What to do when a Hills Bank account holder dies

An account in one person's name becomes part of that person's estate at death.¹

When one owner of a joint account with right of survivorship dies, the balance belongs to the surviving owners.¹

Once the bank is told an owner has died, it may freeze a jointly owned account until it has the documents showing who should be paid.¹

On a joint account held without survivorship, the bank may pay the share of the owner who died to that owner's estate.¹

A payable-on-death beneficiary has a right to the money only after outliving every owner. Beneficiaries who do outlive them split it equally unless the account says otherwise.¹

If no named beneficiary outlives the owners, the account stays with any surviving owner as an ordinary account.¹

A sole proprietor can name payable-on-death beneficiaries on the business account. Without them, the account passes with the owner's estate, under the will or by intestacy.¹

After the owner's death, the successor trustee takes control of the assets in a revocable living trust.²

Estates and trusts where Hills Bank is named executor or trustee^{3, 2}

Online banking keeps 36 months of statements. A copy of an older statement comes from customer service or a branch.⁴

Hills Bank mails tax forms by January 31. A branch prints a reprint for a visitor who brings photo ID.⁴

A loan payoff figure includes accrued interest, so it differs from the balance shown online. The Customer Contact Center, a branch or chat gives the exact figure.⁴

The bank can keep paying items until it knows of the death and has had time to act. Even after it knows, it may pay checks written on or before the date of death for ten days unless someone with a claim to the account stops payment.¹

A notice of an account holder's death takes effect only once the bank has it and has had a reasonable chance to act, and it must identify the account.¹

For an account opened by an executor, administrator or personal representative, Hills Bank may ask for the papers it considers necessary to confirm that person's authority.¹

An agent named on the account has no ownership and no rights when the owner dies, and the agent's authority ends at the death of the last owner.¹

If an owner owes Hills Bank a debt that has come due, the bank may take the money from that owner's accounts, including a joint account.¹

When survivors or beneficiaries make competing claims to an account, the bank may hold the money until it sees evidence that the dispute is settled.¹

The account agreement is governed by Iowa law unless federal law controls.¹

An account that has sat at a $0 balance for 120 days in a row may be closed without notice.¹

Hills Bank charges $50.00 to process a garnishment and $50.00 for a levy.⁵