What to do when a Greylock FCU account holder dies
Report the death to Greylock FCU's Member Service at 1-800-207-5555
When a member of Greylock FCU passes away, the Member Service handles the transition of accounts to beneficiaries or the estate. Accounts with Payable on Death designations or trust ownership transfer outside of probate, while solely-owned accounts may require Letters Testamentary or Letters of Administration from the probate court.
The claim process begins with a phone call to 1-413-236-4000. Have the account holder's full name, account numbers, and the death certificate available when making initial contact.
Death claim process
To file a claim after an account holder's death, here is what Greylock FCU requires:
Filing a claim
- For a joint account, Greylock may require certified death certificates for all deceased owners before releasing funds.
Required Documents
- Certified copy of the death certificateFor more than one deceased owner, Greylock may require certified copies of all owners' death certificates.
- Government-issued photo ID for the claimantGreylock also asks for the claimant's SSN, date of birth and physical address, and may ask for a second ID or a thumbprint.
- Letters Testamentary or Letters of Administration, for an account with no POD payee, joint owner or trust title
- Court-attested Voluntary Administration statement (Massachusetts Form MPC 170), for a small Massachusetts estate, in place of Letters
- Proof of succession satisfactory to Greylock, from a successor trustee, for a trust-titled account
- Indemnification and hold-harmless agreement, if Greylock requires one before releasing funds
What happens to each kind of account7
- Payable-on-death account
The payee presents ID and claims the funds, and Greylock "may require a certified copy of an owner's death certificate" before it distributes. Multiple payees take equal shares, the balance divided by the number of payees.1
Released once the certified death certificate and the claimant's ID clear Greylock's due diligence.2
- Joint account with survivorship
The surviving owner presents the certified death certificate, and the account continues in the survivor's name. It is released once the certificate and the claimant's ID clear Greylock's due diligence.2
- Trust account
The successor trustee has no rights to the funds until they deliver proof of succession satisfactory to Greylock.1
- IRA
The beneficiary on the IRA designation, not any POD payee, claims the IRA and elects a distribution method.2
- Account in one name
With no POD payee, joint owner or trust title, the estate's personal representative claims the account with Letters, or, for a small Massachusetts estate, with a court-attested Voluntary Administration statement.2
- Certificate of deposit
Greylock may, at its option, pay a term share certificate before maturity without the early withdrawal penalty when an owner dies.3
Otherwise a certificate renews automatically at maturity after a seven-day grace period.3
- Loan
Greylock offers credit life insurance on auto loans, which can pay off the loan balance on the borrower's death.2
State law on paying a balance without lettersMassachusetts, New York
- Massachusetts
Mass. Gen. Laws ch. 167D, § 12
Massachusetts law permits a credit union to pay from a deceased member's balance on proof the institution accepts, without letters testamentary or letters of administration.Mass. Gen. Laws ch. 167D, § 12Verified Oct 3, 2026View source
Limit: $10,000 held at the institution
When: after the expiration of 30 days from the death of such depositor
Paid to: the surviving spouse of said deceased depositor; if there be no surviving spouse, the next of kin of such deceased (in that order)
The section permits the payment. It does not require the credit union to make it. The section sets further conditions.
- New York
N.Y. SCPA § 1310
New York law permits a credit union to pay from a deceased member's balance on an affidavit made under oath, without letters testamentary or letters of administration.N.Y. SCPA § 1310Verified Oct 3, 2026View source
Paid to: surviving spouse
Limit: $30,000 in total from every holder
When: forthwith
Paid to: surviving spouse, children eighteen or older, either parent, brother or sister, niece or nephew, or at their request a creditor or the person who paid the funeral expense
Limit: $15,000 in total from every holder
When: not less than thirty days after the death
Paid to: a distributee, a creditor, or the person who paid the funeral expenses
Limit: $5,000 held at the institution and $5,000 in total from every holder
When: not less than 6 months after the death
The section permits the payment. It does not require the credit union to make it. The section sets further conditions.
What Greylock FCU's agreement and guidance say11
- Telling the institution
"We may continue to honor all actions and transactions on an account, product or service until we receive a certified copy of an owner's death certificate," along with proof of the claimant's authority and identification.1
- What it does when notified
On notice of a death Greylock may suspend the products and services, begin terminating the accounts and membership, collect anything the member still owes it, and then prepare to disburse.1
- Who can get account information
Greylock "will not be able to provide information or access to any product or service to a person until she or he has first established his or her legal authority."1
- Wills, probate and small estates
Every member irrevocably waives testamentary disposition of any Greylock account. The POD and survivorship features "control and supersede any inconsistent testamentary disposition," and on death Greylock "may rely exclusively on the MSA and our records."1
- Indemnity a claimant may have to give
Greylock may require the estate representative or claimant to indemnify and hold it harmless before it releases any funds.1
- Fees
Every owner and every POD payee "agree[s] to be responsible for legal advice we require in connection with any matter concerning a claim involving an owner's accounts."1
- How proceeds are paid
Greylock may issue its check payable to the deceased owner's estate, to the POD payee, or to a deceased payee's estate.1
- Disputes between claimants
If entitlement to the funds is disputed or unclear, Greylock may hold the money or deposit it with a court.1
- Debts owed to the institution
If the member owed Greylock money on a loan, a card or an overdrawn account, Greylock may apply the account funds to that debt before paying anything to a representative or POD payee.1
- Arbitration
Greylock's arbitration agreement reaches claims by "anyone connected with you or claiming through you, such as a joint account holder, account beneficiary ... representative ... successor, heir, assignee, or trustee in bankruptcy." Those go to JAMS arbitration in the federal district where the claimant resides.1
Class actions and joinder are waived, and a claimant pays no more than $250 of the filing costs. Small claims court and provisional remedies from a court remain available. The 30-day window to reject arbitration belonged to the member, not to the estate.1
- Membership
The Primary Share account is the membership share. Closing it ends the member relationship.2
Not in Greylock FCU's published guidance3
- A procedure for reporting a death
- A claim form
- Staffed member-service hours
Sources3
- 1.Member Service Agreement, MSA2 06-22-26
- 2.Contact Us
- 3.Our Rates & Service Prices
Greylock FCU's Member Service can be reached by phone at 1-800-207-5555 for questions throughout the claims process.
Sources
Data sourced from Greylock FCU primary sources (15 pages reviewed). How we research.
Greylock FCU death claims support
Member Service
Phone
Toll-free
Toll-free line
Mailing address
Website
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