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Treasury reclamations on decedents’ accounts

Answered by: 

Question: 
If the money is not available in the deceased customer’s account and no estate account exists with the bank, is the bank still liable for reclamations from Treasury?
Answer: 

Yes. Treasury rules include an obligation to refund wrongful payments. However, proper procedures can help reduce the bank’s liability.

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Learn more about John Burnett’s When a Customer Dies webinar.

First published on 09/19/2021

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