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Allowing Estate Account Internet Banking Access

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Question: 
What do I need to know before I allow an estate account Internet Banking access? The accounts have been opened properly and the representative will only be allowed to transfer funds between the two accounts titled the same.
Answer: 

Assuming that you have already received the appropriate documentation to establish the estate accounts, I don't see that there is any additional requirement before providing Internet banking access.

The one thing I do suggest is that you not provide the usual consumer-oriented Regulation E disclosures. An estate account is not covered by that regulation.

First published on 11/18/2013

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