Bereavement

SFCU extends our deepest sympathy for the loss of your loved one. We’re here to help you in every way possible.

What to do when a loved one passes

Steps to take now

Contact us at 877.642.7328 or cuonline@sidneyfcu.org. An employee will work with you review initial steps and to begin the process.

We strongly encourage sending personal information via secure email to keep your information safe.

To begin the process, you will need:

An original or certified copy of the death certificate.

We may also need additional documentation depending on account ownership or beneficiary status.

Helpful information

If your loved one was receiving government payments by direct deposit from a federal paying agency (such as Social Security, Department of Veterans Affairs), you must notify them of the death as soon as possible.

SFCU is required to return any government payments made after the date of death in the decedent’s Social Security number. This can be a complicated and challenging process. Helpful numbers are below to assist in this process.

Agencies you may need to contact

Social Security Administration
800.772.1213

Department of Veterans Affairs
800.827.1000

How to prepare your estate planning

It can be challenging to know where to begin when you're handling a loved one's financial affairs. Dealing with finances can feel overwhelming. We are here to make the process of transitioning accounts as simple as possible.
Every situation is unique, so you may also wish to reach out to a lawyer, tax professional, or trusted advisor for assistance.

Members should review and keep updated joint owners and/or beneficiaries listed on each of their accounts at the credit union. If your joint owner or beneficiaries are not already members of SFCU, encourage them, to open an account so funds can be transferred upon death.
- Please note: Joint owner(s) and beneficiaries are account associated, not member associated. Therefore, joint owner(s) and/or beneficiaries need to be added to each account individually.
Contact us to add a Joint owner(s) and/or beneficiaries. We can make the update(s) electronically or you may visit your local branch.

Disbursement of funds

SFCU's goal is to protect the privacy and wishes of our Members according to the signed Account Agreement. So we may require specific documents, court documents or involve processing from other official agencies.

Typically, a hospital or funeral home will notify the Social Security Administration (see link for more info.)
- Any government benefits for the deceased, such as Social Security, will stop and/or be returned.
- If an account is individually owned, the Credit Union is required to freeze the funds in the account upon receiving notice of the owner’s death. Any checks that have not yet cleared are returned, and all automatic withdrawals are rejected.
Prior to disbursing funds, the Credit Union needs:
- Death Certificate
- Valid photo Identification for each beneficiary
- Proper written instructions by the beneficiary for the distribution of funds (An internal transfer to another Credit Union account or a Cashier’s check are available).
Typically, a hospital or funeral home will notify the Social Security Administration (see link for more info.)
- Any government benefits for the deceased, such as Social Security, will stop and/or be returned.
- If the account is held in joint ownership, the deceased member will need to be removed from the account.
- The joint owner would need to transfer the funds to an account they are the Primary owner of or open a new account. It is recommended that a new joint owner is added to the account and existing beneficiaries are reviewed and or updated.
- Beneficiaries (Payable On Death) do not supersede the right of survivorship granted to Joint Owner(s).
Typically, a hospital or funeral home will notify the Social Security Administration (see link for more info.)
- Any government benefits for the deceased, such as Social Security, will stop and/or be returned.
- If an account is individually owned, the Credit Union is required to freeze the funds in the account upon receiving notice of the owner’s death. Any checks that have not yet cleared are returned, and all automatic withdrawals are rejected.
- The probate court will issue a document appointing an “executor” or “personal representative “(the terms vary by jurisdiction). When the executor presents the appointment document to the Credit Union, funds in the deceased member’s account are released to the executor.
Prior to disbursing funds, the Credit Union needs:
1. Death Certificate
2. Estate Letters of Administration (Also may be called Letters of Appointment or Letters of Testamentary)
3. Valid photo Identification for the Executor
After the Credit Union receives all necessary documents, the funds will be released. At that point it is the executor’s responsibility to distribute the assets of the estate.

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Rates effective as of: September 19, 2024

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