What to do when a Sunward account holder dies

Credit cards in the deceased member's name are closed. A spouse who relied on one applies for a new card, which Sunward approves on the spouse's own current income.¹

When the owner of an individual account dies, the account goes to the owner's estate, a payable-on-death payee or a trust beneficiary, still subject to Sunward's lien and any pledge the owner gave.²

Every Sunward joint account carries survivorship: the surviving owners take the balance, but it stays answerable to Sunward's lien for the deceased owner's debts and to any pledge that owner made.²

After the last owner dies, a payable-on-death account goes to the payees who survive, in equal shares and without survivorship among them unless Sunward has documented another split. Sunward has no duty to tell a payee about the account.²

Sunward may, at its option, pay out a term certificate before maturity with no early withdrawal penalty when an owner dies.³

An estate account or a living trust account at Sunward cannot have joint owners or a payable-on-death payee.²

The business agreement applies the same death terms to a sole proprietor's business account: transactions may go through until Sunward learns of the death, and checks may still be paid for ten days after it.⁴

Brokerage and advisory accounts opened through the financial professionals located at Sunward branches⁵

Trust and estate planning services for Sunward members, including estate settlement⁶

Sunward's certified guarantors guarantee signatures on securities transfers, including transfers after a joint owner's death, with every owner appearing in person with ID. Its surety limit is $2 million.⁷

Who qualifies: Members with a personal or business account at Sunward

The family does not have to call or come in right away and can usually wait a few weeks. Sunward asks to be told within 30 days of the death.⁸

If the Social Security Administration reports the death before a joint owner, payee, personal representative or relative does, Sunward notes the account and may freeze all access to it, online and mobile banking included, until someone contacts it.⁸

A power of attorney over a member's account ends at the member's death. After that only joint owners, payable-on-death payees and a court-appointed personal representative can reach the accounts.⁸

Sunward may keep processing a member's transactions until it learns of the death, and for ten days after the death it may still pay the member's checks unless someone with an interest in the account asks it to stop.²

Anyone claiming money from a deceased owner's account may be asked to cover Sunward against losses from paying that claim.²

Sunward holds a lien on a member's accounts and may apply them to a defaulted debt owed to it, or freeze them to protect that lien. IRAs are outside the lien.²

If the member owed Sunward on a loan or credit card, money in the member's Sunward accounts goes to pay that balance, which can surprise a joint owner.¹

Once a will has been filed with the court and an executor named, Sunward works with the executor.¹

Sunward will set up accounts to follow a trust, a will or a court order on request, but it gives no legal advice on which arrangement fits, and it may decline instructions it sees as risky or ask for an indemnity or a bond.²

A checking account tied to a deceased member stops earning Sunward's promotional checking rate.⁹

A trust or estate account set up with an EIN appears under the user's own online banking login rather than a separate one, and the user can hide it in the account settings.¹⁰

An estate account on which a member is the personal representative or executor shows in that member's online banking, and checks can be deposited to it in the Sunward mobile app.¹¹

Sunward's membership agreement is governed by its bylaws, payment-system rules, federal law and New Mexico law, and a lawsuit over it goes to the county where Sunward is located.²

Anyone may apply through a free American Consumer Council membership; employees and retirees of partner companies, their family and household members, and people tied to Valencia County, New Mexico also qualify.¹²