What is a Dormant Account?

An account that has no significant activity—deposits, withdrawals, payments, or transfers—for one year becomes a Dormant Account.

Interest and other credit union-initiated activity alone doesn’t keep an account from going dormant. Regular Shares (Savings), Share Draft (Checking), Club and Auxiliary Accounts, Money Markets, IRAs, and CD’s can all become dormant.

What Happens To A Dormant Account?

When a Sierra Pacific account becomes dormant, the primary account holder is notified with a phone call, an email, and, if the account balance is over $50, with a letter sent to the last known address. Account-holders are given the chance to re-activate or close the dormant account.

After two years of inactivity, a $5 monthly service fee is charged.  If this and other applicable fees decrease the account balance to $5 or less, the account is closed.

If an account is inactive for three years, it may be escheated. This means that the account will be closed, and any remaining funds sent to the account holder’s state Treasurer for safekeeping. This is required by state regulations.

If your account has been escheated, you can claim your funds from the state for free at any time. Learn more about how to reclaim your escheated funds here.

Reactivate a Dormant Account

If your account is dormant, but not yet closed, reactivating it is easy. Just make a deposit or withdrawal of any amount to or from the inactive account. Between online banking, our nationwide ATM and Shared Branching networks, and Sierra’s branches themselves, this is easy to do.

We recommend setting up regular direct deposits from your employer to keep your account active and healthy. This is a great way to save for emergencies and major goals.

How to Prevent your Account from Becoming Dormant

Keeping your account active is easy—just use it! Make a deposit, withdrawal, or initiate other activity on your account regularly.

If you rely on Sierra Pacific for major purchases—an auto loan, an occasional signature loan, etc—every few years, you may not be using us as your primary institution. You may find it hard to keep up account activity when you aren’t actively making payments.

Some members use Sierra’s accounts for emergency or back-up savings. If you stop making regular payments for some reason, it’s easy to let those accounts sit unused and become dormant.

While we’d love to have all of our members relying on Sierra for day-to-day financial needs, we understand that some members aren’t looking for that type of relationship. You can still keep up a healthy, active account when Sierra isn’t your primary institution.

Here are 3 easy set-it-and-forget-it ways to keep your Sierra account active:

  1. Set up direct deposit with your employer. Send a bit of every paycheck to your Sierra account automatically, and watch the savings grow!
  2. Use your Sierra checking account as a default payment for an online subscription, utility, or other regular payment. These payments will keep your account active—just make sure you’re adding enough money to cover those payments!
  3. Set up an automatic transfer from another bank to Sierra. Send $5, $10, maybe even $100 per month to your Sierra account with a scheduled transfer. You’ll keep the account active, and build your savings.

How to Close your Sierra Account

We’re sorry to see you go, but understand that sometimes closing an account just makes sense. You can submit a Request for Account Closure online in a few minutes.

Account Closure Checklist:

  • Replace Subscription Payments: Make sure you’ve replaced your account or card on any subscriptions, automatic phone or utility payments, etc. You are still responsible for any payments that post after account closure.
  • Check on any outstanding payments: If you’ve written a check, sent a wire, or started another payment from your account, wait until it’s posted to end your membership.
  • Balance Up: Pay off any outstanding loans, fees, or other charges owed to the credit union.
  • Know where your money should go: Any remaining balance in your account needs to be sent somewhere. You can choose to receive a check or an online transfer to another bank account.

Dormant Account FAQs

If you’re ready to close your Sierra Pacific FCU account, we’re sad to see you go. Please complete the Account Closure Request Form online here. 

Use the Account Closure Checklist to make account closure as smooth as possible.


Dormant Accounts

  1. Use the account. Deposits, withdrawals, payments, transfers, purchases, etc. are all enough to keep your account active. We recommend setting up direct deposit or automatic transfers to keep up some account activity.
  2. Keep your address, phone number, and email up-to-date. When an account does go dormant, this is how we’ll reach out to let you know. Make sure this information is current.


Dormant Accounts

It’s easy to reactivate a dormant account. Just use it! Make a deposit, withdrawal, payment, purchase, etc. Any member-initiated activity to the account will return it to active status.


Dormant Accounts

If an account has no significant activity for one year or more — including deposits, withdrawals, payments, and other member-initiated activity — then the account becomes dormant. Sierra attempts to contact account holders through email, phone, and sometimes through the address on file.

If the account resumes activity with a deposit, withdrawal, or other activity, then it returns to active status.

If the account remains inactive for two years (24 months), Sierra will begin assessing a $5 monthly service fee. If this and other applicable fees reduce the account balance to $5 or below, the account will be closed.

If the account remains dormant and unclosed for three years, Sierra will escheat it. This means the account is closed, and any remaining funds are sent to the Unclaimed Property Office of the state of the most recent address on file. The state will hold those funds until the owner claims them.


Dormant Accounts

Before closing a dormant account, Sierra will reach out to the account owner using the phone number and email on file. If the account has $50 or more, Sierra will also send a Dormancy letter to the address on file.


Dormant Accounts

An account that has no significant activity—deposits, withdrawals, payments, or transfers—for one year or more. Regular Shares (Savings), Share Draft (Checking), Club and Auxiliary Accounts, Money Markets, IRAs, and CD’s can all become dormant.


Dormant Accounts

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Sierra Pacific Federal Credit Union