If an account was not escheated due to an oversight and the customer is deceased, are we allowed to contact the beneficiary (POD)? Or are we required to send the funds to the state?
I have read some of the responses to questions regarding whether estate and trust DDA accounts are eligible for "NOW" accounts. I am still confused. If the estate or trust account is in the name of the individual, i.e. Jane Doe Revocable Trust or Estate of Jane Doe; are they eligible for a "NOW" account? The trust papers we receive at account opening designate a trustee and personal representative papers designate a personal representative. However, these papers do not state beneficiaries specifically so can we assume the beneficiaries are the person who they trust is opened for, or their spouse, children, etc? Or do we need some type of documentation stating who is the beneficiary of the account specifically?
If a check is made out to a trustee and the trust but the word and is not there, is this treated as an "or" situation allowing the trustee to cash the check or must the check go through an account in the name of the trust?
Where can I find in Reg J information pertaining to the return of a wire transfer? Is the receiving bank liable? Do you have to obtain debit authority from the Beneficiary of the wire before you can debit the account?
If the owner of an account is deceased, should the beneficiary close the current account and open a new one? If not, how should the account be titled?
If ITF is only for savings accounts, what happens to checking account when the owner is deceased?
Can a person signing as an A-i-F on an account be added as a POD beneficiary on the same account?
What is a dynasty trust?
Are revocable pre-paid burial accounts those with no contract such as John Doe POD Smith Funeral Home?
What CIP information is required for a beneficiary ?