Losing a loved one is an incredibly difficult time, and navigating the practicalities that follow can feel overwhelming. Among the many tasks, dealing with their financial affairs, like closing a Bank of America account, can seem daunting. But don't worry, this guide will walk you through each step with clarity and compassion, helping to ease some of that burden.
Let's begin. Have you recently lost someone dear to you and are now faced with managing their Bank of America accounts? If so, know that you're not alone, and with the right information, this process can be handled systematically.
How to Close a Bank of America Account After Death: A Step-by-Step Guide
The process of closing a deceased person's Bank of America account generally involves notifying the bank, providing necessary documentation, and determining the authorized party for handling the estate.
Step 1: Gather Initial Information and Documents
The very first thing you need to do is get organized. Having key information and documents readily available will significantly streamline the process.
- Deceased's Full Legal Name and Social Security Number: These are crucial for Bank of America to identify the accounts.
- Death Certificate (Certified Copies): You will absolutely need certified copies of the death certificate. Order several copies as you'll likely need to provide them to various institutions (insurance companies, other banks, creditors, etc.). These are typically obtained from the funeral director or the local vital records office.
- Your Valid Identification: As the person handling the estate, you'll need to provide your own government-issued ID (e.g., driver's license, passport).
- Account Information: If you have it, gather the deceased's Bank of America account number(s). Even if you don't have this, the bank can usually locate accounts with the Social Security number.
- Any Existing Estate Documents:
- Last Will and Testament: If a will exists, it will name an executor who has the legal authority to act on behalf of the estate.
- Trust Documents: If the deceased had a formal trust, relevant trust documents may be required.
- Letters Testamentary or Letters of Administration: These are court-issued documents that formally appoint an executor (if there's a will) or an administrator (if there's no will) to manage the estate. These are typically required for larger estates or if probate is necessary.
- Small Estate Affidavit: For smaller estates, some states allow for the use of a small estate affidavit to transfer assets without formal probate. Bank of America may be able to provide you with a form for this if applicable to your state and situation.
Step 2: Notify Bank of America of the Death
Once you have your initial documents in hand, it's time to inform Bank of America. They will initiate a case and guide you through the specific requirements.
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Contact Bank of America's Estate Servicing Operations: This is the dedicated team for handling accounts of deceased customers.
- Phone: You can reach them at 888.689.4466 (Monday-Friday, 9 a.m. – 8 p.m. Eastern Time). This is often the quickest way to get started and speak with a specialist.
- In-Person: You can visit any Bank of America financial center. It's a good idea to schedule an appointment to ensure a notary is available if needed for any documents.
- Mail: You can also send documents via mail to: Bank of America — Estate Servicing Operations PO Box 31655 Tampa, FL 33631-1655
- Online/Fax: They also offer options to upload documents online via their Estate Services portal (if activated for your case) or fax them to 866.694.9046.
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Provide Deceased's Information: When you contact them, be prepared to provide the deceased's full legal name and Social Security number.
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Determine Your Role: Bank of America will ascertain your relationship to the deceased and your authority to act on behalf of the estate. They will also provide you with a case reference number, which is important to keep for future reference.
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Account Freeze: Be aware that for solely owned accounts, Bank of America may place a hold on the balances to protect the assets during this process. Credit card accounts and debit/ATM cards associated with the deceased will also be closed or blocked.
Step 3: Understand Account Ownership and Required Documentation
The specific documents and process will vary based on how the account was owned. Bank of America will conduct a detailed review of the customer's banking relationship to determine what's needed.
Sub-heading 3.1: Individual Accounts (Sole Ownership)
- Probate Process: For individually owned accounts, the funds usually become part of the deceased's estate and are subject to the probate process in their state of residence.
- Formal Probate: If the estate is larger, formal probate is typically required. You will need to provide court-issued Letters Testamentary or Letters of Administration appointing an executor or administrator. This document grants you the legal authority to close the account and distribute funds according to the will or state law.
- Small Estate Affidavit: If the estate qualifies as a "small estate" under your state's laws (which have varying value limits), you may be able to use a properly executed Small Estate Affidavit. Some states require this to be filed with the court, while others only require a notarized affidavit. Bank of America's Estate Services team can guide you on your state's specific requirements and may even provide a form.
Sub-heading 3.2: Joint Accounts with Right of Survivorship
- Automatic Transfer: Most joint bank accounts are set up with "rights of survivorship." This means that upon the death of one account holder, the surviving owner automatically becomes the sole owner of the funds. The account does not typically go through probate.
- Documentation: The surviving owner will generally need to provide a certified copy of the death certificate and their updated signature card (if the bank requires a new one). The account title will be updated to reflect the surviving owner(s).
- No Access Loss: In such cases, the surviving joint owner generally maintains access to the account and the funds are not frozen.
Sub-heading 3.3: Payable on Death (POD) or In Trust For (ITF) Accounts
- Direct Beneficiary Transfer: If the account had a Payable on Death (POD) or In Trust For (ITF) beneficiary designated, the funds will be transferred directly to the named beneficiary(ies) upon the death of the account owner, bypassing probate.
- Beneficiary Responsibilities: The beneficiary will typically need to provide:
- A certified copy of the death certificate.
- Their valid government-issued identification.
- A notarized Beneficiary Letter of Instruction providing direction on where the disbursed funds should be sent or transferred.
Step 4: Submit Required Documents to Bank of America
Once you understand which documents are necessary for your specific situation, you can submit them to Bank of America.
- Online Upload: If activated for your case, the Estate Services online portal is often the quickest way to upload documents.
- Fax: You can fax the documents to 866.694.9046.
- In-Person: Bring the documents to any Bank of America financial center.
- Mail: Send them to the address provided in Step 2.
Ensure all paperwork is legible and accurate. Delays can occur if information is incomplete or unreadable. Keep copies of all submitted documents for your records.
Step 5: Funds Disbursement and Account Closure
After Bank of America receives and reviews all necessary documentation, they will process the account.
- Review and Verification: Bank of America will conduct a thorough review to verify the authenticity of the documents and the authority of the person requesting the closure and fund distribution.
- Disbursement:
- For joint accounts with survivorship or POD accounts, funds will be disbursed directly to the surviving owner or named beneficiaries.
- For individual accounts subject to probate, funds will generally be transferred to the estate account or distributed according to court orders or a small estate affidavit.
- Account Closure: Once the funds have been properly disbursed, Bank of America will close the deceased's account(s). You will typically receive confirmation of the closure.
Step 6: Follow Up and Keep Records
- Maintain Communication: Don't hesitate to contact Bank of America's Estate Servicing Operations if you have questions or need updates. Reference your case number.
- Track Progress: Keep a detailed record of all communications, dates, and documents submitted. This will be invaluable if any issues arise.
- Consider Legal Advice: For complex estates, or if you are unsure about your responsibilities, it is always advisable to seek legal counsel from an estate planning attorney. They can guide you through the entire estate settlement process and ensure compliance with state laws.
10 Related FAQ Questions
How to get a certified copy of a death certificate?
You can typically obtain certified copies of a death certificate from the funeral director who handled the arrangements or from the local vital records office (often called the Registry of Births, Deaths, and Marriages) in the state or county where the death occurred.
How to find out if the deceased had a Bank of America account?
If you have the deceased's full legal name and Social Security number, Bank of America's Estate Servicing Operations team can help identify any accounts held by the deceased when you contact them.
How to access funds in a deceased person's Bank of America account?
Access to funds depends on the account type: joint accounts with survivorship allow the surviving owner continued access, POD accounts transfer to named beneficiaries, and individual accounts typically require a court order (Letters Testamentary/Administration) or a small estate affidavit for the authorized representative to access funds.
How to get Letters Testamentary or Letters of Administration?
These documents are issued by a probate court after a formal probate process. You will need to petition the court to be appointed as the executor (if there's a will) or administrator (if there's no will) of the estate.
How to know if an estate qualifies for a small estate affidavit?
Small estate affidavit requirements and value limits vary significantly by state. You'll need to check the specific laws of the state where the deceased resided. Bank of America's Estate Services team may be able to provide general guidance or forms relevant to your state.
How to handle recurring payments linked to the deceased's Bank of America account?
As the authorized representative, you should notify companies that process recurring payments (e.g., utilities, subscriptions, insurance premiums) to cancel or update payment methods. Bank of America will generally freeze sole-owned accounts upon notification, which will prevent further debits.
How to deal with federal benefit payments (like Social Security) made to a deceased's account?
Notify the Social Security Administration (or other relevant federal agency) of the death. Accounts receiving federal benefit payments are subject to a reclamation review for any benefits paid after the date of death.
How to close a joint Bank of America account after one owner dies?
For joint accounts with "right of survivorship," the surviving owner typically becomes the sole owner. You'll need to provide a certified death certificate to Bank of America to update the account title. The surviving owner maintains access and can then choose to close or keep the account.
How long does it take to close a Bank of America account after death?
The timeframe varies depending on the complexity of the estate and the type of account. Simple cases like joint accounts with survivorship or POD accounts can be resolved relatively quickly once documents are submitted. Estates requiring formal probate can take much longer due to court processes.
How to get help if I'm overwhelmed with the process?
Bank of America's Estate Servicing Operations team (888.689.4466) is a good resource for banking-specific questions. For broader estate settlement guidance, especially for complex situations, consider consulting with an estate planning attorney.
