What to do when an American Express account holder dies

Completed by the executor or administrator, a payable-on-death beneficiary, a surviving account owner, or another authorized person. Available to download.¹

Completed by the person for whose benefit the account is held, before a notary. Available to download. Must be notarized.²

Completed by the primary account owner. Available to download.³

The agreement says: "Upon the death of one Joint Account owner, we will treat funds in the Account as belonging to the surviving Joint Account owner."⁴

With more than one living beneficiary, American Express may pay a payable-on-death account in equal shares, or by one check in the names of all living beneficiaries given to any one of them. It has no obligation to tell a beneficiary the account exists.⁴

For an account re-titled as a revocable living trust, the funds are disbursed to the trust in care of a successor trustee under a valid certificate or declaration of trust.⁵

To remove a deceased co-trustee from a joint account re-titled as a revocable living trust, the surviving owner completes Section D, attesting that the trust remains in force, has not become irrevocable, and reports income under the survivor's Social Security number.¹

The CD Schedule says: "In certain circumstances, such as the death or incompetence of an Account holder, we may agree to waive the early withdrawal penalty."⁶

The estate bears ultimate responsibility for the account; a family member or third party handling the decedent's affairs is not personally responsible for the debt. On most Personal and Small Business accounts, Amex can give instructions for interest-free monthly payments for up to 24 months.⁷

To take over the account, the card must be eligible for transfer, the account not closed over 1 year or 30 or more days past due, and the new Basic Card Member must pass a credit review. Requests are first-come, first-served; on a Small Business account only an officer of the business may assume liability.⁷

If American Express cancels a product for any reason, including death, all points in the Rewards Account are lost. The executor or personal representative may be able to make a one-time points redemption, depending on the product, by calling 1-800-AXP-EARN (297-3276).⁸

American Express personal and small business credit and charge cards⁷

American Express Corporate Cards⁷

The executor's one-time points redemption⁸

The agreement says: "You agree to notify us promptly if any Account owner or other person with a right to withdraw funds from your Account dies or becomes legally incompetent."⁴

On notice of a death, American Express may restrict access to the account until the executor, administrator or legal representative provides documentation. Whether the notice is oral or written, it may require reasonable proof of death.⁴

American Express "may honor funds transfers requested or initiated on or before the date of death" for up to ten calendar days after it determines the death occurred, unless someone with or claiming a legitimate interest in the account orders it to stop payment.⁴

If a government direct deposit is credited that "should have been returned to the government for any reason", American Express may deduct the amount of its liability to the government from the account or any other account the owner has with it, without prior notice.⁴

On conflicting instructions or claims to the funds, American Express may restrict the account, hold the funds until the claims are resolved, close the account and send the funds to the owner of record, or refer the matter to a court or arbitrator.⁴

American Express does not accept a will, or a copy of a will, as a document that authorizes someone to manage the deceased person's estate or personal property.⁵

The account is closed and a check issued, payable as applicable to the estate of the deceased customer, a payable-on-death beneficiary, the affiant named in a small estate affidavit, the trust or successor trustee, or a surviving joint account owner.¹

The form says "we are unable to transfer any funds via ACH or wire to an external account" and "An internal transfer is not an option for funds to be paid to an Estate or Trust."¹