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What to Do When a Customer Dies

Webinar: ID# 1041519
Recorded On-Demand
About This Course:

What Are The Banking Requirements When A Customer Dies?

When a customer dies, there are several banking requirements and procedures that typically need to be followed. These may vary depending on the country and specific bank policies, but here are some common steps and requirements:
  • Notification of Death:
    The first step is to notify the bank of the customer's death as soon as possible. This can usually be done by providing a death certificate or other documentation as required by the bank.Freezing of Accounts:
    Upon notification, the bank may freeze the deceased customer's accounts to prevent unauthorized access and transactions.

  • Verification of Executor or Administrator:
    The bank may require proof of the executor or administrator of the deceased customer's estate. This could be in the form of legal documentation such as a will or letters of administration.

  • Documentation Requirements:
    The executor or administrator will typically need to provide various documents to the bank, including:

    • Death certificate
    • Proof of identity for the executor/administrator
    • Proof of authority to act on behalf of the estate (e.g., letters testamentary or letters of administration)
    • Social Security number or taxpayer identification number for the deceased
    • Any relevant account information, such as account numbers and account statements

  • Inventory of Assets:
    The executor or administrator may need to provide the bank with an inventory of the deceased customer's assets held at the bank, including bank accounts, safe deposit boxes, and any other financial products or services.

  • Settling of Account(s):
    The bank will work with the executor or administrator to settle any outstanding debts or obligations of the deceased customer. This may involve transferring funds to pay outstanding bills, taxes, or other expenses.

  • Distribution of Assets:
    Once all debts and obligations have been settled, the remaining assets of the deceased customer's accounts will be distributed according to the instructions in their will or according to the laws of intestacy if there is no will.

  • Closing of Account(s):
    After the estate has been settled and all assets distributed, the accounts of the deceased customer will be closed.

About This Training Course

This webinar provides information on best practices. We'll walk you through the best practices when dealing with a customer's death - both on the deposit side and the loan side, as well as unique issues that can arise when doing business with the decedent's estate.What You'll Learn:

  • What documents are required upon the death of an individual?
  • What actions should your financial institution take on deposit accounts owned by the decedent?
  • How should your financial institution deal with the decedent's estate?
  • What should your financial institution do if there isn't an estate?
  • How should your financial institution handle "death" as a default on a loan?
  • How will the new mortgage servicing rules impact mortgage loans where the borrower has died?
  • What does every lender need to know about doing business with the borrower's estate?
  • What steps can your financial institution take to protect its collateral after the borrower has died?
  • How should your financial institution handle issues of guarantors, setoff and insurance once the borrower has died?
  • How does the death of a key person affect the borrowings of Corporations, Partnerships, Limited Liability Companies, Trusts and other legal entities?

Who Should Attend:

New account representatives, personal bankers, customer service representatives, lenders and loan operations personnel.

Continuing Education Credits:

Click the 'Credits' tab above for information on PHR/SPHR, PDCs, and other CE credits offered by taking this course.
What to Do When a Customer Dies
Available 11:00am till 1:00pm EST or via On-Demand
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