What to do when a Tower FCU account holder dies
Contact Tower FCU — 4-step process, 5 required documents, and tower states deceased-member accounts are closed within one to three months, and that an account should not remain open beyond six months. joint and pod accounts stay open (with survivor access) for up to 90 days, then close. interest is reported under the decedent social security number until the account closes. estate accounts requiring letters of administration depend on register of wills processing time.
Member Service Center
Tower Federal Credit Union, P.O. Box 123, Annapolis Junction, MD 20701-0123
Member Service Center
Tower Federal Credit Union, P.O. Box 123, Annapolis Junction, MD 20701-0123
Member Case Settlement Department
Tower Federal Credit Union, ATTN: Member Case Settlement Department, 7901 Sandy Spring Rd, Laurel, MD 20707
After a member of Tower FCU dies, the Member Case Settlement Department manages the transfer of accounts. POD-designated and trust-owned accounts pass directly to beneficiaries. Accounts held solely in the member's name may require probate court documents—Letters Testamentary or Letters of Administration—before funds can be released.
To start a claim, contact Tower FCU by phone at 301-497-7000 or email documentation to memberservices@towerfcu.org. You will need the account holder's full name, account numbers, and a certified death certificate.
Death claim process
Here is the step-by-step death claim process at Tower FCU:
Filing a claim
- Tower routes every deceased-member case to a dedicated Member Case Settlement Department rather than to general member service; read its Deceased Member Guide first at https://www.towerfcu.org/getmedia/9c357f86-78af-4904-bb6c-20a0fb16e8f0/Deceased_Member_Guide.pdf
- Report by phone at 301-497-7000 or 866-56-TOWER (866-568-6937), in person at any Tower branch, or by mail to: Tower Federal Credit Union, ATTN: Member Case Settlement Department, 7901 Sandy Spring Rd, Laurel, MD 20707
- Provide the deceased member name, account number (if known), and date of death
- Tower may also learn of the death from a U.S. Government notice and open the settlement case on its own; if that happens, still contact the Member Case Settlement Department
- Account agreement, "Death of Account Owner" (https://www.towerfcu.org/disclaimers): Tower honors transactions until it is notified of the death; after notice it may still pay drafts or other payments the deceased authorized for TEN (10) DAYS unless a person claiming an interest in the account orders a stop payment. Tower may also require anyone claiming a deceased owner's funds to indemnify it against losses
- The deceased member debit card is deactivated immediately; a Power of Attorney and any designated Convenience User on the account are voided by the death
- Every case: a certified copy of the death certificate, plus a copy of the driver license or state-issued photo ID of each joint owner and each POD payee not already known to Tower
- Single or joint account with a surviving joint owner: certified death certificate + photo ID for all joint owners. Survivors keep transaction access (checks, ACH, wires, their own debit card) up to 90 days while the account is settled
- Account with POD payees: certified death certificate + payee photo ID. A POD payee has NO authority over the account other than the funds in it; all services for PODs are discontinued immediately
- Account with no joint owner and no POD: the personal representative must supply Letters of Administration from the Maryland Register of Wills (https://registers.maryland.gov/), the certified death certificate, and the representative photo ID. By law those funds belong to the estate — this includes savings, club, checking, money market, and share certificate accounts
- Trust-titled account: trust documents and trustee identification. When the last trustor/grantor dies, the revocable trust becomes irrevocable and Tower closes the trust account (contact Tower's Certificate Department)
- Tower closes deceased-member accounts within one to three months; an account should not stay open beyond six months. Joint accounts and POD accounts are closed in 90 days
- Share certificates are closed WITHOUT an early-withdrawal penalty once the documentation requirements are met
- Multiple survivors (joint owners or POD payees) are paid in equal shares once open loans have been satisfied
- Tower's Collection Department may take the balance of any outstanding Tower consumer loan or credit card from the decedent share accounts before anything is distributed
- IRAs: the beneficiary is mailed a Beneficiary Payment Election form (Form 2321) by Ascensus, PO Box 2917, Clinton, IA 52733-2917. Options are lump sum, transfer to your own IRA, transfer to an inherited IRA elsewhere, or an inherited IRA at Tower with or without scheduled payments. Tower waives its own certificate penalty on the IRA distribution. Call 301-497-7000 for help with Form 2321
- Federal benefit payments (Social Security, VA, Railroad Retirement, OPM, DFAS) deposited after the date of death are RETURNED to the U.S. Treasury and are subject to Treasury reclamation. Tower will not contact the paying agency for you — settle any entitlement directly with that agency
- If Tower does not receive the required documents in a timely manner, the remaining funds may be ESCHEATED to the State of Maryland
- TruStage insurance claims and Tower Wealth Management (LPL Financial) investment accounts are settled through separate claim processes, not by the Member Case Settlement Department
- Loans and lines: after the Member Case Settlement Department has the Letters of Administration, certified death certificate, and personal representative ID, call Tower loan servicing at 866-538-6937
- Tower checks whether the member carried Debt Cancellation coverage and applies any proceeds to the loan balance as of the date of death; surviving borrowers or the estate owe the rest
- Mortgage, single borrower: the Successor in Interest calls 866-538-6937 for instructions. Mortgage with a co-borrower who is a Tower member: the loan is transferred to the co-borrower
- HELOC: if the primary member dies, the co-borrower must REQUALIFY; if they decline and are a Tower member, the loan is transferred to them for repayment only
- Credit cards: a sole-applicant card is closed immediately and NO interest accrues on the date-of-death balance, but statements continue until the balance is paid. A card with a co-applicant is also closed immediately, and the co-applicant must requalify for a new card
- Auto loan / Personal Line of Credit: Tower contacts the responsible party to refinance, pay off, or surrender; a PLOC balance may be collected from the decedent share accounts
Required Documents
- Certified copy of the death certificate
- Driver license or state-issued photo ID for each joint owner, POD payee, executor, or trustee not already known to Tower
- Letters of Administration from the Maryland Register of Wills (when the account has no POD payee and no joint owner)
- Complete trust document or Certificate of Trust (for trust-titled accounts, plus trustee identification)
- Beneficiary Payment Election form (Ascensus Form 2321) for an inherited Tower IRA — mailed to the beneficiary by Ascensus
What to know at this institution
Tower publishes a Deceased Member Guide (https://www.towerfcu.org/getmedia/9c357f86-78af-4904-bb6c-20a0fb16e8f0/Deceased_Member_Guide.pdf) and staffs a dedicated Member Case Settlement Department at 7901 Sandy Spring Rd, Laurel, MD 20707. Three Tower-specific points shape a settlement: (1) the account agreement lets Tower keep honoring payments the deceased authorized for ten days after it is notified of the death, unless someone with an interest in the account stops payment; (2) any federal benefit payment received after the date of death is returned to the U.S. Treasury and must be settled with the paying agency directly, and (3) Tower Collections may satisfy the decedent Tower loans and credit cards out of the share accounts before beneficiaries or the estate are paid. Deposit accounts are governed by the Maryland Multiple-Party Accounts law; unclaimed balances escheat to the State of Maryland.
Prepare your letter of instruction to Tower FCU
Tower FCU accepts a claimant-drafted letter of instruction. We draft it for you — addressed to Tower FCU's verified claims department, with the documents it requires enclosed.
Build your letter of instructionProcessing timelines at Tower FCU: Tower states deceased-member accounts are closed within one to three months, and that an account should not remain open beyond six months. Joint and POD accounts stay open (with survivor access) for up to 90 days, then close. Interest is reported under the decedent Social Security number until the account closes. Estate accounts requiring Letters of Administration depend on Register of Wills processing time. Incomplete documentation is the most common cause of delays—submitting all required documents with the initial claim helps avoid additional processing time.
Tower FCU requires several documents to process a claim, including Certified copy of the death certificate, Driver license or state-issued photo ID for each joint owner, POD payee, executor, or trustee not already known to Tower, and Letters of Administration from the Maryland Register of Wills (when the account has no POD payee and no joint owner), and additional documentation depending on the account type. Certified copies are typically needed—photocopies are generally not accepted for death certificates or court documents.
Frequently asked questions
Tower's Deceased Member Guide sets firm windows that most credit unions do not publish. Joint accounts and POD accounts stay open — with survivor transaction access — for up to 90 days and are then closed. Tower states deceased-member accounts are closed within one to three months, and that an account should not remain open beyond six months. Interest continues to be reported to the IRS under the decedent's Social Security number until the account closes. If Tower does not receive the certified death certificate and the claimant IDs in a timely manner, the balance can be escheated to the State of Maryland. Report the death to the Member Case Settlement Department at 301-497-7000 or by mail at 7901 Sandy Spring Rd, Laurel, MD 20707.
Yes, for a limited window. Tower's Membership and Account Agreement ("Death of Account Owner", https://www.towerfcu.org/disclaimers) says Tower keeps honoring transfers and withdrawals until it is notified of the death, and that even AFTER it is notified it may pay drafts or other payments the deceased authorized for ten (10) days, unless a person claiming an interest in the account orders a stop payment. Tower may also require anyone claiming a deceased owner's funds to indemnify it against resulting losses. Separately, any federal benefit deposit (Social Security, VA, Railroad Retirement, OPM, DFAS) received after the date of death is returned to the U.S. Treasury and is subject to reclamation — you must settle any entitlement with the paying agency yourself.
Yes. Tower's Deceased Member Guide states that its Collection Department may reserve the right to collect from the share accounts for any outstanding consumer loan or credit card on the decedent's account, and that funds are distributed to survivors, POD payees, or the estate only "once any open loans have been satisfied." Tower first checks whether the member carried Debt Cancellation coverage and applies any proceeds to the balance as of the date of death. A sole-applicant credit card is closed immediately and no interest accrues on the date-of-death balance. Loan questions after a death go to 866-538-6937, including a mortgage Successor in Interest.
Tower opens revocable living trust accounts on request from a trustee/grantor, but its Deceased Member Guide states that when the last trustor/grantor dies the trust becomes irrevocable and the trust account must be CLOSED. A successor trustee should not assume the existing account simply continues; plan on opening a new account for the irrevocable trust. Tower directs revocable living trust account questions to its Certificate Department. Tower's account agreement also lets it refuse a trust, will, or court-ordered instruction it believes exposes it to a claim, or require indemnification or a bond first.
Tower FCU's Member Case Settlement Department can be reached by phone at 866-568-6937, email at memberservices@towerfcu.org, and fax at 301-497-8930 for questions throughout the claims process.
When the deceased had multiple Tower FCU accounts, some may need separate claims while others can be handled together. The Member Case Settlement Department can clarify what's needed for each account type.
Sources
Data sourced from Tower FCU primary sources (21 pages reviewed). How we research.
Member Service Center
Tower Federal Credit Union, P.O. Box 123, Annapolis Junction, MD 20701-0123
Member Service Center
Tower Federal Credit Union, P.O. Box 123, Annapolis Junction, MD 20701-0123
Member Case Settlement Department
Tower Federal Credit Union, ATTN: Member Case Settlement Department, 7901 Sandy Spring Rd, Laurel, MD 20707
Estate planning articles
Learn how to protect your Tower FCU accounts and other assets with trusts, beneficiary designations, and estate planning documents.
Is this your situation?
Get a complete guide for your specific circumstances.
More tools for handling this estate
Calculators and checklists for executors and trustees.
How Much Does Probate Cost?
Estimate attorney fees, executor fees, court costs, and timeline for probating an estate in your state. See if the estate qualifies for simplified probate procedures.
How Much Can an Executor Charge?
Calculate how much an executor (personal representative) can charge for administering an estate. See if your state has statutory fees or uses reasonable compensation.
Who Inherits Without a Will?
Find out who inherits your estate and how much they get if you die without a will. Based on your state's intestate succession laws.
What's Fair Trustee Compensation?
Find out what's fair compensation for serving as trustee. Compare family, professional, and corporate trustee rates based on your situation.
How Much Are Estate & Inheritance Taxes?
Calculate federal estate tax, state estate tax (12 states + DC), and inheritance tax (5 states) for an estate or trust.
How Many Death Certificates Do I Need?
Calculate how many certified death certificates you need based on the assets and accounts you need to close. See state-specific ordering information.
