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Joint Standard DDA Safe Deposit Box or SAV Acct?

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I cannot find the answer to this question anywhere - Joint standard DDA, safe deposit box or SAV account; when the bank has knowledge that one of the account holders has died, are we in violation if we do not change the title/ownership on the account? Widow would like to leave her husband on the account (he is primary)?

Your bank does not have the right to unilaterally change the title on an account. Your responsibility is limited to notifying the survivor and attempting to get him or her to 1`) close the account or 2) agree to the "correction" of the account title and execute a conforming contract.

If an account is interest bearing, you do have the responsibility of filing information returns correctly; i.e. apportioning the interest between the decedent and the survivor. Depending on the circumstances, that may require you to close account A and open account B.

First published on 09/24/2017

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