If Your Spouse Dies, Banks Do These 3 Things to Your Joint Account Without Telling You

https://kevinexplains.shop When a husband or wife dies, the government can send your bank a message within weeks, and it says one thing: give it back. The bank usually pays it out of the joint account, even if the money there is yours. That is only the first of three things that happen to a joint account when a spouse dies. The second can pull survivorship money back to pay debts. The third quietly cuts the FDIC insurance on your savings in half. Two of the three can be fixed this week, at your own bank, for free. What You'll Learn Why a whole month's Social Security goes back, even if your spouse dies on the 31st How Treasury reclamation pulls money from a joint account, reaching back up to six years Why checks can still clear for 10 days after a death, and which autopays fail How to read the ownership code on your bank statement When survivorship money can be pulled back to pay your spouse's debts What the CFPB says about whether you owe your spouse's debts The FDIC six month rule, and how one form lifts coverage up to $1.25 million The $255 payment, the automatic switch to survivor benefits, and the credit bureau step most families miss The six sentences to say at the bank counter Questions about your own situation, or business and collaboration inquiries: [email protected] CHAPTERS 0:00 The message your bank receives 1:18 Before we start 2:01 Thing 1: The money moves backward 2:44 How a notice of reclamation works 3:22 Not only Social Security 3:49 Checks that still clear, and autopays that fail 4:45 The rule for the first weeks 5:33 Ardith's $5,680 morning 7:16 Thing 2: The money becomes yours 7:45 How to read your statement's ownership code 9:04 Accounts in one name, and CD penalties 9:42 When survivorship money gets pulled back 10:23 Do you owe your spouse's debts? 11:06 Medicaid and the surviving spouse 11:31 Second marriages and survivorship 12:28 Thing 3: The FDIC six month clock 13:58 The form that lifts coverage to $1.25 million 14:31 The probate clock 15:10 Thurman's $23,000 delay 16:34 What the bank will not tell you 17:12 Survivor benefits and the $255 payment 18:12 Taxes in the year of death 18:37 Pensions, checks in his name, and finding every account 19:40 The first year mistake with your children 20:22 What to do this week 21:26 Six sentences for the bank counter 22:54 My own read 23:44 Final word This video is for education only and is not legal, tax or financial advice. Rules differ by state and bank, so confirm your own situation with your bank and a qualified professional. Ardith and Thurman are composite characters, with names and details changed to protect privacy. Verified Sources Treasury reclamation rules, 31 CFR Part 210: https://www.ecfr.gov/current/title-31/subtitle-B/chapter-II/subchapter-A/part-210/subpart-B Social Security, If You Are the Survivor: https://www.ssa.gov/benefits/survivors/ifyou.html UCC 4-405, checks after death: https://law.cornell.edu/ucc/4/4-405 FDIC six month rule, 12 CFR 330.3: https://www.law.cornell.edu/cfr/text/12/330.3 FDIC trust account rule change, 2024: https://www.cnbc.com/2024/04/09/fdic-bank-deposit-rules-just-changed-heres-what-savers-need-to-know.html CFPB, spouse's debts after death: https://www.consumerfinance.gov/ask-cfpb/am-i-responsible-for-my-spouses-debts-after-they-die-en-1467/ Arizona A.R.S. 14-6102: https://www.azleg.gov/ars/14/06102.htm California Attorney General, identity theft and the deceased: https://www.oag.ca.gov/idtheft/facts/deceased SSA lump sum death payment time limit: https://www.ssa.gov/OP_Home/handbook/handbook.15/handbook-1517.html #jointaccount #widow #seniors #socialsecurity #retirement