We understand that the lose of a loved one can be a very difficult time. We want to make all the financial procedures as clear and convenient as possible. This is how we do it.
Individual Accounts
Upon knowledge of the death, the Credit Union will freeze the account ensuring that no credits or debits are made. The account will be closed and transferred into an estate account upon notification by the executor. It is the executor's responsibility to provide us with a death certificate and a certified copy of the last will and testament* in order for the funds to be transferred over to an estate account.
Our estate accounts only allow for the executors of the will to control the finances. All cheques being deposited into this account must be made to the 'estate of' the deceased rather than the deceased themselves.
*If the balance in the single account is more than $10,000.00, the will must be probated.
Joint Accounts
Upon receipt of a death certificate, the deceased member will be removed from the account. Right of survivorship comes into effect, allowing the joint member(s) to maintain all activity of the account.
All cheques issued by or to the deceased member can not be honoured by the Credit Union. Cheques written by the deceased will have to be returned to the payee as "member deceased". Any cheques payable to to the deceased will need to be retruned to the payor and reissued to the estate.
Feel free to contact us with any question or concerns that you may have.
|
