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Unexpected Situations: What to Do When One of Your Depositors Dies
Monday, May 20, 2013 6:05 AM

How does your credit union react when one of its depositors dies? Expecting the unexpected is something we often neglect to do, but is necessary in order to be properly prepared for unanticipated situations. 

It is important that credit unions act appropriately and promptly after the death of a depositor in order to avoid any liability. Join Elizabeth Fast, JD, CPA at Spencer Fan Britt & Browne, LLP on June 4 for her webinar, “Your Depositor Has Died: Actions to Take, Mistakes to Avoid” from 2-3:30 p.m. Central Time.

The webinar will thoroughly explain the proper procedures and processes your credit union should follow when a depositor dies, including:

  • Whether or not your credit union can pay checks after the death of that member
  • Who is able to negotiate a check made payable to the deceased member
  • How survivor accounts should be handled, such as payable-on-death and joint accounts
  • What to do if the deceased member was the sole account owner
  • Whether or not the decedent’s accounts can be set off for debts owed to your credit union
  • How your credit union should deal with the decedent’s estate
  • What to do if a probate estate is never opened
  • Whether your credit union should review obituaries
  • When Social Security funds can be reclaimed from the credit union

Additionally, credit union participants will receive a take-away toolkit that includes sample procedures for handling accounts of deceased members.

Deposit operations personnel, collectors, member service representatives, compliance personnel and managers are all encouraged to register. http://www.tcul.coop/your_depositor_has_died.html

For additional assistance, contact Training & Events at (800) 442-5762 ext. 6630 or nram@tcul.coop