What to do when a Dave account holder dies

Dave supports no payable-on-death designation, joint ownership or trust titling, so an account in the member's sole name is never automatically payable to anyone. The balance falls into the probate estate.¹

Partner bank for Dave Checking accounts under the Coastal Community Bank Deposit Agreement¹

Partner bank for Dave Checking accounts under the Evolve version of the agreement, whose death clause is Section I.G²

Section II.F, "Death or Incapacitation": "Until we receive notice and any required proof of death or incapacitation, we may continue to accept deposits and process transactions to your Dave Checking Account."¹

On written notice from a personal representative, executor, administrator, conservator or guardian, Dave "shall be entitled to rely on all information supplied and representations made in such written notice to the full extent permitted by applicable law."¹

Once notified, Dave "may place a hold on your Dave Checking Account and refuse all transactions until we know and have verified the identity of your successor, or we may close your Dave Checking Account."¹

"If certain payments originating from government entities are deposited into your Dave Checking Account after your death, we may be required to return those payments to the originator upon notice."¹

If the member owed Dave a debt at death, including an outstanding ExtraCash balance, Dave is "authorized to exercise our right of setoff or security interest rights against the funds credited to your Dave Checking Account after your death."¹

Dave's agreement says: "Your estate will be responsible for repaying us for any tax liability resulting from payment of your account balance to your estate."¹

The account cannot be retitled to the estate, and Dave accepts no paper check, wire or mailed deposit, so the proceeds go to an estate account at another institution.¹

The Coastal agreement makes Washington the governing law and forum because "The Dave Checking Account is opened at the Washington branch office of the Bank."¹

Section K: Dave "may also place your Dave Checking Account in an inactive status if you have not had any transactions for at least six (6) months." Statements may then stop and some transactions are blocked until the account is reactivated by email to support@dave.com.¹

After twelve months with no deposit or withdrawal, Dave "may assess a $5.00 inactivity fee, per month." The balance may later be sent "to the state of your last known address," after which "you must apply to the appropriate state agency to reclaim your funds."¹

Of Dave's two partner-bank deposit agreements, only the Evolve Bank & Trust version addresses powers of attorney.^{1, 2}