What to do when a BluPeak CU account holder dies

A share account in the deceased member's name alone, not held in joint tenancy with another member, may be continued until the close of the dividend period in which administration of the estate is completed.¹

Ownership passes to the surviving owner or owners.²

On an account with a single owner, ownership passes to the named pay-on-death payee or payees.²

On an account with several owners, ownership passes to the surviving owner or owners, and to the pay-on-death payee or payees only after all owners have died.²

BluPeak follows the separate trust agreement filed with it.²

An executor or administrator appointed by court order may open or manage an account in that capacity, on BluPeak's approval.³

Closing a term certificate early can carry the early withdrawal penalty even when the member did not initiate the withdrawal.³

BluPeak may pay or certify checks the member wrote on or before the date of death for up to 10 days after the death, unless someone claiming an interest in the account orders it to stop payment.³

A power of attorney ends at the owner's death. BluPeak may keep honoring the agent's transactions until it has written notice or actual knowledge of the death and a reasonable opportunity to act.³

If survivors or beneficiaries make competing claims, BluPeak may hold the funds until a legal proceeding decides the claim or it receives evidence satisfactory to it that the dispute is resolved.³

An account with no activity for 12 months becomes dormant and may be charged a $3 monthly inactivity fee.^{3, 4}