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Latest Compliance - Estate 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?

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?

POD Account: Transferring Funds to Estate

01/31/2016

A member has passed, and her account was a POD account, with 3 beneficiaries listed. The executor of her estate has come in, asking to transfer the funds to the estate. Do we pay out the beneficiaries, or do we follow the executor, and transfer funds to the estate account?

Can 3rd Party File A Dispute On Deceased Account?

01/12/2015

Can a third party file a dispute on a deceased account? The person filing a dispute on his deceased mother's account claiming spouses of other family member used card and pin to withdraw funds. The POA submitted was null at Death and was written for DNR.

Administrator on Estate Account

03/24/2014

On an Estate account can a person having a power of attorney from the administrator be added and conduct transactions?

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Most Popular Compliance Content

Reg Z required statements

09/25/2022

Is there no requirement to send periodic statements for unsecured loans? Does Reg Z require statements only for mortgages and credit cards?

Notice when Cutting Off mRDC

09/25/2022

Is it a requirement to send a notice to a mobile remote deposit capture (mRDC) customer who apprars to be abusing the program? We suspect a customer of "kiting" between financial institutions. Were we to shut off access to mRDC, do we need to notify them in writing, or with any specific content in the notice?

Garnishment of CD Pledged to Loan

09/25/2022

We have a certificate of deposit pledged to a loan. The CD amount exceeds the loan balance by a couple thousand dollars but the original hold was even greater as the loan originated at 60% of its original amount. We recieved a garnishment which will include this CD. Are we obligated to decrease the hold amount to the balance of the loan on the date of receipt of the garnishment and send the excess funds to the court or does the full amount of our original hold superceed this, meaning we would report there are no funds available? I am in Oklahoma if it is a state law issue.

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