What to do when an Elevations CU account holder dies
Report the death to Elevations CU's Member Services - Trust & Estate Accounts at 1-800-429-7626
After a member of Elevations CU dies, the Member Services - Trust & Estate Accounts manages the transfer of accounts. POD-designated and trust-owned accounts pass directly to beneficiaries. Accounts held solely in the member's name may require probate court documents—Letters Testamentary or Letters of Administration—before funds can be released.
Death claim process
To file a claim after an account holder's death, here is what Elevations CU requires:
Filing a claim
- Call (800) 429-7626 or 303-443-4672 (Monday-Friday 7:00 AM-8:00 PM MT, Saturday 8:00 AM-1:00 PM MT).
- Visit any branch in person, or book an appointment ahead.
- Use the "Trust and Estate Accounts" category on the contact form. Elevations replies in 3-5 business days.
- Leave account numbers and Social Security numbers out of the contact form; Elevations warns it is sent by unsecured email.
Required Documents
- Copy of the death certificate
- Government-issued photo ID, for each beneficiary, claimant or personal representative
- Account numbers for every affected account
- Letters Testamentary or Letters of Administration issued in Colorado, when probate is requiredLetters from another state's court are not accepted.
- Collection of Personal Property by Affidavit, for a small estate, in place of LettersThe Colorado court form is JDF 999. It is presented directly to Elevations as the party holding the funds.
- Trust documents and trustee identification, when a trust is named as payable-on-death beneficiary
What happens to each kind of account5
- Joint account with survivorship
The surviving joint owner keeps access to the account.1
- Payable-on-death account
The funds are paid to the named surviving payable-on-death beneficiaries after the last owner's death. Elevations offers payable-on-death designations only; its deposit accounts carry no transfer-on-death registration.1
- IRA
An IRA passes by its own beneficiary designation, which supersedes a will or trust.1
- Account in one name
With no payable-on-death beneficiary and no joint owner, the funds pass to the estate and require either probate documents or a small-estate affidavit.1
- Fiduciary account
An estate account is "a temporary account opened after a person passes away" that lets the executor or personal representative collect income, pay debts and distribute the remaining assets. It closes once the estate is settled.1
It can be checking, savings, a CD or a money market account, with $0 monthly fees, access for several representatives, safe deposit boxes and free digital banking; estate checking comes with a Visa debit card by mail. Lending products, shared (CO-OP) branching and payable-on-death designations are not available.1
Help Elevations CU offers survivors1
- Medallion signature guarantee
Elevations provides the medallion signature guarantee transfer agents require to move securities after an account holder's death. Call to schedule, and bring photo ID, a current statement showing the value and ownership of the securities, and personal representative or estate paperwork stating your rights to them.2
Who qualifies: Free to members, for securities with a current value under $500,000.
What Elevations CU's agreement and guidance say2
- Membership
To open an estate account, the deceased person must have qualified for membership or held an Elevations account at death, or all named beneficiaries of the estate must be current members. The personal representative does not have to be a member.1
- Powers of attorney
A power of attorney is not accepted to open an estate account; the personal representative has to appear at the branch.1
Not in Elevations CU's published guidance3
- A claim form
- A department for deceased-customer accounts
- Whether the death certificate must be certified
Sources2
Elevations CU's Member Services - Trust & Estate Accounts can be reached by phone at 1-800-429-7626 and fax at 1-303-441-2961 for questions throughout the claims process.
Sources
Data sourced from Elevations CU primary sources (35 pages reviewed). How we research.
Elevations CU death claims support
Member Services - Trust & Estate Accounts
Phone
Toll-free
Local (Boulder)
Fax
Hours
Mailing address
Website
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