What to do when a West Bank (Iowa) account holder dies

Every joint deposit account at West Bank carries survivorship. When one owner dies, the surviving owners are entitled to all of the money, subject to the bank's setoff right and security interest.¹

Where more than one owner survives, they keep owning the account together with survivorship.¹

When the last owner of a payable-on-death account dies, West Bank may pay the remaining balance to the beneficiaries then living, after charging the account for anything the owner or a beneficiary owes it. Two or more beneficiaries share equally.¹

A personal representative, trustee or other fiduciary must be named in that role on the signature card, and West Bank may ask for papers proving the appointment, such as Letters of Appointment.¹

A successor custodian named on the signature card of an Iowa or Minnesota transfers-to-minors account has no authority over the money until the custodian dies or becomes incapacitated.¹

After a death, West Bank may keep accepting, paying and collecting items until it learns of the death and has had a reasonable time to act.¹

West Bank holds a security interest in the account and may use the money in it, without notice, to pay a debt owed to it. On a joint account it may do so for the debt of any one owner.¹

The account holder agrees to pay West Bank's costs, including reasonable attorney fees, for responding to demands about who owns the money in the account.¹

A checking account goes dormant after a year with no activity or contact and a savings account after two. After three dormant years, the account may be turned over to Iowa or Minnesota as abandoned property.¹

A dormant account is charged $10.00 a month. Account research costs $50.00 an hour with a $50 minimum, research copies $5.00 a page and an additional statement $10.00.²

Iowa law governs the account agreement, and some Minnesota laws apply to certain accounts where the law requires it.¹