Q:

How can you locate the bank accounts of deceased relatives?

A:

Quick Answer

The bank accounts of deceased relatives can be located by inquiring at the banks where the accounts may be held, according to the Federal Deposit Insurance Corporation. Banks usually require documentation in the form of a death certificate and for the court appointment of an executor to release information about the accounts.

 Know More

Full Answer

The bank can determine if a deceased relative's account is still open, presuming the account is not so old that it is no longer included in the bank's computer database or paper records, explains the FDIC. Bank accounts of deceased relatives are frequently closed before their deaths. Oftentimes, the account has been inactive long enough to be considered abandoned, in which case the funds are transferred to the unclaimed property office of the state of the deceased relative's last known address. The bank may be able to determine if the account has been transferred to the unclaimed property office.

Family members can search for any accounts of deceased relatives transferred to any of the 50 states' unclaimed property offices by visiting the National Association of Unclaimed Property Administrators website. In cases where a deceased relative has an account with a recently failed bank, survivors need to contact the FDIC. If the bank failed more than 18 months prior, the FDIC has transferred the account to the state's unclaimed property office, notes the official FDIC website.

Learn more about Financial Planning
Sources:

Related Questions

  • Q:

    What does a bank examiner do?

    A:

    Bank examiners monitor and evaluate the operations and accounts of banks and credit unions to ensure that the institutions abide by the laws and regulations imposed on them by financial regulatory agencies. They help to ensure the stability of the financial system and prevent banking crises by monitoring the financial health of financial institutions and the performance of institutions’ managers.

    Full Answer >
    Filed Under:
  • Q:

    Can a minor open a bank account?

    A:

    Many banks offer special account options for minor children, including checking and savings accounts. Investopedia explains that parents need to accompany their children when opening a new account, as many banks prohibit accounts for minors without an adult account custodian.

    Full Answer >
    Filed Under:
  • Q:

    How can I open a U.S. bank account as a non-resident?

    A:

    Non-residents can open U.S. accounts at banks such as HSBC, Citibank and Wells Fargo. U.S. bank accounts can also be opened online through companies such as Payoneer. According to the Federal Financial Institutions Examination Council, non-residents who are interested in U.S. bank accounts should disclose the source of their funds and have some form of identification, among other requirements.

    Full Answer >
    Filed Under:
  • Q:

    What items are needed to open a bank account?

    A:

    NerdWallet details the items that banks require to open new accounts as a form of government-issued photo identification, such as a driver's license, state identification card or passport. Proof of a valid Social Security number, birth date and current address are also required.

    Full Answer >
    Filed Under:

Explore