Skip to content
BOL Conferences
Learn More - Click Here!

New Reply Thread Options
#2260547 - 09/30/21 07:44 PM Reporting a Death
Anonymous
Unregistered

A customer recently passed away. He and his wife have a joint checking account with us.

I have been working with the wife to help navigate the account; the direct deposits, the automatic withdrawals, etc. I have requested she bring in a copy of the death certificate once she receives them

Somehow, management found out that the customer is deceased and has asked me to immediately report the death to our internal audit department, the reason being is that there "legal ramifications" if we don't. We have a database where customer deaths are recorded.

It's not as though I wasn't going to report it, but I thought I would wait until I had the proper documentation.

Has anyone heard of, or could someone explain what the "legal ramifications" could be?

Return to Top Reply Quote Quick Reply Quick Quote
#2260553 - 09/30/21 08:43 PM Re: Reporting a Death Anonymous
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
You would have to ask them. The money in the joint account is all hers now, so who knows what their concerns might be. As long as you are returning any government benefit ACHs payable to him after the date of death, you should not have any risk.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top Reply Quote Quick Reply Quick Quote
#2260737 - 10/05/21 08:24 PM Re: Reporting a Death Anonymous
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
If there are recurring benefit payments from Treasury (Social Security, VA, Federal Retirement (CSA), Military retirement, etc.) with his name on them, you should not wait to get a death certificate. You have knowledge of his death, and you must return any of those payments received after the date of death.

You should also not accept for deposit to that account any checks payable to him. Those funds belong to his estate, not to the current owner of the account.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top Reply Quote Quick Reply Quick Quote
#2260760 - 10/05/21 10:30 PM Re: Reporting a Death Anonymous
Anonymous
Unregistered

Thank you both for the advice and feedback.

What I am finding here as of late is, that at least in my state (Midwest), as soon as the Coroner is aware of a death, they notify Social Security, which then notifies us (the bank). I'm certain that's not 100% foolproof, but I have seen at least two instances lately where this is the case.

Return to Top Reply Quote Quick Reply Quick Quote
Quick Reply:
HTML is disabled
UBBCode is enabled




Moderator:  MagicCity, P*Q, Truffle Royale