What to do when a Washington Trust Bank (Spokane) account holder dies

On a joint account with survivorship, the owners mean for the balance to go to whoever survives, and two or more survivors keep holding it jointly with survivorship.^{1, 2, 3}

Opening a joint account without survivorship does not by itself give any owner a right to the others' shares, and the bank invites the owners to tell it in writing what each put in.^{1, 2, 3}

The Washington and Idaho terms offer a community property account for a married couple who intend everything in it, earnings included, to be community property. The Idaho version says it carries no right of survivorship.^{1, 2}

Beneficiaries of a revocable trust or pay-on-death account take only after everyone who set it up has died and only if still living. Two or more take equal shares with no survivorship among them.^{1, 2, 3}

Executors, administrators and conservators acting under court orders, and trustees under a written trust agreement, may open and keep accounts. The bank does not act as trustee and does not oversee the terms of the trust or the letters.^{1, 2, 3}

On a UTMA account, handing out the money when the minor dies or comes of age is the custodian's job, not the bank's.^{1, 2, 3}

The fixed-rate and jumbo CD disclosures list the death of the CD owner, and the death of the grantor of a revocable trust, as exceptions to the early withdrawal penalty.^{4, 5}

The IRA CD disclosures list the IRA owner's death as an exception to the early withdrawal penalty, and charge a $30 servicing or closing fee on IRA transfers, rollovers and early closures.^{6, 7}

Under the Idaho terms, a joint account with survivorship opened by a husband and wife converts any community property in it to separate property held jointly, and the whole of it goes to the surviving spouse.²

Estate settlement as the appointed fiduciary, from opening probate through final taxes and distribution⁸

Copies of statements and additional mailed statements are listed at no charge on the bank's fee disclosure.⁹

Account owners agree to tell Washington Trust Bank promptly when anyone with the right to withdraw from their account dies or is found incompetent.^{1, 2, 3}

The bank may go on honoring checks and instructions until it knows of the death and has had a reasonable chance to act, and may pay checks dated on or before the death for up to ten days afterward.^{1, 2, 3}

A power of attorney lasts until the owner's death, and an agent's or authorized signer's authority on a one-owner account ends at that owner's death. The bank may honor the agent until it has notice and a reasonable chance to act.^{1, 2, 3}

The bank may apply the account to a debt an owner owes it that is due, but not where the account is an IRA or similar retirement account or the debtor can withdraw only in a representative capacity.^{1, 2, 3}

When survivors or beneficiaries make competing claims to an account, the bank may hold the funds until a court decides or until it has evidence it accepts that the dispute is settled.^{1, 2, 3}

Served with a levy, garnishment or similar order, the bank may freeze the account until a final court ruling and charge its response costs to the account. Its fee disclosure lists $75 for a garnishment or levy.^{1, 9}

An account with no activity or contact for a period of years can be surrendered to the state, after which a claim goes to the state and not to the bank.^{1, 2, 3}

The personal terms for each state are governed by federal law and that state's law: Washington, Idaho or Oregon.^{1, 2, 3}