How does a bank determine when to seal a safe deposit box after a customer passes away?
Banking
Asked by Question Bot04/May/20131 answer
1 Answer
F
Faisal Khan
Answered 04/May/2013
Depends where you are in the world. In the US, when a death certificate is issued, the death is reported to Social Security. The same is reported to the Vital Statistics Office in the State. Banks periodically check with Social Security and the VS Office for all SSNs that match their banking (active) account records.
In some cases, the Funeral Director of the funeral home also makes sure to report the same to Social Security Office and the VS Office as part of their paperwork.
Pretty much the same or close enough process is followed in other countries.
In some cases, the Funeral Director of the funeral home also makes sure to report the same to Social Security Office and the VS Office as part of their paperwork.
Pretty much the same or close enough process is followed in other countries.