Deceased Account Processing demo

What the demo shows

Deposit ops take a death notice to a settled estate: verify, freeze, reclaim and pay out

A Verification agent matches each death notice to a member and checks the certified certificate against the federal death notification, refusing to freeze anyone on an unproved notice and never freezing a surviving joint owner. An Ownership agent reads every signature card and beneficiary designation and decides where each account goes by its titling: survivorship, payable on death, in trust for, IRA beneficiary, sole ownership or loan. A Benefits agent lists every movement since the death, holds the federal benefit Treasury will reclaim and drafts the certification that keeps the credit union's liability limited. A Payout agent checks the affidavit or letters against the state rule in force on the date of death and verifies every payee, with a call-back for anyone who is not a member. A Disposition Checker derives every account again without the other agents' answers. The specialist approves the plan, a Deposit Operations Officer releases each payout, and the supervisor sees only disagreements.

Transcript

1. 0:00Deceased Account Processing takes a credit union from death notice to settled estate.
2. 0:07Three million Americans die each year, each leaving accounts to settle right.
3. 0:14Harold Ivers died September twenty-eighth. His whole relationship, on one screen.
4. 0:21The Ownership agent read every card: joint checking passes to Marion.
5. 0:28The twenty-five thousand dollar certificate splits fifty-fifty to its two beneficiaries.
6. 0:36The sole savings goes to the estate, under the Illinois small-estate affidavit.
7. 0:42The auto loan goes to collections, with its payoff.
8. 0:48A Social Security payment for the month of death is held for Treasury.
9. 0:54A Disposition Checker derived all five again, on its own, and agrees.
10. 1:02Renée approves the plan with a reason, and signs.
11. 1:07An officer checks every payee and releases each payout. Nobody approves their own.
12. 1:15A median of eleven days from notice to settled estate; no payout to the wrong person.
13. 1:23Built on Botminds: agents, data, screens and governance on one platform.

The narration as written for the film. Captions are on the player.