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Policy for Deceased Customer's Loans/Account

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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?

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 5/16/11

First published on 05/16/2011

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