What to do when a Renasant Bank account holder dies

An individual account "does not create any ownership in any person by survivorship" (Section 13). For Alabama and Florida accounts, ownership passes as part of the estate, "subject to any applicable law granting right of withdrawal to persons other than estate representatives" (Section 20).¹

Ownership passes to the surviving account holder or holders, subject to holds, pledges, and Renasant's security interest and right of setoff (Section 14).¹

Funds are paid in equal shares to the named beneficiaries then living, and the money "will not be inherited by the heirs of the owners(s) of the account or controlled by the will of such owners(s)" (Section 15).¹

On an Alabama or Florida joint account with a payable-on-death designation, the beneficiaries take at the death of the last surviving party (Section 20).¹

An estate account is a fiduciary account under Section 18. Renasant is not a fiduciary on it, will not enforce or monitor the fiduciary document, and is indemnified by each fiduciary against claims by beneficiaries or other fiduciaries.¹

On a Florida convenience account, at the principal's death the balance is paid to the court-appointed personal representative of the principal's estate or as otherwise provided by law (Section 20).¹

A Florida account held by spouses is treated as a joint account with survivorship unless tenancy by the entireties is expressly designated in writing on the signature card, in which case the account belongs to the surviving spouse (Section 20).¹

On a Louisiana joint account Renasant may pay the surviving holder or holders, but that authority protects Renasant only. The survivors may be liable to the heirs, legatees or creditors of the deceased holder to the extent the funds withdrawn were owed to the deceased (Section 20).¹

Notice sent to Renasant "is not effective until we have received it and have a reasonable opportunity to act on it" (Section 37).¹

An authorized signer's authority ends when the owner dies and Renasant receives actual notice of the death, meaning notice to an employee with responsibility over administration of the account (Section 19).¹

A power of attorney ends when Renasant receives actual notice of the death. The notice must "actually, rather than constructively, come to the attention of the person who initially accepted the power of attorney on our behalf," and one Business Day to act on it is agreed to be a reasonable time (Section 11).¹

Renasant may apply the balance to a debt the deceased person owed it. The right of setoff "shall continue following your death to the same extent it existed immediately prior to death" and "may be enforced against a successor in interest to such funds, whether a pay-on-death beneficiary, your estate, or otherwise".¹

The agreement extends setoff to federal or state benefit payments, including Social Security benefits, deposited to the account, unless prohibited by applicable law or regulation.¹

If the federal or state government reverses a direct deposit for any reason, Renasant may deduct all or part of it "without prior notice and without liability," even if that overdraws the account (Section 1).¹

Renasant may pay or dishonor a check more than six months old without prior notice (Section 27).¹

If anyone claims ownership of the funds and Renasant has a good-faith doubt about the claim, it may hold some or all of the balance until the claim is resolved, interplead it into court, or hold the funds pending a declaratory judgment (Section 21).¹