Unity One Credit Union is about to undergo an escheatment process. Letters will be sent out the week of May 16 to account holders who have not had any activity for over three years. The letter asks that if a member wishes to continue a relationship with the credit union, he/she must visit a branch, mail, call or fax a response to the letter.
If there is no response from members that receive letters, account holdings will be labeled "unclaimed property" and turned over to Texas Comptroller of Public Accounts on or before July 1, 2016.
Escheat is the transfer of title of property or an estate to the state when an individual dies without a will and legal heirs. Escheat ensures that property always has a recognized owner, which would be the state or government if no other claimants to ownership exist.