Compliance Question of the Week

One of our members has died and his executor wants to open a decedent account. He also wants a debit card to go with the checks. Is it OK?

No regulations prohibit a credit union from offering a debit card on a decedent account, but keep in mind the purpose of such an account. The executor’s job is to pay the decedent’s bills and debts, after which the account will be closed. One of the safest ways to track the transactions is to use checks. For this reason, though not required, the credit union might develop a policy that limits the kinds of services provided to decedent accounts.

 

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

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