Skip to content

Policy for Deceased Customer's Loans/Account

Answered by: 

Question: 
We have a member who passed away last month and has a signature loan and a line of credit with us. Are we within our rights to place the funds in the account towards these loans?
Answer: 

That depends on state law, if you have the right of set-off, if there is a POD on the account, etc.

You should consult your legal counsel to see what options you have.

First published on BankersOnline.com 5/16/11

First published on 05/16/2011

Filed under: 
Filed under lending as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics