What to do when a BNY account holder dies
Report the death to BNY at 1-800-610-8229
BNY operates under a new nameRebranded, effective June 2024
The Bank of New York Mellon Corporation unified its public brand to "BNY" in June 2024, and bny.com now states in its own footer that "BNY is the corporate brand of The Bank of New York Mellon Corporation." The consumer wealth division, formerly BNY Mellon Wealth Management, operates as BNY Wealth; the RIA/broker-dealer custody arm, formerly BNY Mellon Pershing, is Pershing LLC D/B/A BNY Pershing. Same legal entity — no merger or acquisition. Legacy "BNY Mellon" naming survives where it is legally attached: the BNY Mellon Family of Funds, BNY Mellon Securities Corporation (distributor), BNY Mellon Transfer, Inc. (mutual-fund transfer agent), and BNY Mellon, N.A. (bank custody). The file id and slug retain "bny-mellon" so legacy links resolve.
What happens to BNY accounts after the account holder dies depends on how each account was titled. Beneficiary-designated and trust-owned accounts transfer directly. Accounts in the deceased's name alone go through the estate, and the executor or administrator works with BNY (1-800-610-8229) to claim the funds.
Death claim process
The death claim process at BNY works as follows:
Filing a claim
- BNY mutual fund accounts: call 1-800-645-6561 or email custserv@bny.com. BNY says to speak to a representative for any change to account status
- BNY Brokerage accounts: call 1-800-843-5466 to speak to a Brokerage Services Account Representative, or email bnybrokerage@bny.com
- BNY Wealth accounts: call (800) 610-8229 to speak with a wealth management professional
- BNY common stock held directly: contact Computershare, BNY's transfer agent, which handles transfers of stock into someone else's name
- Mutual fund accounts: BNY Shareholder Services, P.O. Box 534434, Pittsburgh, PA 15253-4434
- Mutual fund registered, certified or overnight mail, and any share certificates: BNY Shareholder Services, Attention: 534434, 500 Ross Street, 154-0520, Pittsburgh, PA 15262
- Brokerage accounts: BNY Brokerage Services, PO Box 958408, Lake Mary, FL 32795
- BNY common stock held directly: Computershare, P.O. Box 43006, Providence, RI 02940-3006
- Computershare certified or overnight mail: Computershare, 150 Royall St., Suite 101, Canton, MA 02021
Required Documents
- A copy of the death certificate, for a BNY Brokerage transfer on death accountSent by mail, fax or other acceptable means, with any other documentation required to distribute the account.
- Affidavit of Domicile, when transferring the ownership of a security from a deceased person's nameShows the residence of the deceased person at the time of death.
- Medallion signature guarantee, on the Change of Registration Authorization Form and the other mutual fund estate formsFrom a participant in the MSP, STAMP or SEMP programs. A notary's stamp is not accepted in its place.
- Change of Registration Authorization Form and an Account Application, to transfer a mutual fund accountSections 2A and 2B are completed for a transfer due to a death, with the date of death.
- Court certified copy of the executor, administrator or personal representative appointment, to open a mutual fund account for an estateCertified within the last 6 months unless the account is being established via a change of registration.
- Court certified copy of the appointment of the conservator or guardian, to open a mutual fund account for a conservator or guardianCertified within 60 days.
- Pages of the trust agreement, to open a mutual fund account for a trustThe pages showing the name of the trust, the trust date and all trustees and their signatures. For a testamentary trust, the first page and signature pages of the probated will.
- Certificate of Trust Form and a trust excerpt, to certify a trust in place of the complete trust documentThe excerpt shows the trust's name, the trustees' signatures and the parts of the trust that name the trustees and successor trustees.
- IRA Beneficiary Distribution Request Form and an Individual Retirement Account Application, for a beneficiary of a BNY IRA; the application where an inherited IRA is establishedA medallion signature guarantee is required.
- Inheritance Tax Waiver, for a successor beneficiary's distribution from an inherited IRA, depending on the original beneficiary's state of residence
- Letter of acceptance from the receiving firm, for a BNY Brokerage transfer to a beneficiary's inherited IRA held at another financial institution
- Multi-Purpose Certification Form, where specific people need authority to transact on an account registered to an estate or trust
Forms BNY issues9
- Affidavit of Domicile
Completed by the surviving tenant, executor, administrator or trustee. Available to download. Must be notarized.1
- Change of Registration Authorization Form
Completed by all current owners, executors and surviving tenants. Available to download.2
- Letter of Instruction
Available to download.3
- Beneficiary Distribution Request
Completed by the beneficiary of a BNY Brokerage account. Available to download.4
- IRA Beneficiary Distribution Request Form
Completed by the beneficiary, or the executor where there is no named beneficiary. Available to download.5
- Inherited IRA Successor Beneficiary Distribution Request Form
Completed by the successor beneficiary of an inherited IRA whose original beneficiary died. Available to download.6
- Beneficiary Unclaimed Check Reissue Request Form
Completed by the beneficiary, executor or trustee. Available to download.7
- Certificate of Trust Form
Completed by the trustees. Available to download. Must be notarized.8
- Multi-Purpose Certification Form
Completed by the authorized persons for an account registered to an estate or trust. Available to download.9
What happens to each kind of account2
- Investment account
A change of registration on a mutual fund account opens a new account. Privileges on the current account do not carry over and must be applied for again on the Account Application.2
All outstanding checks issued from the mutual fund account are stopped and reinvested before the assets transfer. Outstanding share certificates are enclosed and sent to the registered, certified or overnight mail address.2
On notice of the owner's death, Pershing transfers everything in a transfer on death account to separate new accounts opened for the named beneficiaries, without further instruction from anyone.10
- IRA
Where an IRA has several primary beneficiaries, an inherited account is opened for each beneficiary in that beneficiary's name and Social Security number. Only a spouse may treat the IRA as their own.4
Accounts handled elsewhere2
- BNY Pershing
Account balance inquiries from investors11
Phone: 1-201-413-3333
- Computershare
BNY stock held directly, and unexchanged shares of The Bank of New York Company, Inc. or Mellon Financial Corporation12
Phone: 1-800-205-7699
Email: web.queries@computershare.com
Mailing address: Computershare, P.O. Box 43006, Providence, RI 02940-3006
Help BNY offers survivors1
- BNY Wealth estate settlement services
Estate settlement services specialists who can assist with distribution, tax preparation, investment and liquidity management, along with custody and valuation.13
What BNY's agreement and guidance say5
- Telling the institution
Pershing is on notice of a transfer on death account owner's death on the date it receives a copy of the required documentation, sent by mail, fax or other acceptable means.10
- Debts owed to the institution
If the deceased person's Pershing accounts show a debit balance at death, Pershing may liquidate securities in any of those accounts to satisfy it before anything is distributed to the beneficiaries.10
- Which state governs the account
BNY's transfer on death agreement says that for an owner who lives in a state that does not recognize transfer on death registration, "the assets in the account shall be transferred in accordance with the laws of the State of New Jersey."10
- What it says about taxes
On a joint spousal mutual fund account, BNY steps up the cost basis on 50% of the account value to fair market value on the date of death. In a community property state, the survivor can request a step-up on 100% of the assets.2
On a non-spousal joint mutual fund account, BNY applies a 100% step-up to fair market value at the date of death for the amount transferred, unless the form gives a different percentage. A step-up on a trust account is requested with a check box.2
- Dormant and unclaimed accounts
Beneficiaries can claim uncashed checks issued from the deceased person's account with the Beneficiary Unclaimed Check Reissue Request Form.14
Where an account has several beneficiaries, paperwork to redeem or transfer the account must come from all of them before the checks are stopped and reissued. BNY takes originals only, not copies or faxes.7
Not in BNY's published guidance1
- How long a claim takes
Sources14
- 1.Affidavit of Domicile, IM-AOD-0525
- 2.Change of Registration Authorization Form and BNY Mellon Family of Funds Mutual Fund New Account Application, IM-CARF-0525
- 3.Letter of Instruction, IM-LTRISTR-0525
- 4.Beneficiary Distribution Request, MBS-BDRF-0726
- 5.IRA Beneficiary Distribution Request Form, IM-IBDF-0126
- 6.Inherited IRA Successor Beneficiary Distribution Request Form, IM-INHISUCCBF-0126
- 7.Beneficiary Unclaimed Check Reissue Request Form, IM-BENUNCLDCKF-0525
- 8.Certificate of Trust Form, IM-TSRF-0525
- 9.Multi-Purpose Certification Form, IM-MPC-0525
- 10.Individual Transfer on Death Account Agreement, MBS-XTD-0726
- 11.BNY Pershing
- 12.Shareholder Services | BNY
- 13.BNY Wealth Trusts and Estates
- 14.Definitions and Usage of Forms: General Account Management Forms
BNY can be reached by phone at 1-800-610-8229 and email at custserv@bny.com for questions throughout the claims process.
Sources
Data sourced from BNY primary sources (23 pages reviewed). How we research.
BNY death claims support
Phone
BNY mutual fund accounts (express voice system)
BNY Funds representatives
BNY Brokerage estate claims
Computershare (BNY registered shareholders)
Mailing address
Website
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