Webinar: When a Depositor Dies: Next Steps
December 21, 2023 3:00 pm - 4:30 pm
Can checks still be negotiated after an accountholder dies?
Who can access the deposit accounts? What changes can be made? What about taxes, Social Security, setoff, and dealing with the family? If you don’t have all the answers, this is the webinar for you.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Identify who is entitled to the account upon the death of the accountholder
- Understand how to deal with the deceased’s estate or relatives
- Explain when checks and other withdrawals can be paid after the accountholder’s death
- Define who can negotiate a check made payable to the deceased accountholder
- Determine when the deceased’s accounts can be set off for debts owed to your institution
- Explain when and how federal benefit payments, such as Social Security, can be reclaimed
WEBINAR DETAILS
When one of your depositors dies, your institution must act promptly and appropriately to avoid any liability. The federal government can reclaim certain benefit payments that were deposited after an accountholder’s death – even if those funds are no longer in the account. (Obviously, any transaction after the accountholder’s death was conducted by someone else.) This webinar will thoroughly explain the proper actions that should be taken when a depositor dies, share best practices used by other institutions, and cover the legal requirements and practical issues.
WHO SHOULD ATTEND?
This informative session will be useful to all deposit operations personnel, collection personnel, service representatives, compliance staff, auditors, attorneys, and managers.
TAKE-AWAY TOOLKIT
- Sample procedures for handling the accounts of deceased accountholders
- Guide to federal government ACH payment reclamations
- Employee training log
- Interactive quiz
- PDF of slides and speaker’s contact info for follow-up questions
- Attendance certificate provided to self-report CE credits
Speaker: Elizabeth Fast, Spencer Fane LLP
Elizabeth Fast is a partner with Spencer Fane LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions.