diff --git a/CHANGELOG.md b/CHANGELOG.md
index 88886e3254e..4d718ea85ea 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -40,20 +40,22 @@ Ref: https://keepachangelog.com/en/1.0.0/
 
 ### API Breaking
 
+* (transfer) [\#1250](https://github.com/cosmos/ibc-go/pull/1250) Deprecate `GetTransferAccount` since the `transfer` module account is never used.
+
 ### State Machine Breaking
 
 ### Improvements
+
 * (modules/core/04-channel) [\#1160](https://github.com/cosmos/ibc-go/pull/1160) Improve `uint64 -> string` performance in `Logger`.
 * (modules/core/04-channel) [\#1232](https://github.com/cosmos/ibc-go/pull/1232) Updating params on `NewPacketId` and moving to bottom of file.   
 
 ### Features
-* (modules/apps/29-fee) [\#1230](https://github.com/cosmos/ibc-go/pull/1230) Adding CLI command for getting incentivized packets for a specific channel-id. 
-
 
 * [\#276](https://github.com/cosmos/ibc-go/pull/276) Adding the Fee Middleware module v1
 * (apps/29-fee) [\#1229](https://github.com/cosmos/ibc-go/pull/1229) Adding CLI commands for getting all unrelayed incentivized packets and packet by packet-id. 
 * (apps/29-fee) [\#1224](https://github.com/cosmos/ibc-go/pull/1224) Adding Query/CounterpartyAddress and CLI to ICS29 fee middleware
 * (apps/29-fee) [\#1225](https://github.com/cosmos/ibc-go/pull/1225) Adding Query/FeeEnabledChannel and Query/FeeEnabledChannels with CLIs to ICS29 fee middleware.
+* (modules/apps/29-fee) [\#1230](https://github.com/cosmos/ibc-go/pull/1230) Adding CLI command for getting incentivized packets for a specific channel-id. 
 
 ### Bug Fixes
 
diff --git a/modules/apps/transfer/keeper/genesis.go b/modules/apps/transfer/keeper/genesis.go
index 35bbd231a59..d4020508cc9 100644
--- a/modules/apps/transfer/keeper/genesis.go
+++ b/modules/apps/transfer/keeper/genesis.go
@@ -28,12 +28,6 @@ func (k Keeper) InitGenesis(ctx sdk.Context, state types.GenesisState) {
 	}
 
 	k.SetParams(ctx, state.Params)
-
-	// check if the module account exists
-	moduleAcc := k.GetTransferAccount(ctx)
-	if moduleAcc == nil {
-		panic(fmt.Sprintf("%s module account has not been set", types.ModuleName))
-	}
 }
 
 // ExportGenesis exports ibc-transfer module's portID and denom trace info into its genesis state.
diff --git a/modules/apps/transfer/keeper/keeper.go b/modules/apps/transfer/keeper/keeper.go
index 46e3c51aa2a..d3f32d95df7 100644
--- a/modules/apps/transfer/keeper/keeper.go
+++ b/modules/apps/transfer/keeper/keeper.go
@@ -4,7 +4,6 @@ import (
 	"github.com/cosmos/cosmos-sdk/codec"
 	"github.com/cosmos/cosmos-sdk/store/prefix"
 	sdk "github.com/cosmos/cosmos-sdk/types"
-	authtypes "github.com/cosmos/cosmos-sdk/x/auth/types"
 	capabilitykeeper "github.com/cosmos/cosmos-sdk/x/capability/keeper"
 	capabilitytypes "github.com/cosmos/cosmos-sdk/x/capability/types"
 	paramtypes "github.com/cosmos/cosmos-sdk/x/params/types"
@@ -64,11 +63,6 @@ func (k Keeper) Logger(ctx sdk.Context) log.Logger {
 	return ctx.Logger().With("module", "x/"+host.ModuleName+"-"+types.ModuleName)
 }
 
-// GetTransferAccount returns the ICS20 - transfers ModuleAccount
-func (k Keeper) GetTransferAccount(ctx sdk.Context) authtypes.ModuleAccountI {
-	return k.authKeeper.GetModuleAccount(ctx, types.ModuleName)
-}
-
 // IsBound checks if the transfer module is already bound to the desired port
 func (k Keeper) IsBound(ctx sdk.Context, portID string) bool {
 	_, ok := k.scopedKeeper.GetCapability(ctx, host.PortPath(portID))
diff --git a/modules/apps/transfer/keeper/keeper_test.go b/modules/apps/transfer/keeper/keeper_test.go
index 1e29626c987..40ceb6d782f 100644
--- a/modules/apps/transfer/keeper/keeper_test.go
+++ b/modules/apps/transfer/keeper/keeper_test.go
@@ -4,9 +4,7 @@ import (
 	"testing"
 
 	"github.com/cosmos/cosmos-sdk/baseapp"
-	sdk "github.com/cosmos/cosmos-sdk/types"
 	"github.com/stretchr/testify/suite"
-	"github.com/tendermint/tendermint/crypto"
 
 	"github.com/cosmos/ibc-go/v3/modules/apps/transfer/types"
 	ibctesting "github.com/cosmos/ibc-go/v3/testing"
@@ -46,16 +44,6 @@ func NewTransferPath(chainA, chainB *ibctesting.TestChain) *ibctesting.Path {
 	return path
 }
 
-func (suite *KeeperTestSuite) TestGetTransferAccount() {
-	expectedMaccAddr := sdk.AccAddress(crypto.AddressHash([]byte(types.ModuleName)))
-
-	macc := suite.chainA.GetSimApp().TransferKeeper.GetTransferAccount(suite.chainA.GetContext())
-
-	suite.Require().NotNil(macc)
-	suite.Require().Equal(types.ModuleName, macc.GetName())
-	suite.Require().Equal(expectedMaccAddr, macc.GetAddress())
-}
-
 func TestKeeperTestSuite(t *testing.T) {
 	suite.Run(t, new(KeeperTestSuite))
 }