What to do when a NorthCountry FCU account holder dies

When the only owner dies, the account belongs to that owner's estate unless a POD or trust beneficiary is named on it, in which case it goes to the beneficiary. Either way the credit union's lien and any pledge the owner gave come first.¹

On a joint account with survivorship, the whole balance belongs to the owners still living. The credit union can still apply it to what the deceased owner owed it.¹

On a joint account without survivorship, the deceased owner's part belongs to that owner's estate.¹

POD money is paid out only after the last owner has died, to the beneficiaries alive at that point. Two or more surviving beneficiaries split it evenly, and NorthCountry is not required to tell them the account exists.¹

If the custodian of a UTMA account dies, the credit union may hold the account until a person with legal authority instructs it or a court authorizes withdrawals.¹

Closing a certificate early ordinarily costs 60 days of dividends on the Fixed Short-Term Certificate and 180 days on every other certificate. When an owner dies, NorthCountry may at its option pay it out before maturity with no penalty.²

An IRA is not covered by a POD designation on the member's other accounts.¹

Debt Protection bought on a loan can help with the loan after the borrower's death. Claims are made through a TruStage portal or by calling a TruStage claims specialist at 800-621-6323.³

Under the Vermont agreement, a joint account has survivorship only if the survivorship option was checked on the Account Card or chosen in the online application.¹

Under the New Hampshire agreement, a joint account has survivorship unless the Account Card or the online application says otherwise.⁴

Under the New York agreement, a joint account has survivorship unless the Account Card or the online application says otherwise.⁵

Investments, annuities and insurance offered through LPL Financial, which are not credit union deposits⁶

NorthCountry provides medallion signature guarantees to move a deceased person's securities held at another firm. For an inherited security it lists a certified death certificate plus the firm's beneficiary records, or letters testamentary or of administration where the estate inherits.⁷

Who qualifies: Members in good standing, with photo ID for each signer

NorthCountry may keep processing the account until it learns of the death. After that it may still honor the member's checks for ten days from the date of death, unless someone with a claim to the account tells it to stop them.¹

A person who claims a deceased owner's money may have to agree to repay the credit union if paying the claim causes it a loss, and the agreement binds the owner's heirs and legal representatives.¹

Every share and deposit the member holds secures what the member owes NorthCountry, and once a loan is in default the credit union may apply those balances to it, or freeze them, without further notice.¹

Members may ask NorthCountry to set up accounts to carry out a will, a trust or a court order. It does not advise on which arrangement fits, and it may decline an instruction it considers risky or first require an indemnity or a bond.¹

When owners dispute an account or send conflicting instructions, NorthCountry may freeze or close it until all owners consent in writing or a court orders what to do.¹

If a legal action is brought against the account, the credit union may pay according to it or hold the funds until the dispute is settled, and its costs of responding may be charged to the account.¹

Both the Vermont and the New Hampshire agreements choose Vermont law, alongside the bylaws, payment system rules and federal law; the New York agreement chooses New York law.^{1, 4, 5}

People who live, work, worship or attend school in eleven Vermont counties, Coos or Grafton County in New Hampshire, or Clinton County in New York can join, as can immediate family of current members.⁸

Research on an account is billed at $20.00 an hour with a $10.00 minimum, a statement copy is $5.00, a check copy $2.50, and responding to a levy or other legal process $35.00.⁹