What to do when a Marcus account holder dies
Report the death to Marcus' Official Document Review at 1-855-730-7283
What happens to Marcus accounts after the account holder dies depends on how each account was titled. Beneficiary-designated and trust-owned accounts transfer directly. Accounts in the deceased's name alone go through the estate, and the executor or administrator works with Marcus' Official Document Review (1-855-730-7283) to claim the funds.
Death claim process
The death claim process at Marcus works as follows:
Filing a claim
- Primary account owner whose joint account owner died
- Joint account owner whose primary account owner died
- Beneficiary on an account whose owner died
- Executor for an account owner who died
Required Documents
- Death certificate, original or certified copy, for every roleA certified copy is a true copy endorsed by the original death certificate issuer. Marcus cannot accept a photocopy, even a notarized one.
- Letter of Intent, for every roleThe Marcus form for your role, or your own letter, handwritten or typed, saying how you want the account handled. Include your phone number and mailing address.
- Affidavit of Identity, notarized original, for a beneficiaryA Goldman Sachs Bank USA form, in an adult and a minor version, required to verify the identity of any beneficiary. Marcus cannot accept a photocopy, even a notarized one.
- Photo ID shown to the notary, for a beneficiary signing the Affidavit of IdentityA valid, unexpired state or U.S. government-issued photo ID; its type, issuing state, number and expiration date go on the affidavit. The signer also authorizes a background check or other verification.
- IRS Form W-9, for a beneficiaryIt must be complete before funds are disbursed, with the Federal Tax Classification section filled out and the Individual/sole proprietor box checked. An original or a photocopy is accepted.
- Executor or administrator documents, original or certified copy, for an executor or administratorIssued by a probate court, such as letters of administration or letters testamentary. Marcus names the document separately for California, Florida, New Jersey, New York and Texas.
- Small estate affidavit or summary administration, for an executor, as an alternative where the estate qualifiesMarcus names these as an alternative, depending on the state, "if the value of the account owner's estate is less than a certain amount and other requirements are satisfied."
- New Jersey Form L-8, notarized original, for every role, if the deceased person lived in New JerseyDownloaded from the New Jersey Division of Taxation's website. Marcus cannot accept a photocopy, even a notarized one.
Forms Marcus issues6
- Letter of Intent (Primary Account Owner)
Completed by the primary account owner whose joint account owner died. Available to download.1
- Letter of Intent (Joint Account Owner)
Completed by the joint account owner whose primary account owner died. Available to download.2
- Letter of Intent (Beneficiary)
Completed by a beneficiary. Available to download.3
- Letter of Intent (Executor)
Completed by the executor. Available to download.4
- Affidavit of Identity
Completed by an adult beneficiary. Available to download. Must be notarized.5
- Affidavit of Identity of a Minor
Completed by the legal guardian of a minor beneficiary. Available to download. Must be notarized.6
What happens to each kind of account4
- Joint account with survivorship
If the joint account owner dies, the primary account owner can keep the accounts open and Marcus removes the deceased owner's name. Affected CDs can be closed and the whole balance withdrawn without penalty.7
If the primary account owner dies, Marcus states it is obligated to close the joint accounts, including jointly held CDs, with no early withdrawal penalty. The surviving joint owner can open new accounts with the funds.7
Every joint account is held with right of survivorship: when one owner dies, the funds belong to the surviving owners.8
The Primary Owner of a joint account can be changed only by closing the account and opening a new joint account.8
- Payable-on-death account
Payable-on-death beneficiaries are paid in equal shares. If a beneficiary dies before the last surviving owner, the funds go to the surviving beneficiaries.8
- Certificate of deposit
No early withdrawal penalty is charged on a High-Yield CD or Rate Bump CD when funds are withdrawn because of the owner's death.8
A joint owner cannot be added to a CD after it has been opened.8
- Fiduciary account
Accounts cannot be opened by a fiduciary such as an executor. If a fiduciary is appointed, Marcus may allow the fiduciary to access an account, subject to the fiduciary's verified rights.8
State requirements Marcus statesCalifornia, Florida, New Jersey, New York, Texas
- California
For an executor, Marcus asks for Letters Testamentary or Letters of Administration from the probate court, typically in the county where the owner lived. A small estate affidavit is named as an alternative.7
- Florida
For an executor, Marcus asks for Letters of Administration or Letters of Curatorship, and names "Summary Administration" as the simplified alternative.7
- New Jersey
For an executor, Marcus asks for an Administrative Certificate, Executor Certificate or Testamentary Certificate, plus Form L-8. A small estate affidavit is named as an alternative.7
Marcus requires Form L-8 in every role. Until it receives the form, "any Joint Owners, Beneficiaries, or Estates are only entitled to, and may only receive up to, 50% of the funds in the account."7
- New York
For an executor, Marcus asks for Letters Testamentary, including ancillary and preliminary, or Letters of Administration, and names "Voluntary Administration" as the simplified alternative.7
- Texas
For an executor, Marcus asks for Letters Testamentary, including ancillary, or Letters of Administration, including temporary. A small estate affidavit is named as an alternative.7
What Marcus's agreement and guidance say10
- How proceeds are paid
A surviving primary account owner can be paid by check, ACH transfer, wire transfer or internal transfer to another Marcus account, or can have the joint owner removed.1
A surviving joint account owner can be paid by check, ACH transfer, wire transfer or internal transfer to another Marcus account.2
A beneficiary can be paid by check, or by internal transfer to a Marcus account on which the beneficiary is a primary or joint owner.3
The executor's Letter of Intent offers payment by check only, with a check remit address on the form.4
- Who can get account information
Until Marcus receives the executor or administrator documents, it cannot release any information about the account owner's account.7
- Telling the institution
Marcus asks to be notified immediately when an owner on a joint account dies. Until it receives notice and the required documentation, it may act as if all owners are alive.8
- What it does when notified
If Marcus believes an owner has died, it may restrict the account. On written notice from a personal representative or executor, it may rely on the notice and restrict or close the account.8
- Deposits after the death
If payments from certain government entities are deposited after the owner's death, Marcus may be required to return them to the originator on notice.8
- Powers of attorney
An attorney in fact may access the account until Marcus has had a reasonable opportunity to act on written notice that the owner has died.8
- Disputes between claimants
Marcus is not required to give a fiduciary access or payment if it believes there may be a bona fide dispute over the account, or is uncertain who is entitled to it.8
- Debts owed to the institution
Marcus may take funds from any of the owner's accounts with the bank or its affiliates to cover money owed to it, but not from an account receiving direct deposits of Social Security or SSI.8
- Dormant and unclaimed accounts
Marcus sends the balance of an abandoned or unclaimed account to the state of the owner's last known primary address.8
- Which state governs the account
Accounts are opened at the bank's Utah branch and governed by federal law and the law of Utah, unless the owner is a New York resident, in which case New York law applies.8
Not in Marcus's published guidance1
- How long a claim takes
Sources8
- 1.Letter of Intent (Primary Account Owner)
- 2.Letter of Intent (Joint Account Owner)
- 3.Letter of Intent (Beneficiary)
- 4.Letter of Intent (Executor)
- 5.Affidavit of Identity
- 6.Affidavit of Identity of a Minor
- 7.What happens when a deposit account owner is deceased?
- 8.Deposit Account Agreement, Effective June 27, 2025
Marcus' Official Document Review can be reached by phone at 1-855-730-7283 for questions throughout the claims process.
Sources
Data sourced from Marcus primary sources (16 pages reviewed). How we research.
Marcus death claims support
Official Document Review
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Toll-free
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