Handling Bank Accounts After a Loss

A banker can help you close an account after a death.

We make it as easy as possible for you to close a bank account after a death, or to remove the deceased’s name from a joint account. Often, account settlement can be completed quickly and easily. Call us or visit a branch by appointment to get started.

What to expect when closing an account after a death

Although every situation is personal when dealing with someone’s financial affairs after their death, the general process is fairly standard. Here, you’ll find a high-level outline of what happens to a bank account when someone dies.


Establish your authority

Before we can disclose the deceased’s financial information to you, we need to validate your authority. To start, you’ll need to:

  • Provide an original or certified copy of the death certificate.
  • Provide additional documentation if required, depending on the types of bank accounts that were active when the person died.

Gather documents

The requirements for which documents you need to provide to close a bank account after a death and when they must be issued or executed, vary by state. Depending on your state’s rules, we can accept:

  • Affidavit prepared by a claimant.
  • Original or certified copy of appointment papers, such as Letters Testamentary or court orders from the Probate Court.
  • An original or certified copy of the trust documentation.

Settle the deceased’s accounts

The time it takes to settle an account can vary based on each client’s relationship with Key. These are the items we will look to take care of first:

  • Return government deposits received after date on the Death Certificate.
  • Return ACH payments.
  • Stop automatic bill pay deductions and automatic funds transfers.
  • Revoke any overdraft protections.

For many accounts, that will be all that account settlement includes. Certain relationships may involve additional tasks or review.

Frequently Asked Questions on Account Settlement

Family members or next of kin generally notify the bank when a client passes. It can also be someone who was appointed by a court to handle the deceased’s financial affairs. There are also times when the bank leans of a client’s passing through probate.

It is best to notify KeyBank as soon as possible. This will help to ensure any debits and credits that should cease when the client passes are properly stopped. KeyBank is here to assist you with this process. To speak with a banker visit a branch or schedule an appointment.

This will depend on how the types of accounts the client had with KeyBank were structured. It is best to set up time to discuss this with a banker, and after they verify your authority they can assist with the specifics of the situation. To speak with a banker visit a branch or schedule an appointment.

There are many factors to be considered when settling accounts of a deceased client. The client’s total relationship, account titling, obligations, and more may be considered when settling accounts. Each situation can be unique and a banker can give specifics regarding the relationship. To speak with a banker visit a branch or schedule an appointment.

Tax implications can vary based on the individual relationship. It is best to talk to a trusted tax advisor prior to settling an estate.

Hiring an attorney is not required to settle a loved one’s KeyBank accounts. However, based on the individual situation, it could be helpful to have a lawyer available to reach out to.

Banking products and trust services are offered by KeyBank National Association.

All credit, loan and leasing products subject to credit approval.

Key.com is a federally registered service mark of KeyCorp.