When must the credit union close an account held by a deceased member?
According to the federal credit union bylaws, article III, section 5, the share account of a deceased member may be continued until the close of the dividend period in which the administration of the deceased member s estate is completed, but not to exceed a period of 4 years. If the account is a joint account, the joint owner may still maintain an account with the credit union. There may be estate issues surrounding the assets in the joint account, which would be determined by the member s will or the estate.
