Estate Planning 101

Notifying Bank of America After a Loved One’s Passing

September 13, 2023

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In the event of a loved one's passing, one of the key responsibilities is to inform various financial institutions and services like Bank of America, particularly if your loved one had a credit card insurance with them. This not only helps in settling financial affairs but also prevents fraud and identity theft.

Who Should Be Notified

Bank of America should be notified in the event of a cardholder's death. This applies especially if the deceased had credit card insurance, which can cover outstanding balances in the event of their death.

When to Notify

You should notify Bank of America as soon as possible after the death of your loved one. Prompt notification can help prevent unauthorized charges and begin the process of settling the deceased's financial affairs.

How to Notify

You can notify Bank of America by calling their customer service number found on their website or at the back of the credit card. Be ready to provide information such as the cardholder's name, account number, and date of death. You may also need to provide a copy of the death certificate, which can be mailed or faxed.

What to Expect After Notification

After notification, Bank of America will close the credit card account and stop any automatic payments. If the deceased had credit card insurance, Bank of America will provide information on the claims process to cover the outstanding balance. This may require additional documentation, such as a completed claim form and a copy of the death certificate.

Tips for Notification

Remember to keep a record of all communications with Bank of America, including dates, times, and the names of any representatives you speak with. This can be helpful in case of any discrepancies or issues in the future.

Conclusion

Notifying Bank of America of a loved one's passing is a necessary step in settling their financial affairs. By doing so promptly and accurately, you can ensure a smooth process and prevent any potential issues.

FAQ

Q: What if I don't have all the necessary information about the deceased's account?
A: Bank of America may be able to locate the account with the deceased's name and Social Security number. However, having the account number can expedite the process.

Q: What happens if there's a balance on the credit card?
A: If the deceased had credit card insurance, it might cover the outstanding balance. If not, the balance will typically be paid by the deceased's estate. Consult with an estate attorney for more specific guidance.

Q: What happens to reward points on the credit card?
A: Policies vary, but in many cases, reward points are forfeited upon death. It's best to check with Bank of America for their specific policy.