Kind and a big helper — that's how Cheryl Parker remembers David Stansbury, her husband of more than 10 years.
"The better half of me," Cheryl said while thinking of her husband.
Sadly, David died in September 2022.
David had two accounts with Chime Bank. Cheryl's name was not on the accounts, but as his widow, she hoped to use the funds to honor him.
Cheryl sent Chime the necessary documents - their marriage license and David's death certificate. However, several months later, Cheryl says she still didn't have access to the accounts or funds.
"I didn't know what else to do," Cheryl said.
She reached out to Let Joe Know.
The Let Joe Know team reached out to Chime Bank. A spokesperson responded by email writing: "Our customer service team has been in touch to confirm that both checks have been processed and she should expect a tracking number shortly."
Days later, Cheryl says she received a check for each account.
Navigating financials after losing a loved one can be confusing and differs depending on the situation.
"The very first thing to do is let the bank know, let the bank know that that person is no longer with us," advises Christian Romero, Community Manager in Phoenix with Chase Bank. He says customers will need different documents and requirements depending on the type of account.
If the deceased had a joint account, the joint owner would still have access. However, cards belonging to the deceased will be disabled.
In situations like Cheryl's, where it is a sole-ownership account with no beneficiary or will, the account will be restricted.
"This is to avoid any fraud and really protect the funds of the account," Romero explains.
Without a designated beneficiary or will, figuring out the next financial steps can become confusing and drawn out. Sometimes courts are needed to sort out the situation.
Talking and preparing for the end of life is not easy or comfortable, but Romero encourages everyone to take steps now to avoid confusion, stress for relatives, and to protect assets.
Here are some steps you can take now:
- Designate a beneficiary for all accounts.
- Seek legal advice like an estate attorney to create a clear will or trust.
- Consider life insurance.
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