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Handling A Reg E Claim If The Claimant Dies
Answer by Andy Zavoina, BOL Guru
Question: We have received a verbal Reg E claim on an individual account where that individual has passed away. Is the next of kin or anyone (family member) authorized to file a Reg E Claim in this case?
Answer by Andy Zavoina:
BIO AND CONTACT INFO
I am not a lawyer but I would believe their rights are not exhausted because of death. The executor of the estate should be able to step in. Your claim process may be inhibited and denied for lack of information. You would have a difficult time knowing if the card and PIN were provided, or stolen. Preliminary facts may help. I believe some investigation is warranted.
Answer by Ken Golliher:
BIO AND CONTACT INFO
Andy is correct; the personal representative of the decedent's estate would have a right to make any claim the decedent could have made. Under the circumstances, I would be flexible in asserting time frames as a bar to the claim and would investigate even if I could not get the normal amount of information. However, if my disclosure provided for it, I would insist on written notice of the claim.
First published on BankersOnline.com 08/18/03
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