A deceased customer had a consumer savings and a consumer checking account. An EIN number for an estate has been given to us. Do we change the present consumer accounts to an estate account using the same type of interest bearing account for consumers, or do we start new business accounts with the estate EIN number? The business accounts would have different interest, service charges etc., or can we just keep the accounts as they are and change the name to an estate and change to the EIN number?
If a deceased customer leaves an account with no co-owner or POD what steps should the bank take in identifying how the funds should be disbursed?
We have a customer who passed away approximately two months ago. The representative that has been assigned to the estate has opened an estate account and requested copies of deposits from six months in 2006 and all of 2007 on the old account that was closed after our customer passed away. We're not sure how comfortable we are in releasing that information to the estate representative. Are there any guidelines that you're aware of that would help us decide whether or not to release that information?
A recently deceased customer jointly owned a checking account with his daughter. His daughter came in with a stimulus check made out to only the deceased father. She would like to deposit it in the account she is a joint owner on. We would not allow this. Even though he is deceased she is questioning why he would not be entitled to this payment.
When we have a deceased customer with sole ownership of an interest bearing account and are unable to locate the administrator or executor and have to hold the account in accordance with the State's abandoned property regulations, do we continue to report interest income on form 1099-INT in the name and social security number of the deceased individual?
What do we do with the business account upon the death of the sole proprietor?
Can CDs that are titled John Doe POD for Jane Doe, be retitled in the name of the POD if the owner dies? Or does the contractual agreement between the bank and John Doe become void and therefore the CDs are closed (without penalty) and the funds released to the POD Payee?
Where can I find a Deceased Customer Affidavit form to complete regarding a safe deposit box?
I had a customer who is now deceased who had several CD's with our bank. Some were joint with her daughter and others are POD for her daughter or for her son. We have several CD interest checks that were issued prior to her death are still outstanding and need to be reissued or escheated. My question is for those CD interest checks made payable to the CD owner, who has since passed away, should the checks be reissued to the POD or the CD account or to her estate?
When there are accounts owned by an individual who is deceased and the accounts exceed $3,500.00, is it permissable to pay the funeral expenses from the balance and then close the accounts making the check payable to the estate? Or should the accounts be closed and check made payable to the estate and it then becomes the executors responsibility to pay the funeral expenses from the estate account?