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About Us

Dormant Accounts

At Powerco Federal Credit Union, we want to maintain an active relationship with you. "Once a member, always a member" is something we're proud of. However, State of Georgia law requires all financial institutions to report and remit unclaimed funds by November 1st of each year. Powerco is compelled to comply with state law and makes considerable effort to contact account owners who have unclaimed funds that are slated for the required annual unclaimed funds procedure.

Powerco's Dormant Account Policy provides for an account to be deemed a Dormant Account when there has been no member-initiated activity for a period of five years. If an account is deemed to be dormant, the account may be assessed a monthly fee in accordance with the most current credit union fee schedule. Further, if the account balance is over $50, the credit union will notify the account owner in advance of the fee assessment at the most recent mailing address listed on the account. 

What Does This Mean?

Each year, we are required by state law to review all member accounts to ensure that there has been transaction activity or documented member contact within the last 5 years. For the purpose of this review, the posting of accrued interest to accounts does not constitute transaction activity.

If Powerco cannot demonstrate there has been transaction activity or cannot document member contact then the credit union is required, by law, to close Dormant Accounts and remit any remaining account balances to the State of Georgia -- Department of Revenue. This is done annually on November 1st as required with the Georgia Unclaimed Property Act (Escheat Law).

What can you do?

If your account has not had activity for a substantial amount of time or you receive a communication from the credit union by phone, email, or postal mail that your account is slated for the required Dormant Account funds submission process, you must contact the credit union to tell us what to do with your account -- keep the account open or close the account. We sincerely want to retain you as a lifelong member of the credit union. By contacting us, we can update your account and it will no longer be considered dormant. If you wish, you may also deposit funds into your account to bring it back to active status and avoid the Dormant Account closure process. 

Here are options for how you can keep your account open and stop the Dormant Account closure process:

  • Contact us by phone at 1-800-633-5217 and request that your account not be closed.
  • Contact us by mail with a written request that your account not be closed.
  • Contact us by fax at (404) 506-3787 to request that your account not be closed.
  • Contact us at your closest branch to request that your account not be closed.
  • Make a deposit -- in person, by mail or via our free Mobile Banking eDeposit app with your smartphone.

If you call the credit union, we will ask you to verify your identity to ensure that we are dealing with the member/owner of the account. If you write, please provide a phone number we can contact you at and sign your letter so we can compare your signature with our records. These security tips are necessary to protect your money, your privacy, and your confidential personal information. Any Powerco Federal Credit Union representative can assist you when you call, write or visit to update your account status.

How Can I Avoid My Account Being Classified as Dormant?

It's fairly simple to keep your account from being classified as dormant. Below are just a few ways to keep your account active and your funds in your credit union account where they belong:

If Your Account Has Been Closed for Dormancy

If your credit union account has been closed due to no activity or no member/account owner contact for the previous five years, we have submitted your remaining balance to the State of Georgia. You can request these funds be returned to you through the State of Georgia's Unclaimed Property website. 

  • Visit the State of Georgia's Unclaimed Property website.
  • Perform a search using the information and links provided under the section "Personal Claims."
  • If the account funds are being requested by the heir/estate of a deceased account owner, reference the information provided under "Estate/Heir Claims." An authorized representative of the owner/estate will need to call the customer service number, 1-855-329-9863, for assistance and instructions on how to file the claim.

If you have questions or need assistance in filing a claim to have your funds returned to you by the State of Georgia, you should contact the unclaimed property division directly.

For additional questions about unclaimed property, please call or write as follows:

Office Hours:  Monday - Friday, 8:00 a.m. - 4:45 p.m. (excluding state holidays)

Telephone Hours:  Monday - Friday, 8:00 a.m. - 4:30 p.m. (excluding state holidays)

Telephone Number: 1-855-329-9863

Fax: (404) 724-7013

Email: ucpmail@dor.ga.gov

Mailing Address:
Georgia Department of Revenue
Unclaimed Property Program
4125 Welcome All Rd Suite 701
Atlanta, Georgia 30349-1824


 

NCUA

This credit union is federally insured by the National Credit Union Administration.

We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. NMLS# 762143

Equal Housing Lender