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: sbrown@ohiocul.org
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