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@yourhospicesocialworker/TikTok Anton_AV/ShutterStock (Licensed)


‘I LEARNED THAT THE HARD WAY’: EXPERT WARNS NEVER TELL THE BANK WHEN A LOVED ONE
HAS PASSED AWAY. HERE’S WHY


'YOUR BANK IS NOT YOUR FRIEND.'

 

Parks Kugle

Trending

Posted on Nov 24, 2023   Updated on Nov 24, 2023, 12:42 pm CST

Losing a loved one can be one of the hardest experiences in your life, and one
expert says it’s best not to add stress to the occasion by prematurely informing
the bank that your loved one has passed.

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Amy Devine, a social worker who goes by @yourhospicesocialworker on TikTok,
explains in a video what steps you should take when telling the bank a loved one
has passed away so the bank does not complicate the grieving process. The video
has been viewed over 695,000 times as of publication.

“When I say, ‘Don’t tell the bank,’ I don’t mean don’t ever tell the bank. I
just mean don’t tell the bank yet,” Amy explains in the clip. “Give yourself
some time to grieve.”

“You can use this time to start going through paperwork, bank statements, maybe
gathering information on what accounts were getting automatically debited,” she
continues, “and making arrangements to notify those people and setting up
alternative payments. While you’re doing this, any automatic payments are
continuing to go out of the account, and any premiums can be deposited.”



Amy explains that waiting to inform the bank allows a family member time to
gather all relevant information, including details on life insurance policies
and electricity and utility bills. After notifying the bank, the account will be
frozen, meaning nothing can be taken out or deposited. Amy says you will receive
your loved one’s death certificate within four to six weeks. She advises showing
the certificate to the bank so you can work on accessing the funds.

“Hopefully, they have set up some kind of protection on their account, like a
payable on death, where you can access those funds,” she says. “Or, maybe they
had a revocable trust in place, and you can show those trust documents.”

“Another thing you can do to assist with the bank issue is add a joint signer,”
she continues. “If your loved one passes away and there’s a joint signer on the
account, that joint signer can still manage affairs through that account.”

Though many commenters agreed with Devine’s advice, several others shared that
banks can be notified of an account holder’s death in other ways.

> 



“Banks are notified anyway…they knew within about ten days,” one viewer said.

“Thing is, social security will also notify the bank as well, even if you
don’t,” a second remarked.

“When I worked at a bank we read the obituary every morning and froze accts,”
another shared.

According to Bankrate, one issue is that funeral homes routinely inform the
Social Security Administration that your loved one passed away. This is to
ensure that Social Security checks stop being issued. Once the bank is notified,
accounts will be frozen.

The outlet also reports that there are ways to avoid the complications. The
easiest way is to have a joint account signer. The loved one can also give a
family member power of attorney to allow for preparation. Another way is to
consolidate accounts to make it easier to move funds. Finally, if you are
gathering information about a deceased relative’s accounts, you should check the
state’s unclaimed money database. All banks have to surrender unused accounts to
the state after a period set by local laws.

The Daily Dot reached out to Devine via TikTok comments for further information.

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 * 
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*First Published: Nov 24, 2023, 10:30 pm CST

PARKS KUGLE

Parks Kugle is a writer and reporter based in San Antonio. His work has appeared
in Lumina Literary Journal, Wicked Local Newspapers, and various publications
across the U.S. He enjoys comics and gardening.



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