The passing of a loved one is an incredibly difficult time, filled with grief and countless logistical tasks. Among these, managing their financial affairs, especially notifying institutions like Bank of America, can feel overwhelming. This comprehensive guide aims to simplify that process, providing you with a clear, step-by-step approach to navigate the notification and account settlement for a deceased Bank of America account holder.
Let's begin this sensitive journey together, understanding that while the process can be complex, breaking it down into manageable steps will help you move forward.
Notifying Bank of America of a Death: A Step-by-Step Guide
Step 1: Taking the First Breath and Gathering Initial Information
- First and foremost, take a deep breath. This is an emotional time, and it's okay to feel overwhelmed. Before diving into paperwork, ensure you have a moment to compose yourself.
- Identify Your Role: Are you the executor named in the will, the administrator appointed by the court, a joint account holder, or a beneficiary? Your role will determine the documents and authority you have.
- Executor/Administrator: You'll typically have the most comprehensive authority to act on behalf of the estate.
- Joint Account Holder: If the deceased had joint accounts, you may have immediate access and survivorship rights.
- Beneficiary: If the account had a Payable on Death (POD) or Transfer on Death (TOD) designation, you are the direct recipient of those funds.
- Gather Essential Details of the Deceased:
- Full Legal Name
- Social Security Number (SSN)
- Date of Birth
- Date of Death
- Last known address
- Any known Bank of America account numbers (checking, savings, credit cards, investments, loans, etc.). Don't worry if you don't have all of them; the SSN will help the bank locate accounts.
Step 2: Obtaining the Crucial Document – The Death Certificate
This document is paramount. You will need one or more certified copies.
- How to Obtain It:
- The funeral director typically assists with ordering certified copies of the death certificate.
- You can also obtain them from the Registry of Births, Deaths, and Marriages (or equivalent office) in the state, county, or parish where the death occurred.
- Why You Need Multiple Copies: You'll likely need to provide certified copies to various institutions, not just Bank of America, including:
- Other banks and financial institutions
- Life insurance companies
- Retirement plan administrators
- Social Security Administration
- State and federal tax authorities
- Utility companies
- Creditors
Step 3: Making Initial Contact with Bank of America
Bank of America offers several ways to notify them of a death. Choose the method most comfortable for you.
- Option 1: Phone Notification
- For Bank of America accounts: Call the Estate Servicing Operations team at 1-888-689-4466. Their hours are typically Monday through Friday, 9 a.m. – 8 p.m. EST.
- For Bank of America Private Bank accounts: Call 1-800-878-7878 (Monday through Friday, 8 a.m. – 8 p.m. EST).
- For Merrill accounts: Call 1-866-848-6554 (Monday through Friday, 8 a.m. – 8 p.m. EST).
- Be prepared to provide the deceased's full legal name and Social Security Number. The representative will identify accounts, determine your role, update your contact information, and provide a case reference number.
- Option 2: Visiting a Financial Center
- This can be a good option if you prefer in-person assistance and have questions that are best answered face-to-face.
- It's highly recommended to schedule an appointment beforehand through the Bank of America Mobile Banking app or their website (
bankofamerica.com/appointments - Bring the deceased's information and your certified death certificate(s) with you.
- Option 3: Online Chat
- Some general inquiries can be handled via online chat on their website. However, for formal death notification and account settlement, a phone call or in-person visit is often more effective.
Step 4: Understanding the Immediate Actions Taken by Bank of America
Once notified, Bank of America will take protective measures to safeguard the deceased's assets.
- Asset Protection: This typically includes:
- Placing balance holds on sole-owned accounts.
- Closing debit/ATM and/or blocking credit card(s), including removing authorized users.
- Canceling standing instructions such as automatic transfers, autopay, and recurring transactions, when applicable.
- Suspending applicable fees and
charges.
- Review of Accounts: The bank will conduct a detailed review of the deceased customer's banking relationship to assess what documents or action steps are needed to transition the accounts. Depending on the complexity, a case manager may work with you directly.
Step 5: Submitting Required Documentation
This is a critical phase where you provide the necessary legal documents to Bank of America.
- Core Documents Always Required:
- Photocopy of the Death Certificate: While a photocopy is generally accepted, Bank of America may request a certified copy depending on the circumstances.
- Deceased Customer's Full Legal Name and Social Security Number
- Additional Documents You MAY Need (Depending on Account Type and Your Role):
- Last Will and Testament: If the deceased had a will, this document is crucial for identifying the executor and beneficiaries.
- Letters Testamentary (for an Executor) or Letters of Administration (for an Administrator): These are court-issued documents that formally appoint an executor or administrator to manage the deceased's estate. They grant legal authority to act on behalf of the estate.
- Formal Trust Documentation: If assets were held in a trust, the trust agreement will dictate how funds are distributed.
- Birth or Marriage Certificate: May be required to verify relationships, especially for beneficiaries.
- Proof of Legal Name Change: If applicable.
- Small Estate Affidavit: For smaller estates that may qualify for a simplified probate process, your state law may allow for the use of a small estate affidavit to transfer assets without full probate. Bank of America Estate Services can provide this form if applicable to your situation.
- Bank forms: Bank of America may provide specific forms for you to complete, such as an Estate Affidavit or a Beneficiary Designation form if funds are payable to a named beneficiary.
- Ways to Submit Documents:
- Upload Online: If you've activated online Estate Services, you can upload documents securely. Contact the Estate Servicing team at 888-689-4466 to activate this capability if it's not already active.
- Fax: Fax documents to 1-866-694-9046.
- In-person: Bring them to any Bank of America financial center.
- Mail: Send them to: Bank of America — Estate Servicing Operations PO Box 31655 Tampa, FL 33631-1655
Step 6: Understanding Account Settlement and Fund Distribution
The process of settling accounts and distributing funds will vary based on the account ownership type and the specifics of the estate.
- Joint Accounts with Right of Survivorship:
- If the account was jointly held with right of survivorship, the surviving owner typically becomes the sole owner.
- The bank will update the account title to reflect the surviving owner(s) upon receipt of the death certificate and, if required, state-specific documents and an updated signature card.
- Accounts with Named Beneficiaries (POD/TOD):
- If the deceased named beneficiaries on an account (Payable on Death or Transfer on Death), the funds will generally be paid directly to the named beneficiaries.
- Beneficiaries will typically need to provide a certified copy of the death certificate, their valid government-issued ID, and potentially a notarized letter of instruction to claim the funds. These accounts usually bypass probate.
- Sole-Owned Accounts without Beneficiaries or Joint Owners (Estate Accounts):
- These accounts will likely go through the probate process. Probate is a court-supervised legal process that validates the will (if one exists), identifies and values assets, pays off debts, and distributes remaining assets to heirs or beneficiaries.
- The funds in these accounts will typically be made payable to the "Estate of" the deceased customer. The executor or administrator (appointed by the court) will manage these funds according to the will or state intestate laws.
- The bank generally cannot close a deceased account until the estate has gone through probate or has otherwise settled.
- Power of Attorney: It's important to note that a Power of Attorney (POA) ends automatically upon the death of the principal (the account owner). An agent acting under a POA no longer has authority after the death.
- Timeframe: The time it takes to settle an account varies. Generally, Bank of America begins processing requests as soon as they receive all necessary documents. The complexity of the estate and required legal processes (like probate) will influence the overall timeline.
Step 7: Ongoing Communication and Follow-Up
- Maintain Records: Keep a detailed log of all communications with Bank of America, including dates, names of representatives you speak with, topics discussed, and reference numbers.
- Ask Questions: Don't hesitate to ask Bank of America representatives any questions you have. They are there to guide you through the process.
- Be Patient: Estate settlement can be a lengthy process, especially if probate is involved. Patience is key.
Frequently Asked Questions (FAQs) - How to Notify Bank of America of a Death
Here are 10 common questions related to notifying Bank of America of a death, with quick answers to help you.
How to notify Bank of America of a death by phone?
You can call the Bank of America Estate Servicing Operations at 1-888-689-4466 (for general accounts), 1-800-878-7878 (for Private Bank accounts), or 1-866-848-6554 (for Merrill accounts).
How to close a joint Bank of America account after death?
For joint accounts with right of survivorship, the surviving owner typically retains ownership. You will need to provide a certified death certificate to the bank to update the account title.
How to find out if someone had a Bank of America account after they passed away?
Providing the deceased's full legal name and Social Security Number to Bank of America's Estate Servicing team or at a financial center will help them identify any accounts associated with that individual.
How to get money from a deceased person's Bank of America account if I'm a beneficiary?
If you are a named Payable on Death (POD) or Transfer on Death (TOD) beneficiary, you will generally need to provide a certified death certificate and your valid government-issued ID to the bank to claim the funds.
How to get a death certificate for Bank of America?
A certified copy of the death certificate can be obtained from the funeral director or the Registry of Births, Deaths, and Marriages (or equivalent office) in the state/county where the death occurred.
How to send documents to Bank of America for estate services?
You can upload them to Estate Services online (if activated), fax them to 1-866-694-9046, bring them to any financial center, or mail them to Bank of America — Estate Servicing Operations, PO Box 31655, Tampa, FL 33631-1655.
How to handle a Bank of America credit card after someone dies?
Upon notification of death, Bank of America will typically close the deceased's credit card account and remove any authorized users. Any outstanding balance will become part of the estate's liabilities.
How to determine if probate is needed for a Bank of America account?
Probate is generally needed for sole-owned accounts without named beneficiaries or joint owners. Accounts with joint owners or POD/TOD beneficiaries typically bypass probate.
How to update my contact information with Bank of America when notifying them of a death?
When you first contact Bank of America's Estate Servicing team, they will ask for your contact information and create a case reference number. Ensure this information is accurate.
How to get assistance with Bank of America estate services if I'm overwhelmed?
Bank of America encourages you to contact their Estate Servicing team at 1-888-689-4466 for personalized assistance and support throughout the process. Consider consulting with an estate attorney if the situation is complex.
