Overview
GreenState Credit Union is the largest credit union in Iowa and one of the largest in the Midwest, serving over 450,000 members with more than $11 billion in assets. While headquartered in Iowa, it serves members across Illinois, Wisconsin, Nebraska, and South Dakota. When an account holder passes away, the estate representative must notify GreenState and follow their specific process to transfer or close accounts.
This guide covers GreenState's estate services, the step-by-step notification process, required documents, and realistic timelines for different account types. Since GreenState operates across multiple states, state-specific probate requirements (particularly for Iowa and Illinois) will affect your process.
This guide provides informational guidance only. It is not legal advice, and SwiftProbate is not a law firm. Laws and institutional procedures change — verify current requirements directly with GreenState Credit Union and consider consulting a qualified attorney.
Notification Process
How to Notify GreenState Credit Union of a Death
Step 1: Gather Initial Information
Before contacting GreenState, have the following ready:
- Decedent's full legal name and date of birth
- Date of death
- Social Security number
- Member number or account numbers (if known)
- Your name and relationship to the decedent
- A certified copy of the death certificate
Step 2: Call Member Services
GreenState handles estate matters through their central member services team, who will direct you to a specialist or branch representative.
- Phone: (800) 397-3790
- Hours: Mon–Fri, 9:00 AM – 5:00 PM CT
Alternatively, you can visit a local branch if you are near one in Iowa or Illinois.
When you reach an agent, they will:
- Verify the decedent's identity
- Place a deceased flag on the account(s), which freezes automatic payments and online access
- Explain which documents are needed based on account type(s)
- Provide the specific mailing address or branch instructions for submitting documents
Step 3: Submit Required Documents
Mail the following to GreenState's processing center or drop them off at a branch:
{Reference the requiredDocuments section}
Mail to:
GreenState Credit Union
Attn: Estate Services
PO Box 800
North Liberty, IA 52317
For Overnight/Courier:
2355 Landon Rd
North Liberty, IA 52317
Step 4: Wait for Processing
After GreenState receives your documents, expect:
- Document review: 5–10 business days
- Account closure/transfer: 2–4 weeks depending on complexity
Step 5: Receive Funds / Transfer Assets
Once all documents are approved:
- Official Check: Remaining funds are typically mailed to the estate representative or beneficiary as an official check.
- Internal Transfer: If the beneficiary is also a GreenState member, funds may be transferred directly to their account.
Required Documents
Documents GreenState Requires
The exact documents depend on account type, account value, and whether the estate is going through probate.
Always Required
| Document | Details |
|---|---|
| Certified death certificate | Original certified copy required |
| Government-issued photo ID | Of the person claiming the account |
| Letter of Instruction | Written request to close account (if not using a specific form) |
If There Is a Will (Testate Estate)
| Document | Details |
|---|---|
| Letters Testamentary | Issued by the probate court — must be certified and recent |
| EIN (Employer Identification Number) | For the estate, if opening an estate account |
If There Is No Will (Intestate Estate)
| Document | Details |
|---|---|
| Letters of Administration | Issued by the probate court |
| EIN | For the estate |
Small Estate (Below Probate Threshold)
| Document | Details |
|---|---|
| Small estate affidavit | State-specific form (Iowa, Illinois, etc.) — see state limits below |
Beneficiary / POD / TOD Accounts
| Document | Details |
|---|---|
| Certified death certificate | Usually the only document needed |
| Beneficiary's ID | Driver's license or passport |
Trust Accounts
| Document | Details |
|---|---|
| Trust certification or abstract | Identifying the successor trustee |
| Successor trustee identification | Government-issued photo ID |
| Certified death certificate | Of the deceased trustee |
Account Types
How GreenState Handles Different Account Types
Joint Accounts (JTWROS)
The surviving joint owner typically needs only a certified death certificate to have the decedent's name removed. The account often remains open in the survivor's name, or funds are transferred to a new account.
Timeline: 1–5 business days
POD (Payable on Death) / TOD (Transfer on Death) Beneficiary Accounts
Named beneficiaries claim funds with a death certificate and ID. GreenState will issue a check or transfer funds to the beneficiary's GreenState account. No probate required.
Timeline: 5–10 business days
Trust Accounts
The successor trustee provides a trust certification, death certificate, and ID. The trustee gains control of the funds to administer according to the trust terms.
Timeline: 10–20 business days
Individual Accounts (Probate Required)
Accounts held solely in the decedent's name with no beneficiary designation require Letters Testamentary or Letters of Administration from probate court.
Timeline: 3–12+ months depending on probate
Retirement Accounts (IRA)
Named beneficiaries must complete an IRA beneficiary claim form and provide a death certificate. Spouses have different rollover options than non-spouse beneficiaries.
Timeline: 10–20 business days
Credit Cards and Loans
Outstanding loan balances (mortgages, auto loans, credit cards) are generally the responsibility of the estate. GreenState has the right of offset, meaning they may use funds in checking/savings to pay off delinquent loans held at the credit union.
Timeline: Settled during estate administration
State Considerations
How Your State Affects the GreenState Process
GreenState operates primarily in the Midwest, so probate is governed by the state law where the decedent resided.
Key State Variations
| State | Small Estate Threshold | Notable Rules |
|---|---|---|
| Iowa | $50,000 | Affidavit available if no real estate and assets <$50k |
| Illinois | $150,000 | Threshold increased to $150k (effective late 2025) |
| Nebraska | $50,000 | Affidavit waiting period: 30 days |
| Wisconsin | $50,000 | Transfer by Affidavit available |
| South Dakota | $100,000 | Affidavit waiting period: 30 days |
For detailed probate requirements, see our state and county probate guides.
Timelines
How Long GreenState Takes to Release Funds
| Account Type | Estimated Timeline | Key Factor |
|---|---|---|
| Joint account | 1–5 business days | Just need death certificate |
| POD/TOD beneficiary | 5–10 business days | Beneficiary ID + death cert |
| Trust account | 10–20 business days | Trust review by legal dept |
| Small estate affidavit | 2–4 weeks | Document review time |
| Probate (simple estate) | 3–6 months | Depends on court processing time |
| Probate (complex estate) | 6–18+ months | Disputes, taxes, or multiple jurisdictions |
Note: Timelines may be longer if documents are mailed rather than presented in a branch.
Tips & Pitfalls
Common Pitfalls and Tips
Do Not Withdraw Funds Before Notifying GreenState
Withdrawing funds via ATM or online banking after death is technically fraud and can create legal complications for the estate.
Statutory Lien / Right of Offset
As a credit union, GreenState often has a "statutory lien" on shares. If the decedent had unpaid loans (car, credit card), GreenState may use funds in their savings/checking to pay off the debt before releasing the rest to beneficiaries.
Membership Eligibility for Beneficiaries
If a beneficiary is not already a GreenState member, they may need to establish eligibility (live/work in covered counties) to keep the funds at the credit union, or simply take a check.
Keep Records of All Communications
- Save the name of the representative you speak with
- Send documents via certified mail to PO Box 800
- Keep copies of all documents submitted
Automatic Payments
Once the deceased flag is placed:
- Automatic payments will be declined
- Direct deposits (Social Security, pension) will be returned to the sender