Loved one passed away? Steps to notify Milestones FCU-

Account Ownership Types

Individual Accounts are accounts without a joint owner or a designated beneficiary. In order to close the account, we would need a Death Certificate and a court-issued document appointing an executor/administrator or small estate affidavit in accordance with state laws.

Joint accounts are owned by more than one person. Joint accounts at MFCU are established with right of survivorship, which means if one or more of the multiple party owners dies, his or her interest in the account passes to the remaining owners. The surviving joint owner(s) can continue to use the account while the estate is being settled. Please note, we will eventually need to close the deceased owner’s membership. However, the joint owner does have the option to move the existing checking account to their own membership.

Co-borrower accounts, as is the case with joint accounts, co-borrowers on credit or lending products share equal responsibility for the debt. Upon the death of one borrower, the surviving borrower(s) continue to have responsibility for repayment. Note: Authorized users are not the same as coborrowers. An authorized user has permission to use an open credit product during the lifetime of the account owner; that right ends when the account owner passes away.

Power of Attorney, A Power of Attorney designating another to act on behalf of the account owner (the Principal) is valid only during the account owner’s lifetime; the power to act ends with the account owner’s death.

Frequently Asked Questions (FAQs)

What will MFCU need to close the accounts?

–Copy of the Death Certificate – The death certificate gives us the information needed to verify the identity and legal residence of our member. We will make a copy and return the original.

–Personal Representative Paperwork – If there is no joint owner or beneficiary on the shares, we will require Personal Representative paperwork. These documents are issued by the court and name a representative who will manage the assets and liabilities of the estate. For Small Probate: a properly executed Small Estate affidavit or court order, in accordance with state laws. We will make a copy and return the original.

How will outstanding loans / credit card balances be handled?

-If the member has Credit Life Insurance on his/her loan, MFCU will file the Credit Life Claim with Minnesota Life Insurance Company.

-If there is no joint owner on the share accounts, the available funds in the share are immediately transferred to the balance of any open loan.

-If the share account has a joint owner, the funds in the account are placed on hold to determine where the funds in the share were derived from. We will work with the joint owner or person who has an interest in the property to determine their intentions.

-If MFCU is unable to contact anyone and no payments are made on the loan, the collateral would go out for repossession.    

How long can the membership stay opened?

-We recommend that you settle your loved one’s accounts within a year of their passing. MFCU will continue reporting to the Internal Revenue Service (IRS) under the deceased member’s Social Security Number (SSN) until the accounts are closed.

What will happen to direct deposits coming to MFCU?

-If a direct deposit is received from one of the federal paying agencies (such as Social Security Administration) on or after the member’s date of death, MFCU may be required to return the funds.

If I am a joint owner, will I still have access to online banking?

-Yes, as long as the account remains open you will be able to access it through your online banking. 

If I am a joint owner on the account and have my own ATM / Debit Card, can I still use the cards to access the account? 

-Yes, if you are a joint owner on the account your cards will remain active.  We will automatically cancel the deceased owner’s card once we are notified of their passing. 

If I am the designated personal representative of the Estate, but I am not a joint owner on the deceased’s account; will I be able to access information on the account, such as balances or cleared checks, etc.?

-Yes. Once you provide a certified copy of the probate documentation naming you as the personal representative of the Estate, you will be entitled to all account information.

Does MFCU offer Estate Accounts?

-Yes. To establish an Estate account, we would need the death certificate, personal representative documents and the EIN confirmation document from the IRS.

How do I notify MFCU of a member’s passing?

-You can visit us at our branch, call us at 207-783-3991, email us at memberservices@milestonesfcu.com, or you can mail the documents to:

Milestones Federal Credit Union

291 Pine St

Lewiston, ME 04240