12/22/2019
Are we out of compliance when an IRA account holder dies and we go ahead and internally move the IRA funds into Beneficiary IRA accounts for the
beneficiaries before they come in to make their Beneficiary Elections? Are we obligated to continue interest accrual on those funds or should the
interest accrual stop at the death of the IRA account holder?
10/20/2019
We received a call from a customer's child asking for information about a safe deposit box in name of our customer who is now deceased. This person
was listed on signature card but never signed it. Should we give him any information regarding the closing of the box?
10/06/2019
A business customer died 2 1/2 yrs ago. Due to estate disputes, an attorney was assigned to settle the estate. Recently the attorney sold the business.
The attorney and the new owner came to the bank and requested to have the attorney's name removed and to add the new owner to the existing account.
Due to several family members of the deceased having all the account information, I informed them that I would need to close the existing account
and open a new account. The attorney was not happy. They did not bring documents reflecting the sale of the business or documents reflecting the
owner name change being filed.
What is the standard or best process for this type of situation? Should a new account be established if the required documents are presented or is it
acceptable to simply change names and keep the existing account open?
09/29/2019
A ninety-seven year old widowed customer was brought in by one of his sons to change the register on his account. Our customer's wife had passed and he
removed her and added the son as beneficiary to his now sole ownership account. Six months later the same son was granted Conservatorship over his
father and changed the register to "Estate of..."
Should we leave the beneficiary on an Estate of Conservatorship account?
09/15/2019
We occasionally have customers that have passed away and have no beneficiaries on the account. Do we have to continue to print their account
statements monthly or can we change it to print annually?
09/08/2019
We are in Oklahoma. Our account owner has died, and her beneficiary is also deceased. Who gets the funds? Will it need to probate? The amount is less the $1000.00 and the family can't afford to see a lawyer.
09/01/2019
We received a cash deposit exceeding $10,000 into a deceased person's estate account (personal checking). The executor is an authorized signor on the
account. Will the Benefactor for the transaction be the deceased? Will the executor be listed on the CTR as well? Note- the executor was not the
transactor.
08/04/2019
If an individual account is opened in Tennessee but the customer's address is in West Virginia, and the customer dies without an estate representative named, which state code do we follow as far as the amount the financial institution pays out for funeral expenses, medical expenses, surviving spouse and next of kin?
07/28/2019
We occasionally have customers who request to remove a joint owner from an account. We don't do this unless the other customer being removed is
deceased. We have learned that some banks will allow this. What is your take on this topic?
05/20/2019
How are people finding out about customers who pass away if not notified by a family member?
