What happens to your Greenwood accounts when you die

Greenwood Spending Account

The core checking-style account, with a Greenwood Mastercard debit card issued by Coastal Community Bank. The account agreement defines Greenwood accounts as "Personal Accounts ... in the names of natural persons (individuals)" and prohibits business use, so there is no joint, entity, or trust titling and no POD beneficiary screen in the app -- on death the balance is an estate asset unless a survivor is already on it. Direct deposits run to Coastal Community Bank routing number 125109019. ESTATE HAZARD: the agreement lets Greenwood claw back a direct deposit "found to be made payable to someone other than yourself," deducting it and returning it to the originator without prior notice, which is what happens when Social Security or a pension reclaims benefit payments made after the date of death. SECOND HAZARD: an account with no owner-initiated activity for 90 days is treated as inactive, then dormant, and is closed, with the inactivity fee continuing to accrue -- so an unattended account can be running down while the estate is still gathering documents.

Greenwood Savings Account

Interest-bearing savings account paired with the spending account, with unlimited transfers between the two. Held at Coastal Community Bank, Member FDIC, and covered up to $250,000 per depositor through pass-through insurance. Same ownership limits as the spending account: individual only, no POD beneficiary and no trust titling offered through Greenwood, so the balance passes through the estate.