Loss of a Loved One: Settling Financial Affairs
At Gulf Winds, we understand that losing a loved one can be very overwhelming. We can help ensure that your loved one’s financial accounts are one less thing to worry about. We’re here to help in any way we can during this difficult time for you and your family.
How to Get Started
Following the loss of a loved one, please notify Gulf Winds as soon as possible. You can reach our team of Member Service Representatives at 1.800.650.6328, or stop by a branch to speak to one of our Financial Service Representatives.
In order to file payment protection claims, Gulf Winds requires you to provide a Long Form Death Certificate. This particular type of certificate includes the cause of death, which is required to file the claim.
Frequently Asked Questions
Below are some of our frequently asked questions regarding the accounts of a loved one that has passed away.
In some cases, yes. Sometimes we require a certified copy, so please ask us about your family member’s specific accounts.
If there isn’t a joint owner or beneficiary listed on an account, we may require Letters of Administration, Summary of Administration, or other court appointing orders.
Gulf Winds is required to return any federal paying agency’s direct deposits that are received after death. This includes Social Security, DFAS, VA, etc. You will need to contact these agencies to get payments stopped so that you don’t have to pay back additional funds.
Restructuring (removing a deceased joint account owner, changing beneficiaries, etc.) or closing of accounts can be processed for out of town individuals.
A Payable On Death (POD) account allows members to appoint a beneficiary. Our accounts are POD with joint rights of survivorship.
A Power of Attorney becomes null and void upon death.
Authority to sign terminates upon death of an account owner.
One of our Financial Service Representatives or Member Service Representatives will contact the joint account owner, beneficiary, or another appropriate party to close or restructure the account(s).
If there is a co-borrower, the loan balance becomes their responsibility. Loans with no co-borrower need to be paid in full. Deposit account funds may be held or transferred to the loan. Collateral loans are also required to be paid in full or the collateral must be surrendered.
If applicable, co-borrowers will continue to be responsible for the loan. For mortgage loans with no co-borrower, please contact our CLMR Specialist. Letters of Administration may be required.
Gulf Winds may require the Letters of Administration or another type of Court Order to enter, obtain Safe Box contents, and/or close the box. Deputies associated become null and void upon death.