Latest Compliance - Deceased Customer Topics

Opening Estate Account? Deceased Customer

09/27/2020

We have been presented a check payable to "Estate of ***** C/O ****'." This is the only check that will be issued in this manner. Could this be deposited into the deceased person's joint account or does an estate account have to be opened? The check is for $12.00.

Type of Checks Deposited in Estate Account

08/30/2020

What type of checks can be deposited to an estate account? If a check is made payable to Frank Smith and he is deceased, can that check be deposited into the Frank and Jane Smith Estate account?

ACH debits after depositor’s death

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?

Deceased account owner and abandoned property

05/24/2020

Are there different rules around the escheatment timeframes for a deceased account?

Jointly payable Treasury check—one deceased

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?

Reclamation for Social Security (SS)

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?

Interest Accrual-IRA Beneficiary Elections

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?

Info on Deceased Customer's Safe Deposit Box

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?

Deceased Business Customer-Documents

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?

Beneficiary on an Estate of Conservatorship Acct.

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?