B2B: Handling Deposit Accounts for Deceased Accountholders

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Question 1 of 10

1. Question
1. Fill in the blank in the following sentence. A Muniment of Title can generally only be used _______.
- A. If the decedent has no heirs.
- B. If the decedent has no debts and no heirs.
- C. If the decedent has no debts other than debts secured by real property.
- D. If the estate is value is considered “small” under the applicable state law.
Question 2 of 10

2. Question
2. Sam, a sole proprietor, recently opened a business purpose account for his new business venture into solar powered coffee makers. While completing his account opening paperwork, Sam asks if he can name his wife, Cheryl, as a POD payee on the account. What should the teller answer Sam and why?
- A. Sam can name Cheryl as a POD beneficiary, since he is a sole proprietor.
- B. Sam cannot name Cheryl as a POD beneficiary, since this is a business purpose account.
- C. Sam can only name Cheryl if this right was specifically stated in his entity formation documents.
- D. Sam can name Cheryl, since they are married.
Question 3 of 10

3. Question
3. Last year, Frank and Bella came into the bank together and set up a joint account that included a Right of Survivorship provision. Frank was listed as the primary accountholder, but both Frank and Bella signed the signature card indicating this designation. Recently, Frank has passed away. The administrator for Frank’s estate brought in the necessary documents to establish Frank’s death, certified Letters of Administration, and is now requesting half od the funds be paid to Frank’s estate. What should the teller do?
- A. The teller should not pay any of the funds to the administrator, as they became solely owned by Bella upon Frank’s death.
- B. The teller should pay half of the funds to the administrator, since the administrator was the individual that established the death of Frank under the bank’s internal guidelines.
- C. The teller should pay the portion of the funds to the administrator that Frank contributed at the time of account opening.
- D. The teller should pay all of the funds to the administrator, since Frank was listed as the primary accountholder prior to his death.
Question 4 of 10

4. Question
4. Which of the following account ownership structures do not require consent to pay funeral/burial expense claims from a decedent’s account?
- A. None of the accounts below require consent.
- B. A joint account with a Right of Survivorship.
- C. A single party account with a living POD payee designated.
- D. A joint account without a Right of Survivorship.
Question 5 of 10

5. Question
5. Sarah and Barb opened a joint account with a Right of Survivorship in March of 2020. In June of 2020, without Barb’s knowledge, Sarah named Caitlin as a POD payee on the joint account. In July of 2021, Sarah passed away. Two weeks later, Barb also passed away. In August of 2021, the estate representative for Barb and Caitlin, the POD payee named by Sarah, both request that the remaining funds in the account be paid to them. Who is entitled to these funds and why?
- A. Barb’s Estate—Since Sarah named Caitlin as POD payee without Barb’s knowledge, the designation is invalid.
- B. Caitlin—As a POD payee that survived all the account owners/original payees on the account, Caitlin should be paid the funds.
- C. Barb’s Estate—Since there was a Right of Survivorship on the account. and Barb outlived Sarah, Barb’s interest in the account outlives Sarah’s designation of Caitlin as the POD beneficiary.
- D. Caitlin & Barb’s Estate – Each are entitled to 50% of the funds remaining in the account.
Question 6 of 10

6. Question
6. Prior to her death, Sandra named her daughter, Camille, as the POD payee to her solely owned interest bearing savings account. Sandra has since passed away and a fellow teller is asking how the interest on the savings account should be reported. What should you tell them?
- A. The bank should continue to report the interest payments under Sandra’s SSN.
- B. The bank should report the interest payments under Camille’s SSN
- C. The bank should report the interest payments under Sandra’s Estate’s EIN.
- D. The bank is no longer required to report the interest payments after Sandra’s death.
Question 7 of 10

7. Question
7. Elijah and John had a joint account established together at the time of John’s death. Eleven (11) days following John’s death, after the bank has already received notice of John’s death. Elijah comes into the bank wanting to deposit a check made payable to Elijah and John jointly, i.e., “Pay to the order of Elijah and John Smith”, into the joint account the two shared. Should the bank allow Elijah to deposit this check into the joint account?
- A. Yes – since it is made out to Elijah and John, and Elijah is still living, the check may be deposited.
- B. No – since it has been eleven days since John’s death, the bank can no longer accept any check deposits in the account
- C. Yes – but the check must be deposited into the joint account, and cannot be cashed by Elijah.
- D. No – upon receiving notice of John’s death, the bank should no longer accept any deposits bearing John’s name in any capacity.
Question 8 of 10

8. Question
8. Estate accounts are covered within Regulation DD.
- A. True
- B. False
Question 9 of 10

9. Question
9. Cleo and DeAngelo had a joint account without the right of survivorship. On November 16, 2023, Cleo passed away. On November 20, before any representatives of Cleo’s estate contacted the bank, DeAngelo came into the bank and asked to withdraw all of the funds from the account. Should the teller allow DeAngelo to withdraw these funds?
- A. Yes—Since the estate representatives did not request the funds prior to DeAngelo making the withdrawal, DeAngelo would be entitled to all of the funds within the account at the time the transaction occurred.
- B. No—the bank is required to wait until speaking with Cleo’s estate representatives.
- C. No—DeAngelo is only entitled to half of these funds
- D. Yes—Even if the estate representatives had requested the funds prior to DeAngelo making the withdrawal, DeAngelo would still be entitled to all of the funds within the account.
Question 10 of 10

10. Question
10. Fill in the blank in the following sentence. A Representative Payee is __________.
- A. A person entitled to accept the payment for a deceased POD beneficiary.
- B. A person entitled to accept the payment from a personal representative of a decedent’s estate.
- C. A person who is appointed by the U.S. Social Security Administration to manage the SSI/SSA benefits of a beneficiary.
- D. A person appointed by a court to manage all of the financial affairs of an individual.

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