What to do when a Bread Savings account holder dies
Report the death to Bread Savings Customer Care at 1-833-755-4354
After an account holder at Bread Savings dies, accounts with beneficiary designations or trust ownership transfer to the designated recipients without probate. Solely-owned accounts require the estate's representative to contact Bread Savings Customer Care at 1-833-755-4354 with the proper legal authority documents.
Deposit, investment & retirement accounts
Follow these steps to file a death claim with Bread Savings:
Filing a claim
Required Documents
- Certified copy of the death certificateFor an IRA, the custodial agreement conditions any payment to beneficiaries on receipt of a valid death certificate.
- Government-issued photo ID for each beneficiary or claimant
- The deceased person's name and account numbers
- Letters Testamentary, Letters of Administration, or a small estate affidavit, for an account with no payable-on-death or trust beneficiaryAs applicable under state law.
- Documentation identifying the successor trustee, for a trust-titled accountDocumentation reasonably acceptable to the bank.
- Written notice of deathAddressed to the Notice Address, Bread Savings, P.O. Box 182084, Columbus, OH 43218-2084.
What happens to each kind of account7
- Payable-on-death account
A payable-on-death payee "is party to a multiple-party account only after the account becomes payable to him or her by reason of his or her surviving the original payee" (section B.8).1
- Joint account with survivorship
On the death of a party to a joint account, the funds belong to the surviving party (section B.8.b). The bank "may pay the balance of the Account to any party to the Account even if another party is deceased."1
- Trust account
A trust beneficiary becomes a party to the account only by surviving the trustee (section B.8).1
When a trustee dies, the bank may require documentation identifying the successor trustee under the Certification of Trust.2
- IRA
Bread has "no obligation to pay to your beneficiaries until such time we are notified of your death by receiving a valid death certificate" (section 8.07).3
If no beneficiary was designated, or all primary and contingent beneficiaries died before the owner, "your estate will be the beneficiary."3
- Certificate of deposit
"We will waive the early withdrawal penalty if you die" (section C.5). The penalty is otherwise 90, 180 or 365 days of simple interest, by term.1
- Credit card
A Bread Financial credit card has no beneficiary and is not claimed through the Bread Savings process. It is handled separately, as a debt of the estate.4
- Loan
A Bread Pay or Bread Loans installment balance has no beneficiary and is not claimed through the Bread Savings process. It is handled separately, as a debt of the estate.4
What Bread Savings's agreement and guidance say2
- Telling the institution
"Your personal representative must promptly notify us if you die or are declared to be incompetent" (section B.23). Written notice goes to the Notice Address.1
No notice of death is effective until the bank has received it at the Notice Address and has had "a reasonable opportunity to act upon it" (sections B.10 and B.23).1
- Powers of attorney
The bank honors the instructions of an agent, such as an attorney-in-fact, trustee, custodian or other fiduciary, "until we receive written notice that the agency or fiduciary relationship has been terminated or actual notice at our Notice Address of your death or incompetency" (section B.10).1
Not in Bread Savings's published guidance2
- How long a claim takes
- A claim form
Lending products
Credit cards and other lending products are liabilities, not assets. Outstanding balances become debts of the estate. These accounts do not have beneficiaries and cannot be retitled to a trust.
- If the card and statement cannot be found, the general Bread Financial card line is 1-855-796-9632 (TDD/TTY 1-888-819-1918)
- P.O. Box 182273, Columbus, OH 43218-2273
- P.O. Box 183003, Columbus, OH 43218-3003
- Use the box for the bank named on the deceased person's statement
Required Documents
- Certified copy of the death certificateBread Financial may request it.
- Deceased cardholder's account number
- Letters Testamentary or Letters of Administration, if the estate representative is corresponding on behalf of the estate
Claims Contact
Phone: 1-855-796-9632
What happens to each kind of account1
- Credit card
A private-label or co-brand credit card has no beneficiary designation and cannot be paid to a payable-on-death payee or a trust. The outstanding balance is handled as a debt of the deceased person's estate.1
Authorized users must stop charging once the account is closed and are not personally responsible for the balance. A joint account holder would remain responsible.1
Required Documents
- Certified copy of the death certificateBread Pay / Bread Loans may request it.
- Deceased borrower's loan or account number
- Letters Testamentary or Letters of Administration, if the estate representative is corresponding on behalf of the estate
Claims Contact
Phone: 1-844-992-7323
Hours: Monday-Saturday 6:00 AM-1:00 AM ET; Sunday 8:00 AM-midnight ET (except all federal holidays)
What happens to each kind of account1
- Loan
Bread Pay / Bread Loans installment financing has no beneficiary designation and cannot be paid to a payable-on-death payee or a trust. The outstanding balance is handled as a debt of the deceased person's estate.1
Sources1
Bread Savings Customer Care can be reached by phone at 1-833-755-4354 for questions throughout the claims process.
Sources
Data sourced from Bread Savings primary sources (14 pages reviewed). How we research.
Bread Savings death claims support
Bread Savings Customer Care
Phone
Bread Financial credit cards
Bread Pay / Bread Loans installment financing
TTY
Hours
Mailing address
Website
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