What to do when a RBFCU account holder dies

A POD account is payable on request after the death of all account owners. Funds left after all credit union obligations are satisfied belong to the surviving POD payees, distributed equally, and are not part of the owner's estate.¹

With right of survivorship, which applies only where elected and indicated, all sums on the date of death vest in the surviving party or parties. Surviving joint owners may continue to maintain the account upon ownership restructuring.¹

RBFCU makes no representation about the legal consequences of survivorship rights, including consequences arising out of community property laws.¹

Without right of survivorship, the deceased party's ownership passes through the estate.¹

A convenience signer has no right of survivorship. The account remains in the estate of the last surviving party.¹

Ownership of a single-party account with no POD designation passes as part of the owner's estate under the will or the law governing intestate estates, and the executor or administrator opens an estate account.¹

RBFCU may accept deposits in the name of "the estate of a deceased member being administered under applicable law".¹

Once RBFCU receives notice that Letters Testamentary or Letters of Administration expired without renewal, it has no obligation to honor any check or withdrawal on the estate account until it receives renewed Letters or another court order.¹

All executors or administrators must have a primary savings account at RBFCU to open an estate account.²

An executor presenting Letters Testamentary is granted full access as a representative of the decedent. A power of attorney is void at the renter's death, and a deputy's access ends when the owner or renter dies.³

RBFCU generally suppresses periodic statements on a single-party deceased account. Statements are available on request to heirs or the legal representative.¹

RBFCU's guide with checklists and worksheets for settling a deceased member's accounts.³

When an account owner dies, RBFCU may place a hold on the account funds.¹

RBFCU may keep paying items and payment orders until it is notified of the death and has a reasonable opportunity to act. After notice it may still pay items or payment orders the deceased owner authorized, unless a person claiming an interest in the account orders a stop payment.¹

RBFCU may keep accepting deposits until it is notified of the death and has a reasonable opportunity to act.¹

U.S. Government benefit payments direct-deposited after death are returned to the processing agency based on the effective date the agency submits. RBFCU may deduct a reimbursed benefit payment from any of the member's accounts without prior notice, even if that overdraws the account.³

Survivors who believe they are entitled to a government benefit payment contact the paying agency.³

RBFCU may require a person claiming an interest in the account who orders a stop payment to indemnify it.¹

RBFCU may continue to pay dividends after death, and relies on its records at the time of death when making distributions.¹

A deceased member who remains on an account more than six months after death may be removed without notice.¹

The Truth in Savings Fee Schedule (M161AA R 03-01-26) charges a $10 per month Inactive Account Fee when an account "is a Single-Party deceased account".¹

Medallion Signature Guarantees for securities transfers cost $25 per visit for members whose account has been open at least six months. A signer acting other than as owner provides proof such as Death Certificates or Letters of Office.⁴