Survivors Guide to Account Management

We’re Here to Help

At Emblem Credit Union our members are like family. When we experience the loss of a member, we are attentive in helping the surviving loved ones navigate the complex process of managing the final financial affairs. We feel that this task shouldn’t be a heavy burden in an already difficult time. We hope to provide needed support and tools, along with continuation of the highest level of member service. We want you to know that you are not alone; we are here to help.

Where to Begin

Notify the Credit Union as soon as possible after the passing of your loved one. Please be prepared to provide the following information:

  • Name of the deceased
  • Date of their death
  • Name(s), address(es), phone number(s) of individual(s) who will be the main point of contact or Estate Representative, if the account is individually held
  • Valid US Government Issued ID of contact

As obtained:

  • Original Certified Death Certificate
  • Letters of Administration or Testamentary, if applicable

Please contact our Deceased Support Representative to determine which document(s) you will need to provide to manage the account(s). ECU does not accept wills, last testaments or provide legal advice.

Account Management

What to Expect Based on Account Type and Ownership

Individually Owned Account(s):

Funds held in individually owned accounts will be distributed either to the estate representative(s) or named beneficiary(ies) after all required documentation has been provided and outstanding debt at the Credit Union has been paid in full.

Jointly Owned Account(s):

  • Under normal circumstances, surviving account owners should not experience an interruption in access to accounts and services; however, we may suspend or limit account services if deemed necessary.
  • If the surviving account owner is the member, the deceased joint account owner will be removed from the account once required documentation has been provided.
  • If the surviving account owner is the joint account owner, the account must be closed. Membership cannot be transferred from one person to another. This can help avoid complications from Internal Revenue Service (IRS) reporting under the decedent’s Social Security Number (SSN). Special procedures will be performed when circumstances such as joint loans are active.
  • If the deceased is the payable on death beneficiary of an account, they will be removed once required documentation has been provided. Surviving account owners should update the beneficiary designation as desired.

Fiduciary Accounts:

If the deceased was a court-appointed Fiduciary such as guardian/conservator, or if the deceased was a ward that had been appointed a guardian/conservator, loved ones should reach out to the appointing court for guidance.

Steps to Take Regarding Accounts

  • Cancel or reauthorize direct deposits, pre-authorized drafts originally authorized by the decedent.
  • Re-direct pre-authorized drafts and deposits to new accounts.
  • Review account history for recurring electronic withdrawals. Contact respective companies to update account information to new account, if necessary.
  • Consider Safe Deposit box, update signers if needed.
  • Update official documents, as needed. (example: Car Titles, Deeds, etc.)

Additional Considerations

  • Other Financial Institutions
  • Current and/or Former Employers (to check for potential benefits or a pension)
  • Social Security Administration, Veterans Administrations, Agencies providing decedents Civil Service, Pension/Retirement, etc.
  • Stockbrokers, Financial Investors or Advisors
  • Tax Advisor
  • Utility Companies
  • Insurance Companies (Auto, Home, Health, Life)
  • Consumer Reporting Companies
  • Mortgage Companies
  • Auto Finance Companies
  • Credit Card Companies
  • Circuit Court Clerk’s Office (In jurisdiction where the decedent last resided and paid taxes)

Helpful Contacts

Consumer Reporting Companies

Equifax

www.equifax.com
(800) 685-5000

TransUnion

www.transunion.com
(800) 916-8800

Experian

www.experian.com
(888) 397-3742

Government Agencies

Social Security Administration

www.ssa.gov

(800) 727-1213

U.S. Department of Veterans Affairs

www.va.gov

(800) 827-1000

 

CONTACT US

 

*The information contained in this Guide is for informational purposes only and not for the purpose of providing legal, tax, financial planning or investment advice. We do encourage you to seek advice for these items from professional advisors. For matters relating to the probate court, please contact the probate office in the jurisdiction where the property of the decedent is located.