What to do when a Northeast Bank account holder dies

Every joint ableBanking account carries survivorship: when one owner dies, that owner's share goes in equal parts to the owners still living.¹

An ableBanking account in one person's name gives no one else a survivorship right.¹

ableBanking's CD penalty for an early withdrawal is three months' interest. Its disclosure page says the penalty can be waived when an owner dies, where the law allows or requires the waiver.²

A Northeast Bank IRA goes to the beneficiaries named on its application. If none was named or none outlived the owner, it is paid to the owner's estate.³

Before paying an IRA beneficiary, the bank may ask for a distribution reason, supporting documents and a taxpayer identification number.³

A Northeast Bank HSA goes to the beneficiaries named on its application, and to the owner's estate where none was named or none survived.⁴

ableBanking online savings accounts and certificates of deposit^{5, 6}

When an ableBanking account is closed at the owner's request, the balance is sent by ACH to the outside account that first funded it. Closing is done by calling ableBanking.^{1, 5}

ableBanking accounts are managed only at ableBanking.com and Northeast Bank accounts only through Northeast Bank, so an executor deals with each separately.⁶

ableBanking may use money in a joint account, whoever deposited it, to pay a debt any joint owner owes the bank.¹

ableBanking accounts are governed by federal law and Maine law.¹

Northeast Bank charges $25 an hour for research, $2 a page for statement copies, $100 for legal processing and $15 for a signature guarantee. Notary service is free for customers.⁷

Moving an IRA or HSA to another custodian costs $25 at Northeast Bank. ableBanking charges $100 for legal processing and at least $25 for research.^{7, 8}