What to do when a Dow CU account holder dies
Report the death to Dow CU's Deceased Member Accounts at 1-800-835-7794
When a member of Dow CU passes away, the Deceased Member Accounts 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 Dow CU requires:
Filing a claim
Required Documents
- Certificate of Trust Existence and Authority, and the successor trustee's ID, for a Deposit Trust AccountThe first and last pages of the trust plus any amendments may be given instead of the certificate.
- Original or certified death certificate, for a Deposit Trust Account, for anyone named in the trust title who has diedThe Deposit Trust Account page asks for "The original or certified death certificate(s) if anyone named in the Trust title is deceased."
- Written stop-payment instruction, for checks the member wrote before death that the personal representative does not want honoredA $20.00 Check Stop-Payment Order Fee applies under the Account Fee Schedule.
- Safe Deposit Box Signature Card, or the document showing your legal appointment, for a safe deposit box
Forms Dow CU issues1
- Dow Credit Union claim forms
Sent by the institution on request.1
What happens to each kind of account8
- Account in one name
For an individual account with no payable-on-death beneficiary, joint owner or trust, the personal representative provides Michigan Letters of Authority issued by the probate court, together with a death certificate.1
- Joint account with survivorship
Dow CU joint accounts are joint tenancies with rights of survivorship. The surviving owner presents a death certificate; the balance is already theirs by contract, less sums owed to the credit union that it sets off.1
- Payable-on-death account
The payable-on-death designation pays out only when the last account owner dies. Where more than one beneficiary survives, the Account Agreement treats them as owning the funds jointly with rights of survivorship.2
- Trust account
For a Deposit Trust Account, the successor trustee provides the Certificate of Trust Existence and Authority (or the first and last pages of the trust plus any amendments), an original or certified death certificate for anyone named in the trust title, and a government-issued photo ID.3
- Certificate of deposit
The Account Agreement states that "Early withdrawal penalties do not apply to withdrawals made after the death of any owner of the account." A Simple, Standard, Bump Rate, Youth or HSA certificate can be closed for the estate without the 45- to 365-day interest forfeiture.2
- Safe deposit box
The Account Agreement grants box access only to the Renter, Co-Renter(s), Deputy(ies), or a person legally appointed to act on the Renter's behalf. A joint owner on the deposit accounts has no box access unless named on the Safe Deposit Box Signature Card.2
- Health savings account
Closing a health savings account carries a $5.00 Health Savings Account Termination Fee under the Account Fee Schedule.4
- Rewards
A Member Saver Reward is paid into Prime Savings each January 1 based on the prior year's earnings. Ask whether one is pending.1
What Dow CU's agreement and guidance say4
- Payments after the death
Under the "Payment of Drafts (Checks) After Death" clause, Dow CU may, after the date of death, still pay checks the member wrote before death unless the personal representative or another person claiming an interest in the account orders a stop payment.2
- Debts owed to the institution
Dow CU has a lien on funds in any account the member had an ownership interest in, regardless of source, and may apply them in any order to the member's debts. It also holds a consensual security interest in the accounts, and notifies the member when it has exercised the right of offset.2
Under the Offset clause Dow CU has no lien "for any obligation secured by your principal residence," so a Dow CU mortgage or HELOC is not paid from the deposits. It also "expressly disclaims the lien arising under Section 361 of the Michigan Credit Union Act."2
- Dormant and unclaimed accounts
The Account Agreement treats an account as inactive after 12 months without member-initiated activity, and Dow CU may close a share or deposit account after 24 months of inactivity.2
An inactive account accrues a $5.00 a month Dormant Account Fee under the Account Fee Schedule.4
- Arbitration
The Account Agreement contains an arbitration provision.2
Not in Dow CU's published guidance1
- Whether the death certificate must be certified
Sources4
- 1.Contact Us
- 2.Account Agreement
- 3.Deposit Trust Account page
- 4.Account Fee Schedule
Dow CU's Deceased Member Accounts can be reached by phone at 1-800-835-7794 and fax at 1-989-832-9283 for questions throughout the claims process.
Sources
Data sourced from Dow CU primary sources (15 pages reviewed). How we research.
Dow CU death claims support
Deceased Member Accounts (Member Contact Center)
Phone
Toll-free
Fax
Hours
Mailing address
Website
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