How to handle deceased member accounts; InfoSight

Published by: Sean Brown

June 15, 2022 | Compliance, Member Benefits

The League has received compliance questions recently about how to handle deceased member accounts so we went to our experts at InfoSight. In the event of a member’s death, a credit union must determine the proper disposition of the remaining funds, how to settle any outstanding obligations, and what information needs to be retained. A joint account owner, family member, executor, administrator, or another person will most likely make a claim for funds in the decedent’s accounts. However, a credit union must protect against unauthorized account access and not disclose any non-public information about the deceased member without proper documentation of authority from the person requesting the information.

For additional information, including state considerations, frequently asked questions, checklists, and laws and regulations, log into InfoSight, a complimentary League benefit. For questions, contact Sean Brown, Director, Regulatory Affairs.

Contact Sean Brown for questions or assistance.

Sean Brown
Sean Brown Director, Regulatory Affairs E:
Contact Us

Other Movement News

Government Affairs

Election night success for credit unions; see how the midterms impact your credit union

Thanks to your generous support throughout the 2021-2022 elections, the Ohio Movement engaged with 122 decision-makers and invested more than $570,000 in state and federal legislative champions. Your partnership led […]

Year end snapshot: State and federal credit union priorities

Just like your credit union, the League is hard at work ensuring a successful year end and is focused on promoting and protecting credit union interests at the Statehouse and in Congress. Here are the League’s top issues as legislators wrap up their sessions: House Bill 116, the Ohio Computer Crimes Act, would close a legal loophole that bad actors can exploit to access sensitive data and information without penalty.
Member Benefits

Tips to keep your members safe this holiday season

Help your members stay financially safe during the holiday season by downloading helpful tips in December’s Monthly Marketing Toolkit, a complimentary resource as part of your League membership.