What to do when a Dupaco account holder dies

Joint owners hold an account with survivorship unless the signature card says otherwise. When one owner dies, that owner's interest passes at once to the surviving owners.¹

On a joint account opened as tenants in common, without survivorship, the deceased owner's proportionate share goes to that owner's estate.¹

A payable-on-death account belongs to the named payees once the last owner dies. Two or more surviving payees own it together without survivorship, in equal shares unless Dupaco's records say otherwise.¹

An informal trust account, one Dupaco carries on its records with no written trust agreement, belongs to its named beneficiaries when the trustee dies.¹

Dupaco may allow a term share certificate to be cashed before it matures without the early withdrawal penalty when an owner dies.¹

On an estate, guardianship, conservatorship or other fiduciary account, Dupaco may ask for whatever documents and authority it finds necessary to show who can withdraw the funds, when the account is opened and at any time after.¹

An estate cannot hold Dupaco's online-only Bright Savings account, which is limited to consumer members.²

Payment Protection on a Dupaco loan can cancel the remaining balance, up to the agreement's maximum, when the borrower dies. TruStage administers the claim and tells the claimant which documents it needs.³

The account agreement makes it the duty of each owner and signer to tell Dupaco in writing when another owner or signer dies.¹

Dupaco holds a lien on a member's shares, joint accounts included, for what the member owes it, and can apply the balance to a missed payment. IRAs and other tax-favored accounts are outside the lien.¹

If joint owners disagree or give conflicting instructions, Dupaco may suspend or close the account, require a court order, or require every owner to agree in writing.¹

Costs Dupaco incurs from a dispute over an account can be recovered from the member's estate, heirs and legal representatives.¹

Dupaco may decline a power of attorney until the agent signs an affidavit that the principal is alive and the agent's powers still stand.¹

A primary membership belongs to the member alone, who controls its accounts during life. A joint owner can close a shared account other than share savings, but cannot close the primary member's membership.⁴

An abandoned account carries a $50.00 fee before it is turned over to the state, and closing an inactive account by check costs $25.00.⁵

Account research or reconciliation costs $25.00 an hour, a document copy $1.00 and a domestic wire $25.00.⁵