What to do when a Black Hills FCU account holder dies
Report the death to Black Hills FCU's Member Services at 1-800-482-2428
When a member of Black Hills FCU passes away, the Member Services handles the transition of accounts to beneficiaries or the estate. Accounts with Payable on Death designations or trust ownership transfer outside of probate, while solely-owned accounts may require Letters Testamentary or Letters of Administration from the probate court.
Death claim process
Follow these steps to file a death claim with Black Hills FCU:
Filing a claim
Required Documents
- Certified copy of the death certificate
- Government-issued photo ID of the claimant
- Claimant's Social Security number
- Letters Testamentary or Letters of Administration, where there is no payable-on-death beneficiary, surviving joint owner or trust
- South Dakota small-estate affidavit, for a small estate that qualifies under South Dakota law
- Trust agreement or Certificate of Trust, and the successor trustee's ID, for trust-titled accounts
- Beneficiary designation claim paperwork, for IRA and HSA accounts
- Written stop-payment instruction, if outstanding checks or drafts should not clear during the ten-day window
- Signed indemnification, if the credit union requires it as a condition of honoring the claim
What happens to each kind of account8
- Account in one name
An individual account's interest passes to the estate or to the payable-on-death or trust beneficiary, subject to the credit union's statutory lien.1
- Joint account with survivorship
Unless the membership application or the credit union's online application process says otherwise, a joint account carries rights of survivorship and all sums pass to the surviving owner.1
- Joint account without survivorship
The deceased owner's interest passes to the estate.2
- Payable-on-death account
The surviving beneficiary claims directly. A beneficiary takes only if the owner has died and the beneficiary is then living; two or more surviving beneficiaries take equal shares with right of survivorship.1
If no beneficiary survives the last owner, the funds go to that owner's estate. The credit union has no duty to notify beneficiaries.1
- Trust account
The payable-on-death clause does not apply to an account already held in the name of a trust.1
- IRA
An IRA is claimed by the beneficiary named on that account, not by any payable-on-death designation on a deposit account.1
- Health savings account
An HSA is claimed by the beneficiary named on that account, not by any payable-on-death designation on a deposit account.2
- Certificate of deposit
"A dividend penalty will not be imposed for early withdrawals of certificate funds in the event the withdrawal is subsequent to the death or disability of any owner listed on the certificate." The same waiver applies to IRA and HSA certificates.3
Accounts handled elsewhere1
- Black Hills Trust Company, LLC
Trustee and estate administration services, for families who need a corporate fiduciary4
Phone: 1-605-939-3601
Email: info@bhtrustco.com
Hours: Monday-Friday 8:00 AM-4:00 PM MT
Mailing address: 2702 N. Plaza Drive, Rapid City, SD 57702
What Black Hills FCU's agreement and guidance say5
- Telling the institution
The credit union "may continue to honor all transfer orders, withdrawals, deposits, and other transactions on an account until we know of a member's death."1
- Payments after the death
Once it knows of the death, the credit union "may pay checks or drafts or honor other payments or transfer orders authorized by the deceased member for a period of ten (10) days after that date unless we receive instructions from any person claiming an interest in the account to stop payment."1
- Indemnity a claimant may have to give
The credit union "may require anyone claiming a deceased owner's account funds to indemnify us for any losses resulting from our honoring that claim."1
- Debts owed to the institution
A surviving owner's interest and the account remain subject to the credit union's statutory lien for the deceased owner's obligations, and to any security interest or pledge the deceased owner granted, even if the surviving owner did not consent to it.2
- Membership
The $5 par value membership share is what makes the deceased person a member, and it is normally the last item settled.2
Not in Black Hills FCU's published guidance2
- A procedure for reporting a death
- How long a claim takes
Black Hills FCU's Member Services can be reached by phone at 1-800-482-2428 and fax at 1-605-646-4136 for questions throughout the claims process.
Sources
Data sourced from Black Hills FCU primary sources (14 pages reviewed). How we research.
Black Hills FCU death claims support
Member Services (Deceased Member Accounts)
Phone
Toll-free
Fax
Hours
Mailing address
Website
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