Skip to content
GeoDataVision
Thread Options
#1792098 - 03/06/13 08:37 PM Customer dies....Everyone wants know her business
Dodge Online
100 Club
Joined: Mar 2010
Posts: 241
We had a customer who passed away recently. When the customer was alive she had a POA that handle her banking transactions. The customer has a POD (that was not the POA) on all of her accounts. Since the customer has passed away the POA, POD and the executor of the estate is requesting previous bank statements and signature cards on the accounts owned by the deceased customer . We have contacted our attorney and waiting on a response, but I'm impatient and want to know who we can release this information too. Since the POA is no longer valid after death then I'm positive that we cannot release this information to the POA. I feel like the only person we legally release information is to the executor of the estate.

Return to Top
Deposits and Payments
#1792108 - 03/06/13 08:55 PM Re: Customer dies....Everyone wants know her business Dodge
waldensouth Offline
Power Poster
waldensouth
Joined: Nov 2001
Posts: 7,981
FINALLY ABOVE the gnat line
Unless your state's laws are greatly different, the funds in the accounts with the POD belong to the POD and the executor of the estate has no business knowing anything about them. They are outside of the will and not part of the estate.
_________________________
"Once you learn to read, you will be forever free."

- Frederick Douglass




My Opinion Only.

Return to Top
#1792112 - 03/06/13 09:01 PM Re: Customer dies....Everyone wants know her business Dodge
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,684
Cape Cod
I was always of the school that said the executor stands in the legal position of the decedent. As such, he or she could legitimately request statement copies up through the date of death, but not for anything afterward. The POD beneficiary had no legal interest in the account before it fell in his/her lap, so is not entitled to history. The POA, as I understand it, has no further standing at all, and gets nothing.

But my opinion means nothing here. You asked for the advice of bank counsel. Wait for it and use it. If you're of a mind to do so, share what you learn from counsel with the rest of us, please.
Last edited by John Burnett; 03/06/13 09:02 PM.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top
#1792113 - 03/06/13 09:02 PM Re: Customer dies....Everyone wants know her business Dodge
edAudit Online
Power Poster
edAudit
Joined: Jul 2008
Posts: 4,780
You are here
My take on this:

The funds at death belong to the POD do not provide info prior to
POA has ceased at death - no longer provide any information
the Exec of the estate may be responsible for estate taxes and may need infor on the POD account prior to death

Most Important:
Do not listen to my advice and wait for your atty.
_________________________
Opinions can be considered as coming from anywhere but my employer.

CAMS


Return to Top
#1792114 - 03/06/13 09:04 PM Re: Customer dies....Everyone wants know her business edAudit
edAudit Online
Power Poster
edAudit
Joined: Jul 2008
Posts: 4,780
You are here
Cool, I agree with John. (but off by 22 seconds)
_________________________
Opinions can be considered as coming from anywhere but my employer.

CAMS


Return to Top
#1792126 - 03/06/13 09:13 PM Re: Customer dies....Everyone wants know her business Dodge
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,684
Cape Cod
But you said it more efficiently -- in fewer words.

I'll just add that the executor of the estate could need access to past records on the account to review anything done by the AIF if there is any suggestion of mishandling by someone with an interest in the estate.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top

Moderator:  John Burnett