What to do when a GE Credit Union account holder dies

"Upon the death of any joint owner, any money in the accounts will pass to the surviving joint owner(s)."¹

Joint and payable-on-death accounts are released once the death certificate, the claimant's ID, and survivorship or beneficiary status are verified.²

On a payable-on-death or revocable trust account, beneficiaries can withdraw only once every person who created the account has died, and only a beneficiary then living takes. Several surviving beneficiaries take equal shares without right of survivorship.¹

By default a beneficiary who died first drops out: that share is not passed to the beneficiary's children.¹

An individual account with no payable-on-death beneficiary passes through the estate. The personal representative claims it with Letters or a relief-from-administration order.²

The named beneficiary claims the IRA directly and completes distribution paperwork. It does not pass through the deposit-account route.²

The named beneficiary claims the HSA directly and completes distribution paperwork. It does not pass through the deposit-account route.²

For a trust-titled account, the successor trustee presents the trust instrument and trustee ID.²

If the certificate has an individual owner and no listed beneficiaries, "the funds will be disbursed to the estate for the deceased member without penalty". Beneficiaries listed on an individual certificate are paid "without penalty", and on a joint certificate "No penalties will be assessed".³

The early withdrawal penalty is 90 days of dividends for terms under 18 months and 180 days for terms of 18 months or more. The disclosures say "EWP fees will be waived in accordance with federal regulations."¹

Certificates renew automatically into the same term unless the credit union is told otherwise before maturity.²

GECU offers safe deposit boxes only at its Reading Road and Mason offices.²

Drilling a box whose key cannot be found costs $250 per request.⁴

For a small Ohio estate, GECU accepts the paperwork from either a relief from administration or a summary release from administration.²

The deceased member's loans, which are handled separately from deposits²

A check copy or a statement copy costs $5 per item.⁴

A duplicate IRS reporting form costs $5 per item.⁴

Prompt notice of the death is the member's own agreed obligation under the Deposit Account Disclosures.¹

GECU "may pay or certify checks drawn on or before the date of death or legal incompetence for up to ten (10) days after your death or legal incompetence unless ordered to stop payment by someone claiming an interest in the account."¹

An authorized signer's and an agent's authority both end at the owner's death, but GECU may keep honoring an authorized signer's transactions until it has written notice or actual knowledge and a reasonable opportunity to act.²

GECU may refuse payment while a claim adverse to the member's interest is raised by "others claiming an interest as survivors or beneficiaries of your account", and may hold the funds for as long as it reasonably needs to let a legal proceeding resolve it.¹

The Deposit Account Disclosures are subject to Ohio law.¹

Account research costs $30 per hour with a one-hour minimum charge. Overnight mail is $25 per request, and a money order or cashier's check $5 per item.⁴

A savings, checking or money market account with no transaction activity for 365 calendar days and no contact takes a $6 monthly inactivity fee; Christmas Club, Vacation Club, HSAs and IRAs are exempt. GECU may close an account without further notice once fees reduce it to zero.²

After five years with no contact, the balance "will be considered unclaimed funds and may be forwarded to the Ohio Department of Commerce", with a $20 escheatment processing fee.²