Skip to content

Death Notification Service?

Answered by: 

Question: 
Is there a service out there that does the search for deceased persons and notifies the bank of the customer's passing? I can't imagine BoA or other big banks reading the obituaries each day to look for their deceased customers. Is there a better way?
Answer: 

You wait until you are notified by the personal representative of the person that is deceased. You have no other direct responsibility to determine the health of your customer. To do otherwise, opens the bank to liability for either thinking the person you heard or read was deceased and they are not or missing an obituary in the paper and the heirs can prove that you had procedures in place to do this, you missed it, and their inheritance has since disappeared.

First published on 11/19/2017

Filed under: 
Filed under compliance as: 

Search Topics