What to do when a CIBC US account holder dies

Completed by each POD beneficiary, for banking-center accounts. Available to download. Must be notarized.¹

Completed by each POD beneficiary, for Agility Savings and Agility CD accounts. Available to download. Must be notarized.²

On an individual account with no surviving POD beneficiary, "the proceeds of the account will pass to the estate of the last surviving account owner, unless otherwise required under currently applicable Illinois state law."³

A joint account is treated as a joint tenancy with right of survivorship unless CIBC agreed otherwise in writing. The balance passes to the surviving owner or owners, then to the POD beneficiaries on the last owner's death.⁴

On a joint account without right of survivorship, including a Wisconsin Marital Account, the deceased owner's proportionate share (50% where there are two owners) goes to their estate, or to the POD beneficiaries on a joint POD account. The surviving owner keeps the rest.⁴

A POD account is payable to the surviving POD beneficiaries "or their legal representatives". POD beneficiaries are not permitted to keep the account open: it is closed when the funds are paid out.⁴

When a CD is paid to POD beneficiaries, CIBC closes it without an early-withdrawal penalty and pays principal and accrued interest. A CD renews automatically at maturity.⁴

An IRA passes on the custodial beneficiary designation, not on a POD form, and is claimed through the retirement paperwork rather than either POD claim form.⁴

An HSA passes on the custodial beneficiary designation, not on a POD form, and is not claimed with either POD claim form.⁴

The deposit account agreement asks for immediate notice when an owner or other person who can transact on the account dies. CIBC may keep honoring checks, items and instructions until it is told in writing, receives documentation verifying the death, and has a reasonable opportunity to act.^{5, 6}

CIBC may hold the funds or stop transactions until it receives acceptable documentation to verify the death and determine who may transact on the account. "We require appropriate documentation before releasing any funds from an Account to an estate, beneficiary, representative, POD beneficiary or otherwise."^{5, 6}

CIBC honors an agent's transactions only "until we receive, and have a reasonable opportunity to act on, written notice of the termination of the agent's authority or the death of the Owner."⁴

If ownership is disputed, CIBC may hold the account "until we are satisfied that the dispute has been resolved," pay the funds into court, keep relying on its existing ownership records, or honor a competing claim on evidence it finds satisfactory.^{5, 6}

CIBC "may charge your Account for all fees and expenses we incur in connection with disputes involving your Account, including reasonable attorneys' fees, court costs and our internal expenses."^{5, 6}

The POD beneficiary chooses the payment method on the claim form: a check mailed to their address, or in-person pickup at a CIBC banking center with valid photo ID.^{1, 2}

The Agility designation form says: "We will distribute the balance in the Account according to the law of the state of the last surviving Account owner's primary address on file with us at the time of that Account owner's death."⁷

"If that state's statutes do not specify how the distribution is required to be made, or if the primary address on file with us at that time is not in a U.S. state or the District of Columbia, we will pay according to Illinois law."⁷

On an Agility account, community-property state law "may affect this distribution."⁴

CIBC treats a checking, savings or money market account as dormant after 24 months with no customer contact or transaction activity, may charge a $5.00 monthly dormant fee up to $60.00 a year, and remits the balance to the state as unclaimed property once it is abandoned under state law.⁴

CIBC lists the cures for a dormant account: completing the dormancy letter and sending it by USPS, completing the required form in a banking center, or logging in to CIBC US Digital Banking.⁴