Common use of Deceased Accounts Clause in Contracts

Deceased Accounts. Unless restructured, the National Credit Union Share Insurance Fund insures a deceased member’s account as if he or she were still alive for six months after the member’s death. During this “grace period” the insurance coverage of the member’s accounts will not change unless the accounts are restructured by those authorized to do so. If the accounts are restructured, or upon the expiration of the six months if not restructured, the share insurance coverage provided by the National Credit Union Share Insurance Fund will be based on the actual ownership of the accounts. Any deceased member remaining on an account after a six-month period will be removed by the Credit Union.