What to Do When a Customer Dies
Ironically, when a financial institution learns a deposit or loan customer has died, confusion and dread seem to be the normal reaction.
We’ll walk you through the complicated process of dealing with a customer’s death – both on the deposit side and the loan side, as well as unique issues when doing business with the decedent’s estate.
- 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?
- What happens if the decedent had a safe deposit box?
- How should your financial institution handle “death” as a default on a loan?
- 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?
New account representatives, personal bankers, customer service representatives, lenders and loan operations personnel.
“Well presented and very insightful. The information provided applies to actual day-today operations. Thank you.” – Gina W., The Citizens National Bank of Quitman
“Very helpful for numerous situations and covered in just a short time.” – Cindy S., Western State Bank
Terri D. Thomas is Senior VP and Legal Department Director for the Kansas Bankers Association. Prior to this, she was with “Bankers Choice,” a financial consulting firm. Before this, Terri was employed in the financial industry for over twenty-three years in various capacities. Most notably, she served for fourteen years as in-house legal counsel and trust officer for Bank of America and its Kansas predecessors. Receiving her Bachelor of Arts degree from Kansas State University in 1985, Terri continued her education at Washburn University School of Law and obtained her Juris Doctor in 1988.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 CE Credits
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