WHAT DO YOU NEED TO OPEN A BUSINESS ACCOUNT?

American Savings Bank will need to collect the following information of the beneficial owner of 25% or more/person with significant control:

• Full Name
• Home Address
• Date of Birth
• Social Security Number
• Government Issued ID

Your Social Security Number is needed for a Sole Proprietor business account, or Employer Identification Number for all other ownership types and legal entity business accounts.

DOCUMENTS NEEDED TO OPEN A BUSINESS ACCOUNT:

Common Questions:

OBTAINING INFORMATION ABOUT MY LOVED ONE’S ACCOUNT

FREQUENTLY ASKED QUESTIONS

DEPOSIT ACCOUNTS: 

How quickly can funds be released? The time it will take to settle an account may vary. It is our goal to expedite this process when possible.

Does an Authorized Signatory’s authority continue after the death of an account holder? Upon the death of the sole or the last surviving account owner, the Authorized Signatory’s authority is terminated.

What happens to federal benefits like Social Security or Veteran benefits that have been directly deposited? By law, certain deposits received after the date of death must be returned back to the Social Security Administration or agency that made the deposit. Additional information regarding the return of federal benefits may be obtained from the Social Security Administration or other federal government agency issuing benefits.

How are Certificate of Deposit Account Handled? Upon request, joint account owners can cash out the certificate without penalty. Beneficiaries should contact the Bank for further assistance.

How are IRA’s Handled? Beneficiaries will be contacted by the Bank.

How are Safe Deposit Boxes Handled? If there are no surviving joint owners, a Personal Representative or other court-appointed representative may access the safe deposit box. We may request certified copies of valid Letters Testamentary or other court order.

LINES AND LOANS:

I am not a Co-Borrower, but I have an ownership interest in the property securing the loan, am I liable for the loan? Typically, only co-borrowers are personally liable to the bank; however, each situation is unique. Because the Property secures repayment of the loan, you may want to consider options on how to protect your interest in the Property. Please call us at (808) 539-7228.

Loan Payments were being automatically debited from the Loved One’s Deposit Account, will that continue? Automatic payments made from a joint owned checking account, where the joint owner of the checking account remains liable for the debt under the loan, will continue without change. All other automatic payments may be discontinued when we receive notification of the customer’s death.

Information to help you get started

We understand that this is a difficult time. It is our goal to make this difficult process as easy as possible. This guide provides information to assist you in dealing with a loved one’s account after their passing. Please note that the information provided is for informational purposes only and may not apply to all situations and shall not be deemed as providing tax, legal, financial planning or investment advice.

HOW TO NOTIFY AMERICAN SAVINGS BANK

To notify American Savings Bank of a deceased account holder simply provide us with (1) a copy of the death certificate; and (2) a completed Decedent Notification Form. The documents can be provided via any of the following methods:

• By Mail: P.O.. Box 2300, c/o Successor Relations- CRS, Honolulu, Hawaii 96804
• By Email: SuccessorRelations@asbhawaii.com
• In Person: At one of our local branches

The Deceased Notification Form is for notification purposes only and does not give permission to access funds or obtain information. Please refer to our Decedent Account Guide for additional information or visit any of our branches for personal assistance.

What other documents may need to be provided? This will depend on the relationship between the loved one and the person requesting the information. Several documents that are frequently required include:

• Letters Testamentary
• Trust Documents (Trust, Amendments, and Acceptance of Successor Trusteeship)
• Affidavit for Collection
• Recorded Deeds

What Happens After Submitting the Documentation? After you submit all required documents a representative will assist you with:

• Making any necessary account adjustments
• Closing accounts and transferring funds
• Setting up additional accounts at American Savings Bank for the Estate and/or any heirs

The following links include additional information on common requests:

• Obtaining information about my loved one’s account
• Information about deposit accounts
• Information about loans and lines
• Information about Marketing

Can I send a photocopy of the Death Certificate or other records? We will accept a photocopy of the death certificate or other documents. In some instances, however, we may need to request an original certified copy.

Will ASB accept documents from other states or countries? This will depend on the type of document that is being submitted. Below are some common documents:

1. Proof of Death – Yes. Certified copies of death certificates issued outside of Hawaii are typically acceptable. If the death certificate is in a non-English language, a certified translation may be necessary.
2. Court Orders (including Letters Testamentary) – Generally no. Orders issued by courts outside of Hawaii are generally not accepted because courts from other jurisdictions do not have jurisdiction over Hawaii property (including bank accounts). Representatives seeking to access a loved one’s account generally must obtain an order from a Hawaii court.
3. Affidavits for Collection – Yes. Notarized affidavits are acceptable if executed in other states/countries. Note that documents notarized in other countries must be signed and notarized at a United States Embassy or Consulate or include a valid Apostille.
4. Written Instructions – Yes. Written instructions provided by a properly designated representative are acceptable if they are notarized. Note that documents notarized in other countries must be signed and notarized at a United States Embassy or Consulate or include a valid Apostille.