Latest Compliance - Deceased Customer Topics

Printing Acct. Statements for Deceased Customers

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?

Account Owner & Beneficiary Deceased

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.

Cash Deposit Over 10,000 Into Deceased Estate Acct

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.

Customer Dies w/o an Estate Representative Named

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?

Removing a Joint Owner from an Account

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?

Notification of Deceased Customers

05/20/2019

How are people finding out about customers who pass away if not notified by a family member?

Deposit Checks Payable to Deceased in IOLTA?

02/17/2019

Can an attorney who is appointed personal rep of a deceased individual, deposit checks payable to the deceased (not the estate) into their IOLTA account?

"Payable on Death" Acct. Bypass Beneficiary?

09/16/2018

May a "Payable on Death" account bypass payment to the beneficiary and go straight to the estate account if the Executor requests this?

Deceased Corporate CD Signer-Adding Signers

02/04/2018

A corporate CD signer passed away. The daughter and son would like to be added to said CD. On the State of Florida's Division of Corporations web site, both son and daughter are registered for the corporation. The daughter shows as a registered agent, and the son as officer/director plus there is a third person who is also as officer/director. Can we add the daughter and son as signers on CD? Do we have to add the third person as well, or does a court document and/or trust need to be presented showing son/daughter/3rd person as either owners/trustees before adding the names?

John Doe Life Estate/John Doe Life Tenant Checks

01/28/2018

We seem to be seeing more and more checks made payable to 'John Doe Life Estate' or 'John Doe, Life Tenant'. Could you explain what that means to us when John Doe wants to negotiate that check? We had a customer today with a check written like this and she explained that the reason her's said that is because when she passes, the checks from the oil and gas company will continue to go to her children at the time of her death. Any further explanation you could provide would be super!