05/31/2020
When a customer dies (individual account) and has 2 PODs on the account, do we continue to pay ACH drafts (utilities, insurance, etc.) on the account?
Also, I didn’t understand the paying interest on interest bearing accounts. We have NOW accounts that have one owner and certificates of deposit. Do we stop paying interest on these interest-bearing accounts?
05/24/2020
Are there different rules around the escheatment timeframes for a deceased account?
05/17/2020
Can a Treasury check payable jointly (two payees joined by an “&”) be negotiated if one of the payees is deceased, and the executor of his estate is the surviving co-owner of their joint deposit account?
04/12/2020
We received a reclamation for Social Security (SS) from a person who passed away 12/8/16. His SS went in on 1/3/17. His son came in and closed account on 1/4/17 and that's when we learned of his father's death. We received a reclamation in March of 2017 and we informed SS at that time of when we learned of the death, that the account was closed and we provided the name and address of the son who received all the funds. On 3/3/20 SS took the amount from us. Was it our responsibility to get the money back in 2017? Is it our responsibility to get the money back now? Where can I go to learn more about reclamations?
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.
