What to do when a MoneyLion account holder dies

No. Neither the Managed Investing account nor the Active Investing account publishes a Transfer on Death registration, and no trust account type is offered. Both are individual accounts: investment advisory services come from ML Wealth LLC, an SEC-registered investment adviser, and the securities are held at DriveWealth, LLC (member FINRA/SIPC) as clearing broker and qualified custodian. With no TOD registration, the positions pass through the estate. An executor should ask MoneyLion support how the positions will be liquidated or transferred and request the account statement covering the date of death, which is what establishes the stepped-up cost basis for the heirs.

They are two separate items, and executors routinely miss the second one. The Credit Builder Plus loan (5.99% to 29.99% APR, up to $1,000, with a $19.99 monthly membership) leaves an outstanding balance that is a debt of the estate. But part of the original loan proceeds was deposited into a Credit Reserve Account, maintained by ML Wealth LLC and held in non-marginable securities at DriveWealth, LLC under a securities account control agreement in favor of the lender. Per ML Wealth's Form ADV, the lender may direct DriveWealth or the adviser to sell those securities to satisfy the loan. Anything left in the Credit Reserve Account after the loan is paid belongs to the estate and has to be claimed — it is an asset, not a fee. Separately, note that the deposit account agreement lets the bank apply deposits and other balances held with it to offset a negative balance, so an unrepaid Instacash advance can be netted out of the deposit account before the estate is paid.

MoneyLion is app-and-web only: there is no branch to visit, no estate or bereavement department, no published claim form, and no claims portal. The channels are the 24/7 support line at 1-844-224-0087, in-app chat, and customercare@moneylion.com; the Contact Us page also lists +1 (516) 916-5466. The mailing address published in the deposit account agreement is MoneyLion Customer Service, P.O. Box 1547, Sandy, UT 84091. Because MoneyLion publishes no document list, get the requirements from the representative in writing before sending anything. If the account is simply abandoned, the agreement says the deposit is held at Pathward's main office in Sioux Falls, South Dakota and that unclaimed funds may be subject to escheatment under applicable state law — meaning the balance ends up with a state unclaimed-property administrator instead of the heirs, and has to be reclaimed from the state later.