04/28/2024
My question is on a custodian account/UTMA when the minor reaches the age of majority. In this case the custodian did not close account prior to their death. Can the bank distribute funds to minor who is now over 21?
What if the terms and conditions of the account say only the custodian can disburse funds: does that mean the “minor” has to get a new custodian assigned to allow for funds to be given to minor?
03/24/2024
Is this correct? Surviving joint account owner(s) can continue to use a deposit account as normal. The decedent will need to be removed from any deposit account they are an owner of.
We thought the account had to be closed and another one opened but I'm hearing conflicting opinions.
12/03/2023
Can a check payable to "JANE DOE Life Estate Tenant u/t/w of John Doe, Deceased and Child 1, Child 2 & Grandchild 1, Remaindermen" be deposited into the life tenant's individual account or a multiple party account owned by all named parties?
06/25/2023
We currently have an individual stating that a forgery has been committed on a DBA account that was owned by his mother. The account had an authorized signer, who was added by the account owner. The account owner passed away in November 2022 and it is the Personal Representative stating that forgeries were completed by the authorized signer's wife.
I have been investigating the statements and now the Personal Representative has filed a complaint with our regulator saying we are not responding to his claim. That is incorrect. We have reached out to the bank's legal counsel on the claim, but I'm looking for advice on handling the complaint with the regulator? The forgery claim investigation is ongoing.
01/29/2023
The bank has a joint checking account, husband and wife. The wife recently passed away and my husband would like to add his two children to the account. The customer thought it would be a simple process of providing a death certificate but the new accounts person said they need to open a new checking account. What is acceptable or required in a case like this to have the father and kids on one account?
10/23/2022
Can an estate account be opened in a different state from the one the decedent resided in? We have an executor who lives in our state, but the decedent is from a different state. The executor would like to open an account with us after she was told by larger regional banks that they would not open an estate account if the decedent and executor did not live in that same state.
04/10/2022
What happens when one of 2 or more beneficiaries dies before the account owner? In this case I'm referring to a depsoit with two beneficiaries and one has pre-deceased the account owner. The account is in PA if that influences the answer.
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.
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?
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?