ADVOCACY EWL
before submitting the Advocacy EWL for hardship you need...
manager approval
1. Send an email to a Bank SRT Manager requesting approval for a hardship.
Email should include: Decedent name and member number, Caller's name and member number, description of hardship
Urgent Request Support- Bank SRT
Does USAA offer trust styled deposit accounts?
USAA Bank does not offer trust-styled deposit accounts, nor converts existing accounts to trust-styled
Exceptions to open a trust-styled account are made if one of the following exists:
Certain deceased, incompetent or incapacitated scenarios.
Trust-Styled Accounts - Deposit Servicing
What are the 2 processes we have for unsettled accounts?
Unsettled Bank Account Process & Back Book Clean Up
Unsettled Account Process- Deposit Servicing
PRO2022
When do we waive requirement for LOI & LOT/LOA?
When decedent aggregate balance is under 2500.
Deceased Member Deposit Accounts - Document Requirements- Bank SRT
who can request statements and how do we process that request?
If the request is for fewer than 6 statements, the LOLO agent may send statements directly to an executor, administrator, or joint account holder/trustee.
Handling Inquiries Related to Banking Products with Deceased Account Holders - Bank Omni
what happens to Hardship EWL requests submitted without manager approval?
CAUTION: EWL requests submitted without manager approval will be closed with no action taken
Urgent Request Support- Bank SRT
Can you make Trust a POD?
A Trust may be a beneficiary/POD on a deposit account.
Trust-Styled Accounts - Deposit Servicing &
MEMOT Request for Trust as Beneficiary/Payable on Death
How many days do members have to return docs to USAA?
(both processes)
Unsettle process: 90 days ( can request more time)
back book clean up : 10 days (no additional time)
Does next of kin follow order of succession?
KC update is pending Next of Kin is on a first come first serve basis it does not have to follow order of succession. No ex-spouses/ex-fiancé/ex-cohabitants/ex step child.
(ADDED FOR AWARENESS)
SRT EMAIL 05/12
How long can the initial notification of death take?
48 business hours
Handling Inquiries Related to Banking Products with Deceased Account Holders - Bank Omni
How long does it take to close an ESTATE account?
Within the next 2 business days, the account(s) will be closed and funds will be disbursed as reflects within ODOC
Urgent Request Support- Bank SRT
Can we follow instructions from a successor trustee of a TRUST when the account is styled INDIVIDUAL with member deceased?
We will only follow trust documents to allow a successor trustee access when it’s a true styled trust account. If the account is NOT styled in the name of the trust we need proper CEE docs.
What type of check do we send out for unsettle process, back book clean up or any closure by back office?
Corporate check
Teller's Check vs Corporate Check - Deposit Servicing
TUTMA scenario:
No successor custodian & bene is over 21
DC for custodian & LOI from bene
Deceased Member Deposit Accounts - Document Requirements- Bank SRT
Before submitting ANY EWL (check reissue, hardship etc) we have to make sure...
All required documents are on file.
Advocacy EWL does not waive the need for required documents.
email sent (05/24/23)
As of May 22nd what does every SRT MSR starting in 2023 have to do before submitting Advocacy EWL?
Every SRT MSR that started in 2023 needs to get the EWL approved!
To make this request you will utilized your SRT Helpline Slack Channel in this manner:
When closing a trust account, who can we make the check payable to?
When closing a Trust Account, the proceeds of this account can be made payable to a Trust or Trustee/Success Trustee.
Deceased Member Deposit Accounts - Document Requirements- Bank SRT
Can members request for more time to submit documents?
(2 responses)
Unsettled Bank Account Process : YES
STEP 4 : Member is requesting additional time to provide documents.
Back Book Clean Up: NO
Unsettled Account Process- Deposit Servicing
Can beneficiary or next of kin make check payable to the estate when collecting funds?
NO, beneficiary or next of kin MUST have check payable to themselves UNLESS they have proper CEE docs.
Deceased Member Deposit Accounts - Document Requirements- Bank SRT
Check reissue with payee name change KC
Urgent Request Support- Bank SRT
Advocacy EWL - check reissue
What info needs to be logged in the tracker after submitting advocacy EWL?
For multiple successor trustees what are two ways they can write/submit LOI's
1. Submit ONE LOI with all signatures on ONE page with instructions for each portion
2. Submit all separate LOI's with instructions for their own portion
mbr received check from unsettle process closure, can they get the check reissued in their name?
if under 2500 -YES- check reissue - advocacy EWL
if over 2500 -YES- W/ CEE DOCS - advocacy EWL
If over 2500 - W/O CEE DOCS -NO
Account holder and POD are both deceased.
POD outlived acct holder.
Who collects funds?
Payable to the POD's estate.
Per email by Tiffany (06/02/2023)
Check reissue w/ address change no payee change
Bank Corporate Check: Request Stop Payment and Reissue- Deposit and Credit Card Servicing
Stop and Reissue Corporate Check EWL