What happens if an account owner or beneficiary dies before a certificate is redeemed?
When opening an account you must choose a beneficiary and appoint a successor owner. A successor owner assumes ownership of the account if the account owner dies with all the rights of the original account owner. In the event of a beneficiary’s death, the account owner has two options: • Designate a family member of the deceased beneficiary as the new beneficiary • Request a refund In the case of a refund request, one-year (12 calendar months) holding period for refunds is waived.
