What to do when a Capitol Federal account holder dies

On an account in one name, the bank pays the balance at the owner's death as state law directs.¹

A personal joint account is held with right of survivorship: when one owner dies, the surviving owners take all of it, subject to the bank's right of setoff and its security interest.¹

After the last owner dies, the bank may pay a payable-on-death account to the beneficiaries then living. If none is living, it pays the last owner's legal representatives.¹

Two or more surviving beneficiaries own the account together as tenants in common unless the designation says otherwise.¹

A fiduciary on an account must tell the bank in writing at once when the role ends, including when the person the fiduciary acts for dies.¹

The bank pays IRA money to the named beneficiaries per capita, so a beneficiary who dies before the holder drops out and that share goes to the other beneficiaries named.²

The early withdrawal penalty on a CD is waived when the account holder dies.³

A CD renews automatically at maturity, with ten calendar days after maturity to withdraw without penalty.³

Loan Servicing removes a deceased borrower's name from a mortgage on a written request with a copy of the death certificate, sent by email, fax or mail.⁴

Estates and trusts the bank settles as executor, trustee or agent⁵

Mortgage loans, including removing a deceased borrower's name⁴

A duplicate or cutoff statement costs $1.00 a month requested, and copies of checks are $1.00 each. Statement copies and account history are free through True Blue Online.⁶

Checks the owner wrote on or before the date of death may still be paid after the bank learns of the death, unless someone claiming an interest in the account orders a stop.¹

The bank may take money from the account, without notice, to pay a debt owed to it that has come due. The agreement says setoff may not apply where the debtor can draw on the account only as a fiduciary, agent or signer.¹

When the bank gets a claim to an account from a third party or conflicting instructions, it may freeze the account until the claim is resolved, or pay nothing until every party agrees or a court orders it.¹

An account follows the law of the state of the branch where it was opened. An account opened online is treated as a Kansas account.¹

A written notice to the bank takes effect two business days after the bank receives it, though the bank may act on it sooner.¹

A savings, checking or money market account that sits dormant with a bad address on file is charged $5.00 a month, and an account holding under $1.00 for 120 days may be closed.⁶

Each legal notice served on the bank about the account, such as a garnishment, levy, subpoena or order freezing assets, costs $50.00.⁶