Compliance Question of the Week

Regarding death of member account. We have the executor of the estate of our deceased member in to close account. However, this account has a beneficiary, so the funds in this particular account go to the beneficiary; but can we give that information to the executor?

You may inform the executor that there is a beneficiary to the account. As the person responsible for settling the estate, the executor is entitled to information about the account prior to the death of the member. This would include information from the signature card showing the designation of the beneficiary. The beneficiary is the person who is entitled to the funds in the account.

If the executor wishes to fight that, they can take it to court. If that happens, you as the credit union are then aware of a dispute and would freeze the account under RCW 30.22.210 until you are provided with direction from the court as to who gets the money in the account.

Related Links

RCW 30.22.210
ORS 723.490


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

Posted in Around the NW, Compliance.