A Guide for Settling GECU Accounts

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When a Loved One Passes We are deeply sorry to hear of the loss of your loved one. While nothing can take away the hurt or sadness you and your family may be feeling, we hope we can help make this challenging time a little less difficult. This pamphlet will help you understand what to expect as we assist in settling the General Electric Credit Union (GECU) accounts for your loved one.

Our Account Settlement Approach. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Where to Start . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Understanding Probate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Estate Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Continuing Membership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Direct Deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Single-Titled/Individual Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Joint Accounts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 GECU Debit Cards. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Automatic Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Individual Retirement Accounts (IRAs). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Trust Accounts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Consumer Loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 GECU Credit Cards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Real Estate Secured Loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Home Equity Lines of Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Safe Deposit Boxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Account Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 CallConnect. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 GECU Online Banking and Mobile App. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Account Designations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Updating Your Family’s Estate Plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Contact Information and Additional Resources. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

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family and ensure those who are entitled to receive the assets receive them. It also ensures all debts and taxes are paid. The court will use the Will to determine who is to be the appointed executor of the estate. If there is no Will, the court will appoint an administrator, usually a spouse or relative.

Our Account Settlement Approach

Once you have informed us of the passing of your loved one, we’ll work with you to settle any applicable accounts and loans with GECU. A specialist from our Specialized Account Group will work closely with you and serve as your main point of contact throughout the entire process. Working in collaboration with our support teams, they will make sure every step of the process is straightforward and easy so you can focus on more important matters during this time.

A GECU Specialized Account Representative is not a substitute for qualified legal, tax, or financial advice. It is best to consult an attorney to determine what property is or is not subject to probate.

Because each member has a unique relationship with GECU, the first step we’ll take is to review your loved one’s financial relationship with us. From there, we’ll help you understand the status of your loved one’s accounts. Some accounts may need to be closed; for some, a transfer of ownership may be necessary, and others (such as loans), may need to be paid off in order to be settled. For each situation, we will clearly communicate your options and guide you through the process of settling these accounts so your loved one’s financial interests remain safeguarded and protected.

Estate Account

In some situations, it is beneficial to open an estate account to administer a person’s financial assets after they have passed away. The size and complexity of the deceased’s accounts, plus state probate laws, will determine how long the process will take. If the estate is large or complex, the probate process can take months or years to complete. On the other hand, the probate process may not be required if the deceased’s estate had accounts that are classified as “Joint with Right of Survivorship” or, depending on the size of the estate, you may qualify for relief of administration.

As you have questions or concerns, contact our Specialized Account Group directly:

An Employer Identification Number (EIN) will need to be established with the IRS for the estate. We can open either a checking or a savings account as the estate account. This account can be used by authorized individuals to pay for funeral expenses or other outstanding bills the deceased may have, or to distribute estate fund to the beneficiaries.

• Monday – Friday: 8 am – 5 pm • 513.204.4899 | 800.542.7093 x4899 • specializedaccounts@gecreditunion.org

Where to Start

In addition to the initial conversation with our Specialized Account Representative, we will need to view documentation including a certified copy of the member’s Death certificate to begin the account settlement process. Depending on the uniqueness of your situation, our Specialized Account Representative may request additional information.

To be eligible to establish an estate account, the Executor must be a GECU member or qualify for GECU membership. For more information on opening an estate account, please reach out to the Specialized Acount Group.

Continuing Membership

You may also be asked to provide:

After the death of a GECU member, family members remain eligible for membership. Our Specialized Account Representative can provide more information.

• Letters of Testamentary/Letters of Administration • Employer ID Number (EIN) for an Estate • State Identification for the Executor/Administrator or Personal Representative • Relief from Administration Documents • Court Appointed Documentation

Understanding Probate

Probate is the process by which the court determines the authenticity of a Will. It is designed to protect the 2

A Look at Your Loved One’s GECU Accounts and Services This section reviews important considerations regarding your loved one’s GECU account(s). Your Specialized Account Representative will provide guidance on your specific situation and what additional steps may need to be taken.

We recommend trying to settle the deceased member’s accounts within 90 days.

Direct Deposits GECU is required by law to return any direct deposits received from certain federal agencies (such as Social Security or Veterans Administration) on or after your loved one’s date of death. Included are funds paid from the U.S. Treasury Department, such as: • Social Security/Supplemental Security Income (SS/SSI)

• Department of Defense Retirement (DFAS)

• Civil Service Retirement (OPM)

• Department of Veterans Affairs Retirement (VA)

• Railroad Retirement Board (RRB)

• And, other federal departments

Single-Titled/Individual Accounts • When your loved one is the sole owner of an account (referred to as an individual account), we will secure the account immediately upon notification of the account owner’s death. This is to protect the assets with the account to ensure unauthorized transactions do not occur.

• If the account has an individual owner and no listed beneficiaries, upon satisfaction of GECU lending commitments, the funds will be disbursed to the deceased member’s estate.

Joint Accounts A joint deposit account is classified as “Joint with Right of Survivorship.” In this instance, the funds in the account will transfer to the surviving owner once any GECU lending commitments have been satisfied. GECU will request the surviving owner to close the joint account and open a new, individual account. We realize this may not fit every member’s situation; a Specialized Account Representative will assist you during this process and may be able to offer additional options to better serve you.

GECU Debit Cards GECU debit cards in the deceased member’s name will be deactivated immediately upon notification of the cardholder’s death. This protects against unauthorized purchases being made with the card. If you are a joint owner on the deceased member’s account and have a GECU debit card of your own, you can continue to use your card unless the account needs to be closed. Our Specialized Account Representative can answer questions you may have about the continued use of your debit card.

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Automatic Payments GECU will continue to pay items authorized by the decedent for joint accounts after notification of the death. If there are scheduled automatic payments, you will need to notify the company(ies) to stop making the withdrawals or, make other arrangements.

Certificates Disbursements will be made once all applicable GECU Lending, credit cards, and loan commitments have been fulfilled.

Single-titled/individual certificate accounts • When your loved one is the sole owner of a certificate, referred to as an individual account, and there are beneficiaries listed on the account, funds will be distributed without penalty to the beneficiaries per their wishes.

• If the certificate has an individual owner and no listed beneficiaries, the funds will be disbursed to the estate for the deceased member without penalty.

Joint certificate accounts • When one of the owners of a joint account is deceased, the certificate will need to be closed. The surviving joint accountholder will have the option of either opening a new certificate, in his or her name, or cashing in the certificate. If the joint owner chooses to open a new certificate, this new certificate can keep the same dividend rate and maturity date as the original certificate. No penalties will be assessed.

Individual Retirement Accounts (IRAs) IRA(s) will be closed without a penalty from GECU. When GECU receives a certified death certificate, we will notify our third-party service, Ascensus. The IRA beneficiaries will receive election paperwork within 7-10 business days from Ascensus once the death claim has been filed. Please complete and return these forms to Ascensus within 60 days.

Trust Accounts If the Trust Agreement lists multiple trustees including the decedent, the decedent will need to be removed from the account. Once all initial trustees have passed, the successor trustee will need to provide an updated trust certification and death certificates for all initial trustees, so they can take over managing the trust per the Trust Agreement. If all original grantors of the trust are deceased, the successor trustee will need to apply for an EIN for the trust. If you have any questions concerning how to handle the trust, you should refer to your Trust Agreement and contact the attorney helping you settle the estate.

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Consumer Loans As part of our review, upon proper documentation, our Specialized Account Representative will provide the status of any consumer loan(s) and guide you through options for the settlement of those loan accounts. GECU has the right to place a hold on any GECU deposit accounts also held in the deceased member’s name that have been pledged as security for a loan. We may apply the proceeds of a depository account to any loan in accordance with the membership agreement, terms of the loan, and federal and state law.

If Life and/or Disability Insurance was on the loan, upon receipt of a certified death certificate, we will forward the life insurance claim forms. We would also initiate any warranty and/or other insurance cancellations necessary on the loan.

GECU Credit Cards If your loved one is the sole owner of a GECU credit card, the card(s) will be blocked and deactivated. When we receive a copy of the death certificate, the account will be closed. Any outstanding balance is the responsibility of the member’s estate. GECU has the right to place a hold on any GECU deposit accounts also held in the deceased member’s name that have been pledged as security for a loan.

If it is a joint account, and the joint owner wishes to keep a credit card, we will assist in re-qualifying the joint owner and transfer the balance. In some situations, the credit limit may be reduced. If the decision is made to not re-apply for a credit card, the card will be closed, and any existing balance will become the responsibility of the joint owner.

We highly recommend destroying any cards belonging to the deceased as an additional preventative measure against unauthorized transactions.

Real Estate Secured Loans Upon providing proper documentation, our Specialized Account Representative will help you understand the status of any loan(s) your loved one may have had with us and determine the next appropriate steps for each situation.

Home Equity Lines of Credit If your loved one had a Home Equity Line of Credit, our Specialized Account Representative will provide information about that line upon receiving proper documentation.

• If a deceased member is the only borrower and there is an outstanding balance, the line will be closed and the balance will become the responsibility of the estate. When there is no balance, we will close the Home Equity Line of Credit and the discharge documentation will be sent to the mailing address on file.

• If there is a co-borrower on the Home Equity Line of Credit, the line will be frozen. At that point, the surviving joint owner may re-qualify to continue to access the funds, if they so choose. The co-borrower will assume responsibility for repayment.

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Safe Deposit Boxes If a Safe Deposit Box owner passes away and does not have a joint box owner, in accordance with requirements by law, we will safeguard the contents of the box while still providing access to appropriate representative(s). We will provide access to a box once we have reviewed a Letter of Testamentary, Letters of Administration, or a court order stating who the executor, administrator, or designee able to open the box is. Access will be granted to the authorized individual per the instructions on the documents.

Account Statements Statements or eStatements will be provided to the joint owner at the joint owner’s stated preference. If there is no joint owner, statements may be transferred to a personal representative once he or she has been appointed. Once an account is closed, a final statement will be mailed to the address on file which will include the account’s closing transaction.

CallConnect Upon notification of death, we will cancel access to CallConnect and it will no longer be available using the deceased’s member number and CallConnect PIN.

GECU Online Banking and Mobile App Once we receive notification of death, access to our Online Banking and mobile app will no longer be available using the deceased member’s login credentials. We will also cancel any Bill Pay accounts set up in the deceased’s name.

If you would like to continue to pay the deceased’s bills using Bill Pay and you are joint on the deposit accounts, our Specialized Account Representative will work with you to establish Online Banking/mobile app credentials.

Account Designations Power of Attorney • All legal powers of the Power of Attorney are considered void upon the death of the person who granted the powers.

Accounts with beneficiaries • Funds in an account(s) with beneficiaries will be disbursed upon request directly to those named as beneficiaries once all GECU lending commitments are satisfied.

• Funds in a jointly owned account(s) with beneficiaries will be transferred to the joint owner(s).

• Only upon the death of all account owners are funds disbursed to designated beneficiaries.

Updating Family Estate Plans Estate plans consist of many different components: a Will, Power of Attorney, a Living Will, and for some people, a trust. If you would like to review and/or update your current estate plan, we can provide a free estate planning consultation. We can also help establish estate plans for surviving family members, to help avoid future issues for their next of kin.

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For More Information We know this can be a difficult and confusing time for you and your family. We are here to help and want to answer any questions or concerns you may have pertaining to your loved one’s account(s).

GECU Specialized Account Group Monday – Friday: 8 am – 5 pm 513.204.4899 | 800.542.7093 x4899 specializedaccounts@gecreditunion.org

Additional Resources: Social Security Administration

800.772.1213

Veteran’s Administration

800.827.1000

OPM Retirement Services

888.767.6738

General Electric Aerospace

513.243.2000, select Option 5 email: GEAerospace@wtwco.com Visit: mygeaerospacepension.com, click Report a Death

Todd Blessing - GECU Wealth Management*

513.577.8901

Erik Waldron - GECU Wealth Management*

513.204.7710

Mark Bonfield - GECU Wealth Management*

513.409.8688

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. General Electric Credit Union and GECU Wealth Management are not registered as a broker-dealer or investment advisor.

Registered representatives of LPL offer products and services using GECU Wealth Management, and are employees of LPL. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, General Electric Credit Union or GECU Wealth Management. Securities and insurance offered through LPL or its affiliates are:

*

not insured by ncua or any other government agency

not credit union guaranteed

not credit union deposits or obligations

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may lose value

Notes

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Our Mission

Improving the Quality of Financial Lives

Our Vision Be number one in hearts and minds of Greater Cincinnatians through our mission to Improve the Quality of Financial Lives for employees, members, and our community.

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