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#2118198 - 02/14/17 06:34 PM Branch Closing - Irrevocable Burial Accounts
Kompliance Offline
Junior Member
Joined: Aug 2012
Posts: 44
Pennsylvania
We are closing a branch and transferring the accounts to another branch a couple of miles away.

We have a customer who has an irrevocable burial reserve account that does not want to transfer branches, and wants to move his account to a different institution that is staying in the community where our branch is closing.

Under PA state law, does anyone know if we can allow this because of the circumstances? I can't find anything about other reasons to release these funds besides the death of the owner. Any thoughts or know of any guidance out there?

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#2118226 - 02/14/17 08:30 PM Re: Branch Closing - Irrevocable Burial Accounts Kompliance
dottiec Offline
Gold Star
Joined: Jul 2007
Posts: 302
It is called an irrevocable account for a reason.

If the account was set up because the person is on Medicaid, your contract is required to have a clause allowing it to be transferred if the customer moves to another state.
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