted) to the state. A list of such accounts must be submitted annually, by July 1st, to the Texas State Comptroller.  Members are encouraged to conduct a transaction on their account(s) or contact TSCU to update their account(s) at least once annually to avoid charges or issues.

Sometimes accounts can be accidentally forgotten or even overlooked in the case of the regular account holder not selecting an heir. At Texan Sky, we want to help you protect your money instead of it being lowered by monthly fees. Here are some ways to prevent account dormancy:

• Online & Mobile Banking- Banking online or on your phone is a simple way to keep yourself up-to-date on your spending and allows you to access your accounts where and when you want. There are even apps that allow you to view all of your accounts in one place, even if you use multiple institutions.
• Debit Card- As a safer alternative to carrying cash, debit cards allow you to spend how you want with the capability to turn the card on and off if needed. They also allow you to see what you've spent and where it was spent.
• Direct Deposit- Avoid lines and fees by setting your paycheck up to be directly deposited into your account. Spending is easier to track, and a history is kept for your convenience.
• Automate Bill Payments- Texan Sky offers bill pay where you can make payments from your Texan Sky Checking Account through Home Banking. You can even schedule recurring payments, so you can set it and forget it and never make a late payment again.
• Savings Plan- At Texan Sky, we know how important your dreams are to you. We offer a variety of accounts to help you achieve all your dreams. The first account you’ll open as a Texan Sky member is your Regular Share Savings Account. This primary account is the basis of your membership, it’s your share in the Credit Union, and your first step to saving. With only a $5 minimum to open and dividends paid monthly on balances over $25, it’s a great account to get you started. Members can also setup automatic internal transfers (weekly, monthly, annually) to their children's account(s) or other special accounts.
• Consolidate Accounts- Accumulating multiple accounts over time is normal, but can also prove difficult to keep track of. Let us help you review and consolidate your accounts to be more efficient.