What to do when a CEFCU account holder dies
Report the death to CEFCU Member Contact Center at 1-800-542-3328
When a member of CEFCU passes away, CEFCU Member Contact Center 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
To file a claim after an account holder's death, here is what CEFCU requires:
Filing a claim
- The program is restricted to CEFCU members and to CEFCU or CEFCU-related documents, CEFCU Investment Services and Wealth Management forms, Caterpillar Inc. documents, and Partner Company documents
- An outside brokerage's transfer form is not automatically covered
- CEFCU may decline if the documentation is insufficient to determine the appropriate person to sign
- Certified copy of the death certificate
- Your government-issued photo ID
- Proof of your authority: Letters of Office, the trust agreement, or your identification as the named Totten Trust beneficiary
Required Documents
- CEFCU account number and current, non-expired government-issued ID, for a Medallion Signature GuaranteeIf there is more than one account owner, all owners must be present at the same time with their own current ID.
- Completed transfer or redemption documents, unsigned, for a Medallion Signature GuaranteeYou sign when you get the Medallion imprint. Documents with corrections or omissions cannot be guaranteed, and a document without a blank box for the guarantee near the signature could be rejected.
- Most recent account statement, and the stock certificate if there is one, for a Medallion Signature GuaranteeThe statement shows ownership, account number and value. For a stock transaction the guarantor must verify current value through a reliable source.
- The brokerage firm's letter of intent and written instructions, for a Medallion Signature Guarantee, if the brokerage requires oneThe instructions need to state what the letter must contain, who should sign it, and that the signatures must be guaranteed.
- Proof you are the appropriate person to sign, for a Medallion Signature Guarantee, when you sign in a capacity other than ownerPower of attorney documents, trust agreements, the death certificate, Letters of Office, or corporate resolutions.
Forms CEFCU issues1
- Certification and Agreement (form 743)
Available to download.1
What happens to each kind of account8
- Joint account with survivorship
On a joint account with right of survivorship, the surviving joint member keeps the account.2
- Payable-on-death account
On an account with a Totten Trust Designation, the named beneficiaries take those funds outside probate on presentation of the death certificate and their own photo ID.2
The Totten Trust Designation is CEFCU's payable-on-death record for deposit accounts.3
The Signature Card carries no beneficiary field. It collects joint members and a "Name of Nearest Relative," which is a contact, not a beneficiary designation.4
- Trust account
On a trust-titled account, the successor trustee identified on CEFCU's Certification and Agreement (form 743) takes over.1
Where no remaining trustee is empowered to act, the Agreement lets CEFCU require evidence satisfactory to it, including a copy of the will or trust agreement, to determine the beneficiary to whom the assets are to be distributed.1
- Account in one name
With no joint owner, no Totten Trust beneficiary and no trust, the account is an estate asset. It waits on the probate court's issuance of Letters of Office.2
- IRA
IRA beneficiaries file distribution elections under the custodial agreement through the IRA Department. An IRA Certificate that reaches maturity in the meantime auto-renews for the same term unless CEFCU is instructed otherwise.2
- Coverdell education savings account
Coverdell education savings account (CESA) beneficiaries file distribution elections under the custodial agreement through the IRA Department.2
- Health savings account
A member's HSA can span several suffixes: CEFCU offers HSA Checking, Dividend Checking, Insured Money Market and Certificates.2
- Investment account
Investment and brokerage accounts are held at LPL Financial and are settled under LPL's beneficiary or TOD paperwork, through the CEFCU Investment Services representative.2
Accounts handled elsewhere5
- CEFCU IRA Department
IRAs and Coverdell education savings accounts (CESAs)2
Phone: 1-800-542-3328 ext. 33409
- CEFCU HSA line
Health savings accounts2
Phone: 1-800-633-7077 ext. 33409
- CEFCU Investment Services (LPL Financial)
Investment and brokerage accounts, held at LPL Financial2
- CEFCU Trust and Investment Management (Members Trust Company)
Trust administration and estate settlement, including corporate trustee and executor services2
Phone: 1-309-633-2681
Fax: 1-309-633-2588
Mailing address: 7900 North University Street, Peoria, IL 61615
- TruStage claims
TruStage life insurance or AD&D purchased through CEFCU2
Phone: 1-888-787-8243 ext. 4833351
What CEFCU's agreement and guidance say2
- Membership
A surviving spouse who is not already a member may establish CEFCU membership in their own right, but must do so within six months of the member's death.5
The membership is built on the Savings (share) account, and closing that account ends the membership.2
- What it says about taxes
CEFCU does not provide legal or tax advice.2
Not in CEFCU's published guidance3
- A procedure for reporting a death
- A claim form to download
- Downloadable Totten Trust Designation form
Sources5
CEFCU Member Contact Center can be reached by phone at 1-800-542-3328 and email at email@contact.cefcu.com for questions throughout the claims process.
Sources
(1)·
Data sourced from CEFCU primary sources (21 pages reviewed). How we research.
CEFCU death claims support
CEFCU Member Contact Center (deceased member accounts)
Phone
Toll-free
IRA and CESA beneficiary distributions
HSA beneficiary distributions
Trust and Investment Management
TruStage life insurance claims
Hours
Mailing address
Website
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