What to do when a FirstBank (Tennessee) account holder dies

Under the Tennessee, Georgia and Kentucky terms, the owners of a joint account with survivorship intend that at a death the balance belongs to the survivors. Two or more survivors own it as joint tenants with survivorship.¹

Under the Alabama terms, at a party's death a multiple-party account with right of survivorship passes to the surviving parties. A surviving spouse takes the deceased party's share when two or more parties survive.¹

A joint account without survivorship creates no right of survivorship by being opened. Under the Alabama terms, the deceased party's ownership passes as part of the deceased party's estate.¹

Under the Alabama terms, at the death of the party to a single-party account, ownership passes as part of the party's estate.¹

Under the Tennessee and Georgia terms, beneficiaries of a Revocable Trust or Pay-On-Death Account withdraw only after everyone who created the account has died, and only if then living. Two or more take in equal shares without survivorship.¹

Under the Alabama terms, a pay-on-death account passes at the last party's death to the designated beneficiaries and is not part of the estate. The Kentucky terms add that any required release-of-funds procedures must be completed first.¹

An account may be opened and maintained by executors, administrators or conservators under court orders, or by a trustee under a written trust agreement. FirstBank does not monitor or enforce the terms of the trust or letters.¹

The funds in a UTMA account are owned by the child. Before the child comes of age only the custodian or successor custodian can reach them.¹

For an account held at a Kentucky branch, FirstBank reserves the right to prevent withdrawal at the death of any owner until all required release-of-funds procedures are completed.¹

Estate settlement and trust administration²

FirstBank credit card accounts³

Statement reprints cost $5 without images and $10 with images, and account research is $20 an hour with a $25 minimum.⁴

Owners agree to notify FirstBank promptly if anyone with a right to withdraw funds from the account dies or is adjudicated incompetent.¹

FirstBank may honor checks and instructions until it knows of the death and has had a reasonable opportunity to act, and may pay checks drawn on or before the date of death for up to ten days after it.¹

A power of attorney continues until the owner's death, and an additional authorized signatory's or authorized signer's authority ends at the owner's death. FirstBank may honor their transactions until it has notice and a reasonable opportunity to act.¹

FirstBank may set off the account against a due and payable debt any owner owes it. The right does not apply to an IRA or similar account, or where the debtor's right of withdrawal arises only in a representative capacity.¹

When served with a levy, garnishment or similar order, FirstBank may freeze the account until a final court determination, and its costs of responding may be charged to the account.¹

FirstBank charges $5 a cycle on a dormant account with a balance below $1,000 and no activity for 18 months, and an escheatment fee of $100. Once funds are surrendered to the state, the claim is made to the state.^{4, 1}

An account closed within six months of opening carries a $15 closing fee, and an account verification costs $25.⁴

The agreement is subject to federal law and Tennessee law. Disputes not subject to arbitration go to the state and federal courts in Nashville, Tennessee.¹

The agreement's binding arbitration provision reaches the owners' heirs, trustees and other representatives as well as the owners.¹