Account Ownership
Ownership
Sole Owner Accounts
These are accounts on which only one owner is named. The sole owner alone has access to the account, unless another designation is recognized under signed agreement with Redbrand CU.
Joint Owner
A joint owner on an account has full access and rights to the account.
All owners must be present to update ownership on the account. This includes the addition or removal of owners, agents and beneficiaries. Any person that does not already have a banking relationship with Redbrand CU that is being added to an account must present proper ID Requirements. In addition, the identity of new owners will be verified using the current ID Verification techniques. This may include verifications with credit reporting systems.
Any owner can close the account at any time, without the other owners being present.
Accounts are owned with the Right of Survivorship. This means that when one owner dies, his or her interest in the account and the funds in the account are owned by the surviving owners on the account.
Agent
Often used by adult children to assist aging parents, an agent on an account may do transactions on behalf of the owner(s). An agent can deposit, withdraw and transfer funds, just as an owner could. However, they are not able to make changes to the account. For instance, an agent may not close an account, open new accounts or update ownership.
All owners and those being added as agents must be present in order to add an agent to the account. Any person that does not already have a banking relationship with Redbrand CU that is being added to an account as an agent must present proper ID Requirements. In addition, agents will be verified using the current ID Verification techniques. This may include verifications with credit reporting systems.
Upon the death of all owners, agency is no long valid. The account may then only be accessed by those who are legally entitled.
Information User
An information user on an account may access account information only. They are not entitled to do transactions on the account (with the exception of deposits).
Any person that does not already have a banking relationship with Redbrand CU that is being added to an account as an information user must present proper ID Requirements. In addition, information users will be verified using the current ID Requirements techniques. This may include verifications with credit reporting systems.
Beneficiary
Beneficiaries are entitled to funds in account(s) after all account owners have passed away. Redbrand Credit Union will follow the instruction given to us to handle your Redbrand accounts. Legal documents such as Wills, Trusts or Estates typically do not control Redbrand CU funds for which beneficiary has been designated. Each beneficiary listed is entitled to an equal share. Beneficiaries do not have the Right of Survivorship; meaning if a beneficiary passes away, the beneficiary’s share is owned by his or her legal heir.
Beneficiaries must present a valid death certificate and ID Requirements prior to gaining access to the account. In addition, the identity of beneficiaries will be verified using the current ID Requirements.
Specialized Accts/Account Access
Power of Attorney
A Power of Attorney (PoA) is a legal designation that allows an individual (the agent) to take care of the affairs of another (the principal). The Credit Union readily accepts these documents. However, because of the gravity these documents carry, they will be subject to review. Typically, account access is granted within 1 business day, but this can’t be guaranteed.
Agents looking to access accounts using their appointed power should bring in the PoA paperwork along with proper identification for themselves. If possible, the principal should also be present; however this is not required.
Those seeking to open an account for an individual for whom they are PoA, but the individual cannot be present, should bring in proper identification for the principal.
Accounts requiring legal review may be subject to legal fees.
Representative Payee
Representative Payee may only be accessed by the Representative Payee established by the Social Security Administration. Representative Payees will need to set up an account that is specially designated as a Representative Payee Account.
In order to open the account, Redbrand CU will need proof of Representative Payee designation by SSA. This typically comes in the form of a letter. Ideally, both parties are present. If that is not possible, it may be possible for the Representative to establish the account alone. Call the Credit Union prior to coming in so we can ensure the account can be opened. We will need proper I.D. documentation for both parties.
Guardianship
Guardianship is a court appointed role. To access an account as a guardian we will need documentation from the courts of your status and personal identifying documents.
Deceased Owners
It is our duty to ensure that we best honor the wishes of the deceased owner as they were communicated to the Credit Union. The circumstances surrounding every account are unique; it’s important to understand that many factors are involved in each situation. Generally, the below information covers most situations. If legal review is required, legal fees will be paid from the account prior to disbursement.
Accounts on which a joint owner survives the account are owned fully by the joint owner.
Accounts on which beneficiaries are designated, the funds in the account are split evenly between the beneficiaries.
Accounts on which a Small Estate Affidavit is accepted, funds will be distributed to the listed executor.
Accounts on which an Estate is created, we can either establish an Estate Account or issue a check to the Estate (needs Letters of Office, Administration or Testamentary demonstrating authority and personal identifying documents).