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
Policy for Deceased Customer's Loans/Account
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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?
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