After the loss of a loved one, there are several administrative tasks that may seem daunting but are essential to tackle. One of these is notifying the deceased's financial institutions, like KeyCorp (KeyBank), to prevent unauthorized transactions and settle the estate.
Who Should Be Notified
KeyCorp, also known as KeyBank, is a regional bank headquartered in Cleveland, Ohio. If your loved one held any accounts, loans, or other financial products with KeyBank, the bank should be notified of their passing.
When to Notify
It is advisable to notify the bank as soon as possible after the death of your loved one. This will help prevent any fraudulent activity, overdraft fees, or other potential complications.
How to Notify
To notify KeyBank of a death, you should visit a local branch in person or call their customer service line at 1-800-KEY2YOU. You will need to provide the deceased's name, date of birth, and Social Security number. You will also need to provide a copy of the death certificate.
What to Expect After Notification
Once KeyBank has been notified, they will freeze the deceased's accounts. This stops any automated payments and prevents any further transactions from occurring. The bank will also provide you with information about the next steps necessary to close or transfer the accounts, which typically involves providing a copy of the will or other legal documentation.
Tips for Notification
When dealing with a bank after a death, it's essential to keep a record of all communications, including dates, times, and the names of any customer service representatives you speak with. This can help resolve any potential misunderstandings or disputes.
While it's a difficult task, notifying KeyBank after a loved one's death is a vital step in managing their financial affairs and preventing potential issues. By understanding the process and what to expect, you can navigate this responsibility more easily during a challenging time.
Q: Can I access the deceased's bank account to pay for funeral expenses?
A: Banks typically freeze the accounts of the deceased upon notification of their death. However, some expenses, like funeral costs, may be paid from these accounts. It's best to speak with a bank representative for specific guidance.
Q: What if the deceased had a joint account with someone else?
A: Generally, a joint account will become the sole property of the other account holder upon death. However, it's still important to notify the bank.
Q: What happens if the deceased had a loan with KeyBank?
A: The responsibility of paying off the loan may fall to the estate or a co-signer if there is one. It's crucial to discuss this with the bank or a legal advisor.