What to do when a Centier Bank account holder dies

On a joint account with survivorship, the owners mean the balance to go to whoever survives. Two or more survivors keep it as joint tenants with survivorship, not as tenants in common.¹

A joint account opened as tenants in common carries no survivorship just because it was opened jointly. Centier asks the owners to tell it in writing what share each contributed.¹

A pay-on-death (transfer-on-death) account goes to the beneficiaries alive when the last owner who created it dies, as set out in the latest designation Centier has on file.¹

An authorized signer on an individual account loses that authority when the owner dies. Centier may still honor the signer's transactions until it has written notice or knows of the death and has had a reasonable chance to act.¹

Centier's agreement allows an executor or administrator acting under a court order to open and maintain an account in that role. The bank does not become a trustee and does not supervise what the fiduciary does with the money.¹

Centier's CD disclosure names an owner's death as one case in which the early withdrawal penalty can be waived, where the law allows or requires it.²

The IRA disclosure says the same of a term IRA: an owner's death is one case in which the early withdrawal penalty can be waived, where the law allows or requires it.³

Estate settlement for families, and trusts for which Centier is trustee or agent for a trustee⁴

Centier Bank health savings accounts, which run on the Lively platform⁵

Centier personal credit cards, which Elan issues as the card's creditor^{6, 7}

Account owners agree to tell Centier promptly when someone with the right to withdraw from the account dies.¹

Centier can keep paying checks and following instructions until it learns of the death and has had time to act. Checks written on or before the date of death can be paid for 10 days after it unless a person with a claim to the account stops payment.¹

When survivors or beneficiaries make competing claims to an account, Centier may hold the funds until a court rules or it is satisfied the dispute is settled.¹

Centier may apply account funds to a debt an owner owes it that is due. That right does not reach an IRA, a credit card debt, or a person who can withdraw only as a representative.¹

Centier's consumer deposit agreement is governed by federal law and Indiana law.¹

Account research costs $35.00 an hour plus $0.50 a copy, and a duplicate statement costs $5.00. Moving an IRA to another institution costs $30.00.⁸

A checking account with no deposits or withdrawals for a year, or a savings account with none for three years, is dormant and is charged $5.00 a month.⁸