Closing Decedent Accounts
Decedent accounts with a balance less than ____________ may be closed by the branch – this limit is by account, not by customer.
$250K
What is the PROPER cover sheet to use when scanning ALL documents related to decedent accounts?
Deceased Processing Coversheet!
True or False: Funds from a decedent account can be issued through one of the following: Cashier's Check, Money Order, or Cash.
False! Funds MUST be issued in the form of a Cashier's Check.
Holds are (supposed to be) released within _______________ of receipt of Deceased Hold Release Request form?
60 minutes!
A decedent account with a balance of $250k must be closed by what department?
Decedent Processing
When viewing\scanning this document, it MUST be an original or certified copy.
Death Certificate
Who signs the withdrawal slip when distributing the funds from a decedent account?
Individual in the branch must sign the withdrawal form as a beneficiary, heir, executor, etc.
John Doe, Beneficiary
John Doe, Executor
If not dispersed within the appropriate time frame, Decedent Processing replaces hold on remaining funds. What is the time frame?
Decedent Processing replaces hold on remaining funds the third day after the release request.
Declaration of Heirship and Indemnity
On EIV, determine if required state-specific documentation has been scanned to\appears in the Deceased Shared Documents folder.
When the proper coversheet is used, it ensures the documents are routed to the correct folder in EIV. What is the name of this folder?
Deceased Shared Documents
True or False: When issuing a Cashier's Check for decedent account proceeds, the $10 fee is deducted from the funds.
False! The Cashier's Check fee is automatically waived in TE when issuing decedent account proceeds.
Choose the correct answer for the following question:
State-specific documentation requirements are based on
a. The state in which you currently work
b. State of residence on death certificate
State of residence on death certificate will determine which State-specific documentation is required.
Affidavit of Small Estate (with court order)
If account is a joint account, does the joint owner have to close the joint account and open a new account?
No! Deceased owner can be removed; however, deceased owner can't be removed from the account until proper documentation is received. Joint owner can conduct business as usual unless restrictions are listed in state-specific requirements.
What should you do with the Deceased Processing Coversheet after successfully scanning?
Shred it! These are NOT to be kept on file!
When issuing partial funds at the branch for multiple beneficiaries, what are you required to do in Customer Assist after funds are issued?
Place an Alert Account comment with the following information:
If there is a hold due to death on account and / or U.S. government / U.S. Department of the Treasury direct deposit funds must be returned, what form must be submitted to Decedent Processing?
Deceased Hold Release Request
Funeral Indemnity Agreement