Issues with Deceased Customers

When a customer dies, you should have procedures in place to address the common questions. How long can the bank honor checks on an account of a decedent? When does a joint owner assume ownership of an account? What can be done with checks payable to the deceased? What about payable-on-death accounts? Can an attorney-in-fact write checks to pay final expenses? How important are local newspaper obituaries? Can small accounts be claimed without expensive probate proceedings? What happens to safe deposit boxes?

There is obviously a lot to be concerned with. And it isn't an easy matter for the bank, or the next of kin. You must balance procedures and compassion.

In this program, we examine how a customer's death impacts deposit accounts, CDs and safe deposit boxes.

John will cover these questions and topics in this informative two hour webinar:

• What is the bank's authority for paying checks after a customer's death?
• Proper handling of ACH items after a customer has died.
• How do you handle interest earned after the date of a customer's death?
• What is the impact of the death of a joint tenant?
• What are the practical issues on POD accounts?
• What happens when the decedent's account is under sole ownership?
• What about restyling joint accounts after one party has died?
• May checks be deposited after death if they are made payable to the decedent?
• Automatic termination of powers of attorney and authorized signer access
• Treasury check and Treasury deposit matters
• Whether you should check the local obituaries
• Strong internal controls/dormancy issues
• Flagging accounts and safe deposit boxes
• Payment of funeral expenses from an individual account owned by a decedent
• Privacy issues -- releasing information about the decedent's account to third parties. Where do you draw the line?
• What do you mark as the reason when you return checks on a decedent's account after the grace period for paying them?
• How the death affects:
• sole proprietorship accounts
• accounts on which the individual was an authorized signer (including entity accounts)
• trusts on which the individual was grantor or trustee
• safe deposit boxes leased by the decedent, with deputies
• Authority of authorized, convenience and agent signers
• ACH items and notice of death
• Returned mail
• Using common sense as part of your response

Don't wait to get this important customer-service information on-the-job, when a lack of knowledge can present a poor image of you and your bank.

Attendance targets:

• Branch manager
• Compliance officer
• Frontline staff
• Teller supervisors
• Operations officer