08/06/2023
We had a customer call to list two people as PODs on his account. He had recently been diagnosed with stage 4 cancer. We printed all new forms for him to come in and sign. We confirmed this customer when he called. He passed away before he could sign. Can we honor the customers wishes if we put "as per verified telephone call" and show the date of the call?
07/23/2023
We have a non-banking client who received several checks from his deceased grandmother (our client) which total over $10K. He is traveling from KS to Fla to cash these checks. Our problem is that he doesn't have a Social Security Number. Can or should we cash the checks and create a CTR, or refuse him? He does have a DL. He lives off the grid....we will file a SAR for sure.
12/04/2022
We recently had a CD held by a Revocable Trust where the Grantor/Co-Trustee died. The other trustee came in and asked to redeem the CD early due to death. We waived the early redemption penalty due to death, but asked ourselves, is this a regulatory requirement or a courtesy, particularly in this case because a Trust doesn't "die".
11/13/2022
If our deposit customer passes away and the POD receives the money in the account, if the money in the account is over $10,000 does the bank have to file a W-9?
10/23/2022
When a customer dies and they were receiving direct deposits from the Office of Personnel Management, "OPM1 Treas 310 {PPD} XXCIV SERV", do we have to return the deposit? These appear to be retirement/annuity benefits.
03/27/2022
When a decedent's checking account is debited after the death date, possibly with an unauthorized charge, can the estate present a valid claim to the bank with a copy of the death certificate as proof of authority? This is a sole account, not a joint account. The estate has debtors owed and a minor heir if that matters.
01/23/2022
On a Social Security Payee account, what happens to the funds in the account when the owner dies?
05/02/2021
An IRA owner (now deceased) and beneficiaries all received 1099R with a code 4 in box 7. The IRA owner did not receive any distributions. Is this correct?
07/26/2020
We have a business account for a corporation. The owner and only signer on the account has passed away. The articles of incorporation only have him listed. What do we do to keep his business running and his employees paid?
05/31/2020
When should we remove the name of a deceased owner if the family has never contacted the bank to request it be done? Is a new signature card required if no one else is being added in a joint ownership situation?