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?
If a person is deceased, can we deposit a check made out to that persons Trust in one of his other accounts that is in a joint name with the deceased
and the successor trustee of his trust, or how does this item get cashed?
Who would be the beneficiary on a representative payee account when the owner dies? Since a POD can't be named on the account what do we do with the
funds in the account, and can the next of kin close the account with a death certificate in Oklahoma?
What avenues of recovery are there for an issuing bank where their customer is killed abroad, and fraudulent transactions are made by the perpetrator after the killing and subsequent theft? The killing occurred 26 days ago, and the transactions occurred the day of the killing and the following day.To make matters worse, the card used was a MasterCard debit card, and the perpetrator somehow obtained access to the PIN.
Can an Executor of an Estate access a safe deposit box, or does the paperwork have to state "access to any safe deposit box" in the wording?
For estate accounts we require the customer to present an original death certificate and an original short certificate. We will make a copy of the death certificate and return it to the customer, if requested. However, we do require to keep the original short certificate. Should we be accepting copies of both rather than the originals?
(A Short Certificate is a legal document that shows the decedent’s name and date of death. It will also show the name of the Executor/Executrix who has been named to handle the affairs of the estate.)
We have a customer that has brought in a decree approving first and final accounting and closing of an estate. The administrator has asked us to cut 3 separate checks to the heirs listed in the document. Our issue is the administrator never moved the money into an estate account. It is still in the name of the deceased. Should we ask them to open an estate account just for the disbursements or would it be ok to do it directly from the deceased account?
Best practice for closing and reopening IRA and or CD accounts in new beneficiary names due to death. Should we keep the same rate or give the current rate which is less?
Customer has a trust and a will. Customer dies. Which one controls what happens to the account?
The majority of our IRA customers have their spouse listed as beneficiary. When an IRA holder passed away, we would change the title to the "Spouse as Beneficiary of the deceased IRA" and their SS# if they chose to not treat as their own. We had two IRA holders (in RMD) pass away this year and had multiple children listed as beneficiary. We set up separate accounts for each child as "Beneficiary of the fathers IRA" and transferred the funds to them. This was done "in-house" with transcodes to just transfer
the funds to the separate accounts (no paper work other than the entries). What is the proper way to handle the transferring of accounts like this? Should we have completed new account paperwork for a new IRA account? For CIP purpose?