What to do when a Centennial Bank account holder dies

Completed by the beneficiary. Provided at a branch.¹

Completed by the claimant, on forms the banker prepares. Provided at a branch.¹

The payable-on-death beneficiary presents the death certificate and ID, and the branch pays out the account directly.¹

The surviving owner presents the death certificate, and the branch removes the deceased owner from the title.¹

With no beneficiary and no surviving owner, the account is settled with Letters Testamentary or Letters of Administration, or, for a qualifying small estate, the state's small estate affidavit.¹

For an IRA or Coverdell account, the beneficiary completes the branch's beneficiary claim and distribution election forms.¹

An inherited IRA moved to another custodian is charged the $50.00 outgoing trustee-to-trustee transfer fee on the Schedule of Fees.²

The beneficiary completes the branch's beneficiary claim and distribution election forms.¹

A certificate of deposit keeps running to maturity. Breaking it early may carry a penalty, which the branch quotes.¹

For a trust-titled account, the successor trustee presents the trust agreement or Certification of Trust showing the succession, plus the death certificate and ID.¹

For an account with the Trust Department (Centennial Trust), the successor trustee or estate contact works with the trust officer and gets access through the Centennial Trust portal.³

Boxes are rented at many branches and a deposit relationship is not required, so a box can exist where no account does.¹

The Schedule of Fees prices drilling a box at $250.00 and a lost key at $25.00. Box rent carries a $5 discount when it is drafted automatically each year.²

Estate administration and settlement, and guardianship and conservator administration, for clients who name it³

The Schedule of Fees prices statement copies at $5.00 each, check image copies at $2.00 each, photocopies at $1.00 per page, and account research and reconciliation at $25.00 per hour.²

The General Banking FAQ says: "in order to comply with security & privacy regulations, we are unable to verify funds or provide information on another customer's account."⁴

A $5.00 dormant-account fee starts after 365 days with no communication on a checking account, or 730 days on a money market or savings account. It is charged per statement cycle on checking and money market, and per month on savings.²

The Schedule of Fees prices cashier's checks at $7.00 and a medallion signature guarantee at $25.00, both for customers only, and an outgoing domestic wire at $25.00.²

It charges $150.00 for each garnishment or levy and $25.00 to close an account within 180 days of opening.²

The Schedule of Fees lets the bank require at least 7 days' written notice before a withdrawal from an interest-bearing account other than a time deposit.²

The Terms of Use arbitration clause outlives the customer: "This arbitration provision shall survive the closing of your account, your death, your bankruptcy, or the termination of any relationship between you and us for any reason."⁵

A dispute the estate brings goes to individual, non-class AAA arbitration under Arkansas law, in the federal district where the customer lived (or Atlanta, Georgia, if outside the continental United States). The jury-trial and class-action waivers "remain valid under all circumstances."⁵

For business accounts, where the bank is "presented with or [has] reasonable grounds to anticipate conflicting instructions regarding your Account," it may freeze the account, demand a bond or an indemnity, or file the funds into court, charging the costs and attorneys' fees to the account.⁶