Don’t Forget Your Money!

Forget that I have money? Who could do that? We may not intend to forget about money, but if an account is inactive for five years or more and SACU can’t locate you at your last known address, escheatment may be the result.

What is escheatment? By law, all financial institutions, businesses, government entities, and organizations that are holding unclaimed property must file an Unclaimed Property Report with the Texas State Comptroller’s office by November 1 of each year.

In Texas, unclaimed property refers to any financial asset that has been abandoned by the owner for a period of from five years or more.

  Cashiers’ checks

  Money orders

  Share Accounts

  Checking Accounts

  Share Certificates

  Loan Collateral

  Safe Deposit Box Contents

  IRAs (if no contact within 3 years after turning 70 ½ years)

Before the asset is escheated, SACU will make every effort to contact the owner at their last known address. If we are unable to contact the owner, or if the owner doesn’t respond to the letter we send, we have to follow the law and escheat the asset to the state by November 1.

We want everyone to avoid this process. We will continue our efforts, but here are some things you can do to be sure that your property will not be sent to the state:

1. Make a deposit or withdrawal on an account you haven’t used lately.
2. If you have moved, check on the account status and update the address, if necessary, in writing, either by mail or e-mail, or call and give us your new address by phone.
3. Cash any cashiers’ checks or money orders you have on hand.
4. Pay any past due fees on safe deposit boxes.

Watch for your periodic statements in the mail. If you no longer receive statements from SACU on an account, you MAY have a dormant account, and you need to check into its status by calling the Member Service Center at San Antonio (210) 258-1234 or Toll Free: 1-800-688-SACU (7228).