What to do when a Synchrony account holder dies

Completed online.¹

Completed by the beneficiary. Available to download. Must be notarized.²

Completed by the approved representative or trustee. Available to download. Must be notarized.³

Completed by the currently serving trustees. Available to download. Must be notarized.⁴

Completed by all executors. Available to download. Must be notarized.⁵

Completed by the joint account owners. Available to download. Must be notarized.⁶

Completed by all trustees. Available to download.⁷

Completed by the beneficiary. Available to download.⁸

Completed by the beneficiary. Available to download.⁹

Every joint account Synchrony opens carries a right of survivorship: when one owner dies, the money (apart from certain retirement benefits such as Social Security) belongs to the surviving owners, not the deceased owner's estate, and a will cannot change that.¹⁰

If the deceased was the primary owner, Synchrony closes the joint account and opens a new individual account for the surviving owner once it receives a copy of the death certificate. If the deceased was a secondary owner, Synchrony removes their name.¹¹

A surviving joint owner can disclaim the funds by written request to Beneficiary Relations; once the request is validated, the funds go to any beneficiaries listed on the account.¹¹

A payable-on-death account is paid to the beneficiary who survived all owners, or in equal shares to the beneficiaries who did, and a will cannot change that.¹⁰

Synchrony may impose requirements on a beneficiary before a distribution, such as proof of the account owner's death and written distribution instructions.¹⁰

A beneficiary can disclaim in section 4 of the Beneficiary Distribution Form or by written request. If no beneficiaries remain, Synchrony needs letters testamentary and an Estate Distribution Form, and then pays the estate or its beneficiaries.¹¹

An early withdrawal from a CD without penalty is generally permitted on the death of an owner.¹⁰

Synchrony can mirror a CD whose primary owner died: an internal transfer to a new Synchrony CD with the same APY and maturity date in the name of the surviving or new owners.¹¹

On the Trust Distribution Instruction Form the trustees certify that the trust has not been revoked or amended in a way that makes the form incorrect, and choose a transfer, a check to the trust, or a check to a trust beneficiary.⁴

Synchrony can establish a beneficiary IRA for a beneficiary and collect the funds.¹¹

If the customer was a New Jersey resident, Synchrony asks for an L-8 form or a tax waiver, and the L-8 must be an original hard copy with a wet signature.¹¹

The Estate Distribution Instruction Form asks whether the customer was domiciled in New Jersey within the last five years and, if so, how and when the customer changed domicile.⁵

A joint owner or the court-appointed executor or administrator can get the account's tax reporting form, such as a 1099-INT, once Synchrony verifies their authority. Beneficiaries are not issued a separate 1099-INT for the deceased customer's account.¹¹

The deposit agreement lets Synchrony place a hold on an account when an owner dies, retain the funds until it knows the successor, and require proof of death.¹⁰

To safeguard the account, Synchrony may place a hold on solely owned accounts, close ATM cards and remove authorized users, and cancel automatic transfers and recurring transactions.¹¹

Synchrony may disable online, mobile and telephone banking access on a deceased customer's account.¹¹

Until it receives notice and any required proof of death, Synchrony may act as if all owners are alive and keep accepting deposits until it has a reasonable opportunity to act.¹⁰

Government benefits paid after the death, such as Social Security, are returned to the government.¹¹

Synchrony may set off all the funds in a joint account to pay money any owner owes it, whoever contributed the funds. The right may not apply to an IRA or to a debt under a credit card agreement.¹⁰

A payee who is a Synchrony customer can take the funds by transfer to an existing account or by check. A payee who is not can open an account or take a check.¹¹

The Estate Distribution Instruction Form pays the balance by check to the executors, mailed in the name of the estate or in the name of the executor or a beneficiary of the estate.⁵

If no beneficiary is listed, Synchrony asks for probate or court documents to determine the authorized party and the next steps.¹¹

A minor beneficiary can require additional steps; Synchrony asks you to call 1-866-226-5638 so it can review the situation.¹¹

Synchrony shares account details only with someone who has a documented authorized relationship to the customer's account.¹¹

After verifying your identity and authority, Synchrony reviews the balance and the number of other beneficiaries with you. It discloses other beneficiaries' names only to an authorized representative of the estate.¹¹

On the Estate Distribution Instruction Form the executors certify that the customer's debts, taxes and claims have been paid or provided for, and agree to refund any amount distributed in error.⁵

On the Beneficiary Distribution Instruction Form the beneficiary certifies that the customer's debts, taxes and claims have been paid or provided for, and agrees to refund any amount distributed in error.²