We have an IRA for a recently deceased customer with a minor child (7 years) as beneficiary. We make the check payable to the child? Can the parent in turn endorse Jane Doe, Monor - Jill Doe legal guardian transact? How do we make sure Jill is the legal guardian? I'm thinking of an indemnification similar to parent transacting on redeeming bonds.
When a customer is deceased and the account is frozen if ACH transactions come thru to post, do I return them-deceased? It was a single part account with an agent.
We received a levy for a customer who is deceased. She is still listed on accounts at the bank (with the notation she is deceased). Does the levy reach those funds?
We have a deceased customer who had an account with a beneficiary designation. Should the account go to the estate rather the beneficiary or do the funds need to be disbursed to the beneficiary?
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?