What to do when a Popular Bank account holder dies

Not the branch, and not Banco Popular de Puerto Rico. Popular Direct accounts are issued by Popular Bank but serviced separately and have no branch access: call the Popular Direct Customer Care Center at 1-800-274-5696 (Monday-Friday 7:30 a.m. to midnight ET; Saturday-Sunday 9:00 a.m. to 6:00 p.m. ET) and mail documents to Popular Bank, Attn: Popular Direct Products, P.O. Box 4884, Miami Lakes, FL 33014. Mainland branch accounts in New York, New Jersey, and South Florida go through 1-800-377-0800 or a branch; Puerto Rico accounts go through Banco Popular de Puerto Rico Estate Processing at 787-724-3659. One useful term for heirs: principal on a Popular Direct CD may be withdrawn without an early-withdrawal penalty on the death of any owner, so the estate does not have to wait out the term.

Yes. Popular Bank allows up to 3 individuals or 1 trust as POD beneficiaries per deposit account. You can add or update a POD beneficiary by logging into Popular Online Banking and sending a secure message (provide the last 4 digits of the account number plus beneficiary full name, address, date of birth, relationship, and SSN), or by visiting a branch in person with government-issued ID. Changes are processed within 1-3 business days. For a trust as beneficiary, provide the full trust name exactly as listed in the trust agreement.

Accounts are frozen upon notification of death, and the Banco Popular de Puerto Rico estate process (https://www.popular.com/en/estate-processing/) is form-driven rather than the mainland POD/Letters path. An advance of up to $15,000 or 25% of the available funds (whichever is greater) can be released before the Release of Inheritance is issued, and a funeral-expense check of up to $15,000 can be issued directly to the funeral home. Both run on Form BRA-1032A, "Requirements for Advancement or Disbursement of Deceased Customer Funds," which is publicly downloadable at https://documents.popular.com/pdfs/SERV/BRA-1032A.pdf and is presented at a branch. Puerto Rico is a civil-law jurisdiction, so instead of a probate court appointing a personal representative, heirs prove status with a will plus a Certificate of Validity from the Registry of Powers and Wills, or a Resolution of Declaration of Heirs if there is no will; if balances exceeded $15,000 at the date of death, a Release of Inheritance (lien cancellation) from Hacienda is also required. Estates of $2,000 or less with no will can instead use Form BRA-028 (Affidavit for Liquidation of Bank Accounts) with a Negative Certification of Will. BPPR issues one official check payable to all heirs and joint owners and closes the accounts; it does not make partial liquidations or divide inheritance shares. Contact TeleBanco Popular at 787-724-3650 or Estate Processing at 787-724-3659.

Under Popular Bank's Personal Banking Disclosure Agreement, you agree to notify the bank immediately of the death of any account owner or authorized signer. The bank processes a Death Notification Entry (DNE), may freeze the account, and may reverse and return any federal benefit payments (such as Social Security or VA benefits) and other debits posted after the date of death to the U.S. Treasury or the originating institution. A notification letter is mailed to the account owner's last known address. For a joint account with right of survivorship, the balance vests in the surviving owner(s) on the date of death; for a Payable-on-Death (Totten Trust) account, the named beneficiary claims the funds with a certified death certificate and photo ID. Call 1-800-377-0800 to begin. Puerto Rico accounts follow Banco Popular de Puerto Rico's separate BRA-form estate process.