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Joint Owner Dies - New Account Required?

Answered by: 
Randy Carey

Question: 
The bank has a joint checking account, husband and wife. The wife recently passed away and my husband would like to add his two children to the account. The customer thought it would be a simple process of providing a death certificate but the new accounts person said they need to open a new checking account. What is acceptable or required in a case like this to have the father and kids on one account?
Answer: 

This is an individual bank decision. There is no law or requirement one way or the other. In order to have a clean account where the new individuals only have access to account history after they were added, many banks would require a new account.

First published on 01/29/2023

Filed under: 
Compliance
Filed under compliance as: 
Deceased Customer
Deposit

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