Following the passing of a loved one, it's important to notify various financial institutions to prevent identity theft, fraud, and to settle the deceased's estate. Charles Schwab, one of the largest banking and brokerage firms, is no exception. This guide will help you understand how to notify Charles Schwab about the death of a client.
Who Should Be Notified
If your loved one had accounts with Charles Schwab, you need to notify the bank. This applies to any type of account, whether it's a checking or savings account, a brokerage account, or an Individual Retirement Account (IRA).
When to Notify
You should inform Charles Schwab of your loved one's passing as soon as possible. This ensures the bank can promptly secure the accounts, prevent unauthorized access, and begin the process of settling the estate.
How to Notify
To notify Charles Schwab, call their customer service line at 1-800-435-4000. You'll need to provide the deceased's account number, full name, and date of death. The bank will likely request a copy of the death certificate, which can be mailed to Charles Schwab Corporation, Attn: Estate Distribution Team, 2423 E. Lincoln Drive, Phoenix, AZ 85016-1215.
What to Expect After Notification
Once Charles Schwab has been notified, the bank will freeze the deceased's accounts to prevent any transactions. The assets will then be distributed according to the account's titling or beneficiary designations. If a probate process is necessary, the assets will be distributed according to the deceased's will or, in the absence of a will, according to state law.
Tips for Notification
Keep a record of all correspondence with Charles Schwab, including dates and times of phone calls, and the names of any representatives you speak with. This information can be helpful in case of any future discrepancies or misunderstandings.
Informing Charles Schwab of a loved one's passing is an essential step in settling their financial affairs. By promptly and thoroughly addressing this task, you can ensure that your loved one's assets are appropriately managed and protected.
Q: What if I can't find the deceased's account number?
A: If you don't have the account number, Charles Schwab can locate the account using the deceased's Social Security number.
Q: What if the deceased didn't designate a beneficiary on their accounts?
A: If there's no designated beneficiary, the assets in the deceased's accounts are typically subject to probate, a legal process that distributes the assets according to the deceased's will or state law.
Q: Can I notify Charles Schwab of a death online?
A: Currently, Charles Schwab does not provide an online process for reporting a death. You must call their customer service line or visit a branch in person.