What to do when a PenFed account holder dies
Report the death to PenFed's Estate Accounts team at 1-571-831-5340
When a member of PenFed passes away, the Estate Accounts team handles the transition of accounts to beneficiaries or the estate. Accounts with Payable on Death designations or trust ownership transfer outside of probate, while solely-owned accounts may require Letters Testamentary or Letters of Administration from the probate court.
Death claim process
To file a claim after an account holder's death, here is what PenFed requires:
Filing a claim
- A death certificate is required for beneficiary withdrawal.
- An individual beneficiary signs the form. If a trust or estate is the beneficiary, the trustee, executor, or representative payee signs it.
- The form directs an estate or trust beneficiary to the total distribution by check.
- If the deceased member had not satisfied the current year's required minimum distribution at PenFed, the form asks whether PenFed should process it.
Required Documents
- A copy of the death certificateThe estate instructions ask for "A copy of the death certificate for the decedent." PenFed's general after-death checklist says to "request 10-20 certified copies" for settling affairs across institutions.
- The court-issued document appointing the executor or personal representative, to open an estate account
- IRS Assignment of TIN verification letter for the estate, to open an estate accountThe EIN confirmation letter.
- Government-issued ID, for any executor who is not a PenFed member
- Fiduciary documentation, when a trust or estate is the named IRA beneficiaryPenFed requires it before processing the IRA withdrawal.
Claims Contact
Website: Online portal →
Forms PenFed issues6
- Application for Estate Accounts (Form 20-EST)
Available to download.1
- Application for Estate Accounts, Premium Online Savings version (Form 220-EST)
Available to download.2
- Access America Checking (Form 151-EST)
Available to download.3
- Money Market Certificate (Form 688)
Available to download.4
- Designation of Ownership (Form 100)
Available to download.4
- IRA Instructions for Withdrawal by Surviving Beneficiary (Form 733)
Completed by the individual beneficiary, or the trustee, executor, or representative payee when a trust or estate is the beneficiary. Available to download.5
What happens to each kind of account7
- Account in one name
An individual account with no beneficiary passes as part of the estate: "Upon your death, the account passes as part of your estate under your will, trust, or by intestacy."6
- Payable-on-death account
On an account in one owner's name with designated beneficiaries, the entire balance is distributed at death to the beneficiaries. This does not apply to an account titled as a revocable living trust.7, 8
- Joint account without survivorship
PenFed may, on request, pay the funds to any surviving joint owner or to the representative or heirs of the deceased owner. "Ownership of the funds will be determined between these parties."7, 8
- Trust account
After the last surviving grantor of a revocable trust account dies, PenFed distributes the balance according to the instructions of the trustee(s) or successor trustee(s).9
- IRA
An IRA passes to the beneficiaries named on Form 732. If none are named, the funds are payable to the estate of the IRA owner.10
A spouse can transfer the funds to their own PenFed IRA or another institution, or take a total distribution to a non-IRA PenFed account or by check. A non-spouse can transfer to an inherited IRA at PenFed or elsewhere, or take a total distribution.5
- Fiduciary account
Checking, savings, and certificates can be titled under an estate. IRAs cannot be opened under an estate, PenFed cannot open loans under an estate, and ATM and debit cards are not allowed.4
What PenFed's agreement and guidance say3
- Membership
Transferring an inherited IRA to a new PenFed inherited IRA requires establishing PenFed membership and opening the inherited IRA.5
PenFed can establish an estate account if the deceased person was a PenFed member at the time of death, or if the executor qualifies for PenFed membership. The executor is not required to become a member.4
- Debts owed to the institution
PenFed's Statutory Lien lets it charge any balance in a member's accounts, including joint accounts, without further notice to pay "any indebtedness or other outstanding financial obligation owed by me or any person who is listed as a joint owner on my accounts, including a deceased joint owner." IRAs are excluded.7
- Which state governs the account
PenFed's deposit account agreements are governed by the laws of the Commonwealth of Virginia and the Uniform Commercial Code.8
Sources10
- 1.Application for Estate Accounts (Form 20-EST)
- 2.Application for Estate Accounts, Premium Online Savings (Form 220-EST)
- 3.Access America Checking estate application (Form 151-EST)
- 4.Forms (Estate Account Instruction Sheet)
- 5.IRA Instructions for Withdrawal by Surviving Beneficiary (Form 733)
- 6.Signature Card (Form 13)
- 7.Membership Disclosures (Form 794), effective September 2026
- 8.Managing Accounts After Death
- 9.Form 77
- 10.Form 732
An Estate Accounts Specialist makes contact within 2 to 3 business days after PenFed is notified.
PenFed's Estate Accounts team can be reached by phone at 1-571-831-5340 and fax at 1-800-557-7328 for questions throughout the claims process.
Sources
Data sourced from PenFed primary sources (40 pages reviewed). How we research.
PenFed death claims support
Estate Accounts team
Phone
Forms fax (alternate)
Courier delivery (FedEx, UPS)
Fax
Hours
Mailing address
Website
Estate planning articles
Learn how to protect your PenFed accounts and other assets with trusts, beneficiary designations, and estate planning documents.
Is this your situation?
Get a complete guide for your specific circumstances.
Forms for Settling an Estate
Free forms for settling an estate: the probate petition, small estate affidavit, notice to creditors, inventory, and closing forms.
Digital Assets Recovery Letter
Prepare a letter requesting a deceased person's online accounts, points, and balances from the program that holds them.
Petition for Probate and Letters
Open probate and ask the court to appoint you and issue Letters Testamentary or Letters of Administration.
Notice to Creditors
Notify estate creditors and start the claim period — the published notice plus mailed copies for known creditors.
Renunciation of Executor
Decline an appointment as executor named in a will — the writing filed with the court before anyone is appointed.
Affidavit of Heirship
Prepare the sworn statement of a deceased person's family history and heirs for recording in the county land records, with your state's recording instructions.
Small Estate Affidavit
Collect a small estate's property without probate — the sworn affidavit presented to banks and other holders, with a presentation letter for each.
Tools for Settling an Estate
Free tools for settling an estate: whether probate is needed, executor and trustee pay, creditor deadlines, and inheritance taxes.
How Many Death Certificates Do I Need?
Calculate how many certified death certificates you need and see ordering info for your state.
Do I Need Probate?
Find out if an estate needs probate or qualifies for simplified procedures.
Do I Have to File Tax Returns for Someone Who Died?
Find out which tax returns need to be filed after someone dies and whether tax clearance is required.
How Do I Settle an Estate?
Personalized plan for settling an estate after someone passes away.
What Do I Do When Someone Dies?
A step-by-step checklist for the days, weeks, and months after a death, with state rules noted where they apply.
How Much Are Estate & Inheritance Taxes?
Calculate federal estate tax, state estate tax, and inheritance tax for an estate.
