Decedent Account Processing!

Closing Decedent Accounts

100

Decedent accounts with a balance less than ____________ may be closed by the branch – this limit is by account, not by customer.

$250K

200

A decedent account with a balance of $250k must be closed by what department?

Decedent Processing

300

Prior to closing a decedent account, you must first determine if the customer has provided the required state-specific documentation. How do you verify this?

On EIV, determine if required state-specific documentation has been scanned to\appears in the Deceased Shared Documents folder.

400

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.

Scanning & Documents

100

What is the PROPER cover sheet to use when scanning ALL documents related to decedent accounts?

Deceased Processing Coversheet!

200

When viewing\scanning this document, it MUST be an original or certified copy.

Death Certificate

300

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

400

What should you do with the Deceased Processing Coversheet after successfully scanning?

Shred it! These are NOT to be kept on file!

Issuing Funds

100

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.

200

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

300

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.

400

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:

• Date
• Payout amount
• Redeemed or partial
• Beneficiary name
• Employee's name
• Name of branch
• 10-digit branch phone number

Holds

100

Holds are (supposed to be) released within _______________ of receipt of Deceased Hold Release Request form?

60 minutes!

200

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.

300

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.

400

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

Name That Form!

100

• Issued by a court
• Appoints the executor or administrator of an estate

• Letters of Administration
• Letters Testamentary

200

• Provided by the claimant (or use internal form)
• For bank accounts aggregating $5000 or less

Declaration of Heirship and Indemnity

300

• Provided by claimant and is executed by decedent's heirs to claim decedent's individual account
• Court order approves and authorizes transfers of assets to decedent's heirs
• Total estate cannot exceed $75,000

Affidavit of Small Estate (with court order)

400

• Bank form used to authorize payment of burial expenses directly to a funeral home from a decedent's individual account
• Funeral expenses not to exceed $5,000

Funeral Indemnity Agreement