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Requirements/Information on CDs of Deceased

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Question: 
Does the bank require Letters Testamentary dated within 60 days to cash in a CD belonging to the deceased? Is there a central database containing CD information? Can we search accounts by his social security #?
Answer: 

Does the bank require Letters Testamentary dated within 60 days to cash in a CD belonging to the deceased?

Yes, but I am not aware of a timeframe but you would have to refer to State law.

Is there a central database containing CD information? Can we search accounts by his social security #?

If you mean if there is a central database that you can go to to find CDs held by any specific individual at multiple institutions, that answer would be no. You would have to review the deceased's financial records and tax returns to identify deposit accounts that they may have held.

First published on BankersOnline.com 10/22/12

First published on 10/22/2012

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