What to do when an Arkansas Federal account holder dies
Report the death to Arkansas Federal's Bereavement at 1-800-456-3000
After a member of Arkansas Federal dies, the Bereavement manages the transfer of accounts. POD-designated and trust-owned accounts pass directly to beneficiaries. Accounts held solely in the member's name may require probate court documents—Letters Testamentary or Letters of Administration—before funds can be released.
Death claim process
Follow these steps to file a death claim with Arkansas Federal:
Filing a claim
- The deceased member's full name, Social Security number, and account numbers
- The death certificate (a certified copy comes from the funeral director or from the state, county, or parish registry of births, deaths and marriages)
- One of: collection of small estate, letters of testamentary, or letters of administration
- A cover letter with the deceased member's full name, Social Security number, and account numbers
- A certified death certificate
- One of: an Affidavit for Collection of Small Estate by Distributee (filed with the probate clerk of the circuit court), Letters Testamentary, or Letters of Administration
- A copy of the claimant's government-issued photo ID
Required Documents
- The deceased member's full name, Social Security number, and account numbers
- Death certificateA certified copy comes from the funeral director or from the state, county, or parish registry of births, deaths and marriages.
- Small estate collection documents, Letters Testamentary, or Letters of AdministrationArkansas Federal asks for one of the three. For a small estate, this is the Affidavit for Collection of Small Estate by Distributee, filed with the probate clerk of the circuit court.
- Government-issued photo ID for the claimant
- Trust documentation showing the successor trustee, if a trust is on the account
What happens to each kind of account5
- Payable-on-death account
The named beneficiary takes only after the member and every joint owner have died, in equal shares unless the member designated otherwise. If no named beneficiary survives, the funds go to whoever applicable law requires.1
- Joint account with survivorship
All funds in a joint account are owned with right of survivorship, and payment to the survivor discharges the credit union. The survivor presents a certified death certificate to have the deceased owner removed.1
- Trust account
On the death of the last surviving trustee, the balance is distributed to the beneficiaries then living in equal shares unless the trust documentation directs otherwise. Where a co-trustee survives, all rights in the account pass to that trustee.1
- Account in one name
An account with no payable-on-death beneficiary, joint owner or trust is settled with the small estate affidavit where the estate qualifies, and otherwise with Letters Testamentary or Letters of Administration.1
- Fiduciary account
A fiduciary account, including an estate account, is opened only where the documentation presented is acceptable to the credit union's underwriting policies. The credit union disclaims liability for a fiduciary's actions.2
Accounts handled elsewhere1
- Arkansas Federal Retirement & Investment Services
Investment and retirement accounts held through LPL Financial, instead of the Bereavement department2
Phone: 1-501-533-2101
What Arkansas Federal's agreement and guidance say1
- Debts owed to the institution
Arkansas Federal may impress a statutory lien on the member's accounts and set off money in its possession against any amount owed it, without further notice. On a joint account the right reaches amounts owed by any joint owner.1
The lien and set-off right does not extend to IRA, Keogh, or similar tax-deferred deposits.1
Not in Arkansas Federal's published guidance2
- A claim form
- How long a claim takes
Arkansas Federal's Bereavement can be reached by phone at 1-800-456-3000, email at deceasedaccounts@afcu.org, and fax at 1-501-982-3299 for questions throughout the claims process.
Sources
Data sourced from Arkansas Federal primary sources (21 pages reviewed). How we research.
Arkansas Federal death claims support
Bereavement
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