We have an individual account set up. About six months ago we received electronic notification that the owner is deceased. No family member has come forth to settle this account.In the meantime, seven ACH debits are coming out of the account each month. This is seriously depleting the balance. Given that we know the owner is deceased, should we return these debits? We spoke with a president of a regional ACH association and he told us that ACH rules do not address this issue and he couldn't advise us to return the ACH. His concern was that ACHs that are payments for insurance premiums, house payment, utilities, etc., might have a serious impact to beneficiaries or other folks once that ACH is returned as unpaid. On the other hand, it doesn't make sense to allow an ACH to continue on for months and months. When a check is involved, we return it after 10 days. Seems like ACH should be handled the same way! Any help, guidance or advice is greatly appreciated!
Can an executor on an estate account be issued a debit card?
A customer has reported to us that his father has died. We have a joint account with this customer and the now deceased father. We tell the customer we need a copy of the death certificate and that we will remove the father's name from the account. The customer then tells us he is just about to file the father's tax return and that his accountant wants the father's name left on the account until his tax refund is direct deposited to the account. If this customer had presented a Treasury check payable to the father and attempted to deposit it, we would refuse as the check is now the property of the estate. Since we have knowledge of what the son is preparing to do, should we flag the account and return the tax refund as beneficiary deceased when it attempts to post to the account?
An account holder is deceased. An individual is named the personal representative by the court. Pers. Rep. B closes the account of deceased and in the process withdraws $20,000 cash. CTR filing is required. Did Pers. Rep. B act on own behalf, or on behalf of another (deceased account holder)?
Once the minor beneficiary of a TUTMA account reaches the age of 18, is it the bank's responsibility to close out the account or transfer it to the ownership of the beneficiary?
A treasury refund check is made out to John W Deceased and Betty Doe;Betty Doe's name is on the 2nd line of the check. What is the proper endorsement?
We have an IRA customer who passed away in 2012. She had her husband as the beneficiary. He passed away a few years prior to her. We understand that the beneficiary of the IRA would be her estate. How do we need to transfer the money from the IRA to the estate? Do we need to do a distribution from the IRA then deposit a check to the estate?
Have a couple of questions regarding farmland.1. What is the supervisory LTV limit on farmland?2. Is farmland with ongoing farming operations considered to be improved property?
Does a personal representative of a estate have a legal right to request copies of account transactions going back 2-7 years?
Why do some people keep their deceased mate's name on their checking account?