What to do when a Banner Bank account holder dies

"On the death of the party, ownership passes as part of the party's estate." The estate supplies Letters or a Small Estate Affidavit.¹

The account passes to the surviving joint owner or owners. When only one survives, it becomes an individual account.¹

On a joint account without right of survivorship, "we may pay the decedent's share of the account to his or her estate". The deceased owner's share is a probate asset even though the account is joint.¹

A beneficiary acquires withdrawal rights only by surviving all account owners. Surviving beneficiaries take equal shares "unless otherwise indicated", without right of survivorship among themselves.¹

If no beneficiary survives, the account becomes an individual or joint account and the money goes to the surviving owner or the estate.¹

The successor trustee presents the Certification of Trust and ID.¹

The named beneficiary claims the IRA by beneficiary designation.¹

Offered in California, Idaho and Washington only. The account is held by two married persons who intend all of the property in it, including earnings, to be community property, and state community property law governs the disposition of the deceased owner's half.¹

Banner's survivor guidance says that with proof of the death, your identity and a key, you will be allowed access to the box.²

A replacement safe deposit box key costs $25, and drilling the box costs cost plus $50.¹

Banner's survivor guidance says to notify the bank first, and that most other details do not have to be handled right away: "the bank is responsible for protecting the assets as long as they remain in the accounts".²

Banner "may also freeze the account upon receipt of notice of the death or incapacity of an account owner until we have received all necessary documentation to establish to whom payment should be made".¹

The branch can cancel debit and credit cards, return government deposits, stop automatic transfers and transactions, distribute funds to designated beneficiaries, place accounts without beneficiaries in safekeeping, and open an estate account.²

Neither death nor incompetence revokes Banner's authority to pay or collect items until it knows of the death and has a reasonable opportunity to act. Even then, for 10 days after the date of death it may pay checks drawn on or before that date unless a person claiming an interest in the account orders it to stop.¹

Under "Stale Or Postdated Checks", Banner may pay or dishonor a check more than six months old without prior notice.¹

If Banner must reimburse the U.S. government for a benefit payment deposited after the death, it may deduct the returned amount from any of the account holder's accounts.¹

If the deceased person owed Banner money, Banner may use account funds to pay the debt. On a joint account it may set off for the debt of any one owner.¹

The surviving owner or beneficiary agrees to indemnify Banner and hold it harmless from any claim arising from its payment of the funds in reliance on the account designations.¹

If a dispute over the account arises, such as competing heirs or a contested payable-on-death designation, Banner may charge its costs and reasonable attorneys' fees against the account.¹

Under "Financial Exploitation", Banner may delay, decline or hold a transaction, or deny a change in ownership or beneficiaries, to prevent suspected exploitation of a vulnerable or elder adult.¹

The Personal Accounts Schedule of Fees charges $35 per stop payment (good for 24 months), $25 an hour with a $10 minimum for account reconciliation, and $6 for a cashier's check (free if the deceased person held Banner's Best Checking).¹

A garnishment, levy, court order or reclamation reaching the account carries a $125 legal process fee. Notary services are free on every Banner personal checking and savings account.¹

A dormant account fee of $5 a month applies after 12 months with no client account activity. Banner's Digital Account is the exception, at $0.¹