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Treasury reclamations on decedents’ accounts

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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?

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

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

First published on 03/26/2023

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