What to do when a Peoples Bank (OH) account holder dies

On a joint account with survivorship, the owners agree that the balance belongs to the surviving owners when one dies, subject to any pledge the bank has agreed to. Two or more survivors keep it jointly with survivorship.¹

A joint account opened as tenants in common gives no owner a right of survivorship. The bank asks the owners to tell it in writing what share each contributed.¹

Pay-on-death and revocable trust account beneficiaries can withdraw only after every owner has died, and only if living then. Two or more surviving beneficiaries share the account equally, with no survivorship between them.¹

An executor or administrator acting under a court order can open and keep an account at Peoples Bank. The bank is not responsible for what the fiduciary does with the money and does not monitor or enforce the letters.¹

Peoples Bank's certificate disclosures say the early withdrawal penalty may be waived in some circumstances, such as the death of an owner.²

For an account held at a District of Columbia branch, a one-owner account without a pay-on-death designation passes as part of the owner's estate. On a joint account without survivorship, the share of the owner who died passes as part of that owner's estate.¹

For an account held at a Maryland branch, the money in an account with more than one party belongs to the surviving parties when one dies, unless the account agreement directs otherwise.¹

Trusts where Peoples Bank serves as trustee or co-trustee³

Owners agree to tell Peoples Bank promptly when anyone with a right to withdraw dies. The bank may keep honoring checks, items and instructions until it knows of the death and has had a reasonable chance to act on it.¹

Checks written on or before the date of death may be paid for up to ten days after the death, unless someone claiming an interest in the account orders the bank to stop payment.¹

Where joint owners, a signer or a third party claiming an interest in the account are in dispute, the account holder bears the bank's costs and reasonable attorney fees, and the bank may take them from the account without notice.¹

Peoples Bank may take money in an account to pay a due debt any owner owes it, without prior notice where the law allows. This does not reach an IRA or similar account, or money held only in a representative capacity.¹

An authorized signer's authority ends when the owner of a one-owner account dies, or when the last surviving owner of a joint account dies.¹

The account follows the law of the state where it is held, and a provision marked for one state applies only to accounts held at a branch in that state.¹

Online banking access ends without notice when a customer dies.⁴

The fee schedule charges $7.50 a month on an account after 12 months of inactivity, and account research at $20 an hour for customers and $30 for non-customers, with no charge for a bank error.⁵