To locate a deceased person's bank account, an individual must determine if the bank is open, closed or has merged with another bank. Proof of ownership of the account must be provided before access is allowed, states the FDIC.Know More
If the bank is still open, an individual can ask a representative if the account or a safe deposit box in the deceased person's name still exists. The bank may ask for a death certificate, and either a power of attorney or documentation from the courts listing an executor of the estate, reports the FDIC. If the account was recently closed, the bank may still have the assets. For older accounts, the bank may have transferred the funds to the unclaimed property office in the state of the account owner's last known address.
If the bank does not have the account, the FDIC may have possession of the assets, including deposit accounts and valuables from safe deposit boxes. However, it holds onto these assets for a limited period of time before transferring them to unclaimed property offices, according to the FDIC. Some companies may offer to help track down unclaimed property for a fee, but individuals should exercise caution to avoid potential scams.Learn more about Bank Accounts
To open a bank account, bring a Social Security card, identification card, a driver's license and a passport if applicable, according to Commerce Bank. Other documents that are accepted include an ID from a foreign country.Full Answer >
When someone who has a bank account dies, the beneficiary automatically receives the assets, according to the Wall Street Journal. Naming a bank account beneficiary is an option offered by some financial institutions.Full Answer >
Any bank account outside the United States is referred to as an international, or offshore, bank account. Since the money in such an account is not held by any American bank, it does not comply with the regulations and laws set by the America’s banking institutions, explains MoneySuperMarket.Full Answer >
Creditors can legally require a bank to freeze a bank account for a few weeks or until the debt is paid. Nolo explains that any funds that are in the account at the time of the levy are used to satisfy the debt, which can lead to bounced checks and additional bank fees. Bank garnishments that result in account freezes are activated when a creditor wins a court judgement.Full Answer >