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Deceased Business Customer-Documents

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A business customer died 2 1/2 yrs ago. Due to estate disputes, an attorney was assigned to settle the estate. Recently the attorney sold the business. The attorney and the new owner came to the bank and requested to have the attorney's name removed and to add the new owner to the existing account. Due to several family members of the deceased having all the account information, I informed them that I would need to close the existing account and open a new account. The attorney was not happy. They did not bring documents reflecting the sale of the business or documents reflecting the owner name change being filed. What is the standard or best process for this type of situation? Should a new account be established if the required documents are presented or is it acceptable to simply change names and keep the existing account open?

If this is an entity, the entity did not die. Entity ownership and authorized signers change all the time. You need a proper resolution form the entity to establish the new authorized signers and new Beneficial Ownership information.

First published on 10/06/2019

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