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Redeeming an Inherited CD

I live in Pennsylvania. My uncle, who lived in California, just died. He left me a CD. Do I have to fly to California in order to cash in the CD?


Perhaps not, if your uncle left you the account in his Will, the bank will only deal with the executor or administrator of your uncle's estate, and you'll have to contact that individual. It may take some time for you to receive your funds under such circumstances.

If that is not the case, and assuming that you know where the CD account is, contact the bank, explain that your uncle has died and ask what the bank requires for you to claim it. It will be of great help for you to have the CD account number for that conversation.

If the account was established with you as a joint owner or a payable-on-death beneficiary, you'll have to provide a certified copy of your uncle's death certificate along with your personal identification. Whether that can take place by mail or only in person will depend heavily on the bank's policies.

Published on BankingQuestions.com 11/03/09