What to do when a Wright-Patt CU account holder dies
Report the death to Wright-Patt CU's Special Services at 1-800-762-0047
When a member of Wright-Patt CU passes away, the Special Services handles the transition of accounts to beneficiaries or the estate. Accounts with Payable on Death designations or trust ownership transfer outside of probate, while solely-owned accounts may require Letters Testamentary or Letters of Administration from the probate court.
Death claim process
The death claim process at Wright-Patt CU works as follows:
Filing a claim
Required Documents
- Evidence of the account owner's death, for a payment to the beneficiary of a health savings accountThe custodian decides what evidence is appropriate.
What happens to each kind of account6
- Joint account with survivorship
All joint accounts are owned with rights of survivorship. The deceased owner's interest becomes the property of the surviving joint owner or owners.1
- Payable-on-death account
When the last owner dies, remaining funds are payable to any surviving payable-on-death beneficiary designated under the credit union's procedures, subject to its right of set-off. Several surviving beneficiaries own the account in proportion to the percentages in the designation.1
The credit union is not obligated to notify beneficiaries of the account or of the vesting of their interest, except as provided by law.1
- IRA
An IRA passes by its own beneficiary designation. Payable-on-death designations do not apply to IRAs.1
The early withdrawal penalty is waived in the event of the depositor's death.2
- Health savings account
A health savings account passes by its own beneficiary designation. No payment is made to a beneficiary until the custodian receives appropriate evidence of the account owner's death, as the custodian determines.3
- Certificate of deposit
The early withdrawal penalty on a share certificate is waived in the event of the depositor's death.4
- Life insurance policy
Wright-Patt pays for $2,000 of accidental death coverage for its members at no cost to them, underwritten by Minnesota Life Insurance Company. A death by accident can carry a claim on that coverage.5
What Wright-Patt CU's agreement and guidance say2
- Payments after the death
The credit union may keep accepting, paying or collecting items until it knows of the death and has a reasonable opportunity to act. For 10 days after the death it may pay checks drawn on or before the date of death, unless a person claiming an interest in the account orders a stop payment.6
- Debts owed to the institution
The credit union's right of set-off and security interest "are automatic and superior to any claims on the account arising through a right of survivorship."6
If the deceased joint owner had a loan with the credit union, the credit union may apply the balance in any account to the loan.1
Not in Wright-Patt CU's published guidance3
- Whether the death certificate must be certified
- Which court appointment document it accepts
- A list of required documents, for deposit accounts
Sources6
Wright-Patt CU's Special Services can be reached by phone at 1-800-762-0047 for questions throughout the claims process.
Sources
Data sourced from Wright-Patt CU primary sources (39 pages reviewed). How we research.
Wright-Patt CU death claims support
Special Services (reached through the Member Help Center)
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