Managing any financial account for you or your deceased loved one can seem like a big hurdle, but it doesn’t have to be. At TD Bank, the process is relatively straightforward, but you will have to hop around from page to page to find all of the answers you’re looking for.
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That’s why we’ve compiled just about everything you’ll need to know in one location. Here, you'll find information regarding the necessary documents and account requirements, even some tips on what to expect for your executor duties and how to cancel credit cards after a death.
Tip: The other aspects of handling a loved one's unfinished business can be overwhelming without a way to organize your process. We have a post-loss checklist that will help you ensure that your loved one's family, estate, and other affairs are taken care of.
How to Close a Deceased Loved One’s TD Bank Account
A few variables exist when you need to close a deceased loved one’s bank account. These include their state of residence upon death, your relationship with the decedent (have your photo ID available), and the various types of accounts they held with TD Bank.
To determine the necessary documents:
- Call Customer Service at 888-751-9000.
- For Relay Assistance, call 1-888-751-9000.
- From Overseas, call direct at 856-751-9000 or call Collect at 215-569-0518.
Let’s take a look at some of the typical documents you can expect to provide.
For the initial phone call with customer service, be prepared to provide documentation of all accounts that your loved one held with TD Bank, such as:
- Credit cards
- Car loans
- Banking accounts
- Savings accounts
After TD Bank has determined what accounts your loved one maintained, they can let you know which documents they require from you, such as:
Documentation of death
Order a death certificate (or more) from the funeral home at the time of death. You can also file a request for additional copies from the Public Health Department from the county where your loved one resided.
You may also be required to provide a Short Certificate. This is a legal document with the decedent’s name and the listed Executor of the Estate. You could obtain a certified copy of this at the county courthouse in the Office of the Register of Wills—if they had a will.
If there was no will, and the family has multiple options for the next of kin (as in the case of surviving children), you can elect an Administrator of the Estate. To do so, you may be required to provide the office with Letters Testamentary or Letters of Administration. This, of course, varies from state to state.
Once the Office of the Register of Wills acknowledges you as the legal executor of the state you can obtain a Short Certificate to manage financial affairs with TD Bank should they request one.
Documentation of your authority over the estate or trust
All financial institutions require documentation of your relationship with the deceased. It’ll be easier to manage any financial affairs if you keep copies of the Death Certificate and Short Certificate on hand.
What if there’s a mortgage or loan?
As Executor of the Estate or Next of Kin, you’ll be in contact with a Probate Attorney. In the case of a mortgage or a loan, the Probate Attorney will guide you through the process of settling financial affairs against the value of your loved one’s estate.
Pro-tip: be prepared as this process can take a few months to conclude. Each state will have its laws of governance when it comes to restitution of outstanding bills.
Be prepared to make additional points of contact
When resolving the estate of a deceased loved one, it’s not uncommon for banks to ask that you contact the following offices and institutions to finalize the process.
- Social Security Administration: Loved ones are responsible for notifying the Social Security Administration to manage benefits and payments.
- U.S. Department of Veterans Affairs: Compensation benefits end after a loved one's death, but you may qualify for Dependency and Indemnity Compensation. As with the SSA, you’re responsible for contacting the Veteran’s Affairs Office (VA) upon a loved one's death. Failure to do so can result in the VA recapturing some mistaken payments.
- A probate attorney: These attorneys will help you discover and finalize the necessary duties and responsibilities you have to the estate, including payments to others as well as your benefits.
- Deceased's employer: Employers can be valuable resources for information.
- Creditors/financial institutions: All creditors legally have between 3 and 6 months to collect debts after your loved one dies. Cancel your loved one’s credit cards upon death to avoid unsolicited calls or cons.
- Post office: To avoid any property or safety concerns, contact the post office to halt mail delivery. This can ensure bank statements don’t fall into the wrong hands.
- Certified Public Accountant: A CPA can help you obtain tax releases if there are any outstanding taxes or frozen bank accounts.
Last, you have to think about your loved one’s digital afterlife. Sensitive information about your loved one’s life can be found and exploited if left accessible via abandoned social media and other online accounts. Make sure you:
- Cancel all postal mail as soon as possible to stop paper trails.
- Discuss this with the bank as well as the attorney for any additional steps.
Obtain formal, written declarations with corresponding dates on TD Bank letterhead indicating that the accounts in question have been closed.
How to Close Your Own TD Bank Account
Closing a TD Bank account is easy when you take a few steps beforehand. Take a look.
Open an account with a new bank first
Any time you intend to close an account, open an account with another institution to transition bank cards and checks more efficiently.
Switch your online bill-pay
Before you close the old account, make sure to build your online bill-pay profile through your new bank. not to lose any critical information or find yourself with any late fees.
Close any automatic withdrawals
You may have some auto payments set up that you don’t even think about, like movie streaming or shaving razor and shampoo clubs. Switch those over ahead of time to avoid disruption of service.
What if there’s a balance in the account?
You have two options to retrieve the money.
- Visit a local branch with Photo Identification in hand.
- Submit a signed and notarized, written request with the corresponding account number(s).
Contact the bank
To contact the bank for assistance, TD Bank lists four options:
- In-person: Click here to find a location near you.
- Telephone: Speak with Customer Service at 1-888-751-9000.
- Email: Click here to correspond with customer service.
- For passbook accounts, send a written request via postal mail:
TD Bank, N. A.
P.O. Box 1377
One more thing
Maintain formal documentation indicating the accounts have been closed. You can obtain this through customer service by asking for a letter dated on TD Bank letterhead.
Password Managers and Bank Accounts
Discuss with your loved ones about setting up a password manager. These are helpful both for you and those who may have to handle any digital profiles after you pass away.
Join Cake today, so you can learn how to find support for these questions and many more that may come up as you start your end-of-life planning.
- Get help now online. (2020). TD Bank. https://tdbank.intelliresponse.com/?requestType=NormalRequest