What to do when a Red Rocks CU account holder dies
Report the death to Red Rocks CU at 1-303-471-7625
When a member of Red Rocks CU passes away, Red Rocks CU 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.
The claim process begins with a phone call to the institution. Have the account holder's full name, account numbers, and the death certificate available when making initial contact.
Death claim process
To file a claim after an account holder's death, here is what Red Rocks CU requires:
Filing a claim
What happens to each kind of account4
- Joint account with survivorship
Funds are owned by the joint owners with right of survivorship, and payment to the survivor or survivors discharges Red Rocks from liability for that payment.1
Any joint owner may give written notice to freeze a joint account. If Red Rocks honors it, the account stays frozen until all owners sign a written disposition of the funds.1
- Payable-on-death account
A beneficiary has rights only after the owner and any joint owners are deceased. The funds are paid to the beneficiaries of record in equal shares unless the owner designated otherwise.1
Where no payable-on-death beneficiary survives, the funds are paid to the party or parties required by applicable law.1
- Trust account
On the death of the last surviving trustee, Red Rocks distributes the balance to the named beneficiary, or to the beneficiaries then living in equal shares unless the trust documentation designates otherwise.1
- Certificate of deposit
A share certificate cashed before maturity carries an early-withdrawal penalty of 90 days' interest for terms of 12 months or less and 180 days' interest for longer terms.1
What Red Rocks CU's agreement and guidance say3
- Debts owed to the institution
Red Rocks may enforce a statutory lien and set off money the member owes it against the member's accounts. On a joint account the lien and set-off extend to amounts owed by any joint owner. They do not extend to a Keogh, IRA or similar tax-deferred deposit.1
- Arbitration
Disputes under the agreement go to American Arbitration Association arbitration, with a waiver of jury trial and class action relief.1
- Indemnity a claimant may have to give
The agreement's indemnity binds the member's successors, assigns and personal representatives.1
Not in Red Rocks CU's published guidance6
- A procedure for reporting a death
- A claim form
- A list of required documents
- Whether the death certificate must be certified
- Payments after the death
- Deposits after the death
Sources
Data sourced from Red Rocks CU primary sources (21 pages reviewed). How we research.
Red Rocks CU death claims support
Member Services
Phone
24/7 Member Support
Fax (Lending Services and Total Loss Claims)
Fax (General Services and Payoff Requests)
Hours
Mailing address
Website
Death notifications go through general customer service.
Estate planning articles
Learn how to protect your Red Rocks CU accounts and other assets with trusts, beneficiary designations, and estate planning documents.
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