What to do when a Premier America CU account holder dies

Sole-owner accounts are paid to the designated beneficiaries after any outstanding loan balances are satisfied. With no listed beneficiary, they are paid to the member's estate in accordance with state provisions.^{1, 2, 3}

Joint accounts are "Joint with Right of Survivorship": surviving joint owners remain owners regardless of the beneficiaries listed, and designated beneficiaries are paid only on the death of all account owners.^{1, 2, 3}

If the deceased was the primary owner, the surviving joint owner keeps ownership through the transition and can remove funds as needed. If the deceased was the secondary owner, the account can stay open and a new signature card is signed to update ownership.^{1, 2, 3}

Disbursements are not subject to early withdrawal penalties when a certificate closes because of the death.^{1, 2, 3}

An official death certificate is presented to a member service representative. Once the death certificate and beneficiary contact information are collected, designated beneficiaries receive a letter detailing how funds are disbursed, without early closure fees from Premier America.^{1, 2, 3}

For a trust account, Premier America refers to the trust agreement and the attorney helping settle the estate.^{1, 2, 3}

If an estate account is needed, Premier America opens a savings account, or a savings and checking account, as the estate account. The deceased member (or estate beneficiaries) must have been an established member at the time of death.¹

Estate accounts opened under the "Fiduciary Accounts" terms are for a duly appointed Executor, Administrator, Guardian or Conservator, whose authority continues until written notice to the contrary reaches the credit union.³

If a fiduciary account is blocked, the fiduciary files a written receipt with the court agreeing that no funds are withdrawn or pledged except on court order. Fiduciary accounts are not subject to the Multiple Party Accounts Law.³

Surviving borrowers, or the member's estate, are responsible for outstanding loan balances.^{1, 2, 3}

Safe deposit boxes are located only at the Chatsworth branch. The listed beneficiary needs the designated key(s); without them, the Chatsworth branch can schedule a locksmith to open the box at a cost set by the locksmith.^{1, 2, 3}

PAWMG accounts; Premier America notifies PAWMG of the death^{1, 2, 3}

The account owner and any joint owner must notify Premier America if any of them dies or becomes incapacitated.³

Premier America blocks a sole-owner checking, savings or certificate account immediately on notification of death, from the Social Security Administration or from a loved one presenting an official death certificate, and deactivates the member's debit and credit cards.^{1, 2, 3}

Unless the member opted out of the Courtesy Pay Service, the right of off-set extends to government benefits (such as Social Security) deposited to the account from which an overdraft or related fees are paid.³

Direct deposits from certain federal agencies (such as the Social Security Administration or Veterans Administration) received after the death are returned once Premier America is notified.^{1, 2, 3}

Automatic (ACH) payments set up on the account are stopped by notifying each company. A joint owner who keeps the account and its automatic payments takes no action.^{1, 2, 3}

The death does not revoke Premier America's authority to pay or collect a check until it knows of the death and has a reasonable opportunity to act. For ten (10) days after the death it may pay or guarantee checks drawn by then, unless a person claiming an interest in the account orders it in writing to stop payment.^{1, 2, 3}

Powers of attorney are void on the death of the person who granted them.^{1, 2, 3}

Premier America cannot open accounts for deceased non-members, including estate accounts for non-members whose family members or survivors are members.^{1, 2, 3}