What is an inactive or dormant account?
An inactive or dormant account is an account showing no activity, other than dividends paid to the account, for a specific time period. An account is considered inactive if 18 months have passed since the last owner-initiated transaction. Remaining inactive is a concern for several reasons including high risk of fraud and identity theft. Inactive accounts with under $500 are charged a $5 per month fee after 18 months of inactivity, to maintain the account.
In addition, the State of Oregon requires financial institutions to surrender inactive account balances (known as escheating), after 3 years of inactivity. If forced to do so, an application to the State is required to recover funds.
To become active you need to do one of the following:
- Make a deposit to your account.
- Open a new account such as a checking account, CD or a Money Market account.
- Apply for a loan. We have some of the most competitive rates around.
To find out more about our current offerings, along with consumer loan, mortgage loan and deposit rates, visit our home page.