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Credit unions are required by each state to report and turn over personal properties when they've been abandoned or unclaimed after a specified period of time. Properties considered abandoned include, but are not limited to, checking, savings, certificates, money market, IRA accounts, uncashed checks, trust distributions, credit balances and overpayments.

The process of surrendering funds to the state is called escheatment. The owner of those funds is notified at their last known address that their money has been turned over, by law, to the state. That money is held by the state until the owner submits a claim directly to the state. 

You may receive an unclaimed property letter if, according to our records, you have a deposit account with no activity, or an uncashed check and we haven’t had contact with you for an extended period of time. We’re required by state law to notify you and grant you a specified amount of time to claim your property.

If you’ve been notified that your account will be turned over or “escheated” to the state, and you want to prevent this, complete any of the following:

  • Sign in to digital banking*
  • Open a new account
  • Perform a transaction
  • Visit a branch or call us at 1-888-842-6328 to speak with a member service representative
  • Or follow the instructions outlined in the letter you received

Note: Receiving a monthly statement or seeing interest posted to a member’s account doesn’t count as a contact, and dividends earned isn’t considered account activity.

If your funds were escheated, you can claim them with the state’s unclaimed property administrator. Each state’s contact information can be found on MissingMoney.com. State offices may take up to 6 months to process escheatment filings.

Navy Federal proactively attempts to contact members who’ve been inactive for 1 year or more to prevent account escheatment. To prevent your account from being considered abandoned or escheated, complete one of the following:

  • Sign in to digital banking*
  • Open a new account
  • Perform a transaction
  • Visit a branch or call us at 1-888-842-6328 to speak with a member service representative
  • Or follow the instructions outlined in the letter you received

Note: Receiving a monthly statement or seeing interest posted to a member’s account doesn’t count as a contact, and dividends earned isn’t considered account activity.

Still have questions? Visit a branch or give us a call at 1-888-842-6328.

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