Estate Planning 101

Notifying USAA After a Loved One’s Passing

September 13, 2023

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Following the passing of a loved one, certain practical matters must be addressed, which includes notifying financial institutions like the United Services Automobile Association (USAA). This step is vital to settle their financial affairs and prevent potential misuse of their account.

Who Should Be Notified

The USAA provides a range of financial services to military members and their families, including banking, insurance, and investment services. It's crucial to notify them so they can close or transfer accounts, cease transactions, and provide necessary support for handling the deceased's finances.

When to Notify

You should notify USAA as soon as possible following the death of the account holder. This will help prevent any fraudulent activity and allow for the timely settlement of their financial matters.

How to Notify

You can notify USAA of a member's death by calling their customer service number at 1-800-531-USAA (8722). You will need the deceased's USAA number or Social Security number. After the initial notification, you will be asked to send a copy of the death certificate by mail or fax.

What to Expect After Notification

Once USAA has been notified, they will close or freeze the deceased's accounts to prevent any further transactions. They will then guide you through the process of claiming any funds, transferring accounts, or changing insurance policies. If the deceased had loans or debts with USAA, these will need to be settled.

Tips for Notification

Keep a record of all correspondence with USAA, including dates, times, and the names of any representatives you speak with. This can be helpful if there are any discrepancies or issues later on. If you're unsure about anything, don't hesitate to ask for clarification.

Conclusion

Notifying USAA after the death of a loved one is an important step in managing their financial affairs. It can be a challenging task, but with the right information and preparation, you can handle it effectively and ensure their finances are properly settled.

FAQ

Q: Can I notify USAA online?
A: Currently, USAA requires you to call them to report a death. Following the call, a death certificate will need to be mailed or faxed.

Q: What if the deceased had a joint account with USAA?
A: In the case of joint accounts, USAA will usually allow the surviving account holder to continue accessing the account. They will provide instructions based on the specific situation.

Q: What happens to the deceased's insurance policies with USAA?
A: Insurance policies will need to be handled separately from bank accounts. USAA will provide information and support for processing claims, changing policy ownership, or canceling policies.