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Do we need to stop imposing service charges on a deposit account after the owner dies? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

Do we need to stop imposing service charges on a deposit account after the owner dies?

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We are not aware of any laws that would prohibit you from continuing such charges after the account owner dies. However, we would recommend communicating with the representative of the decedent’s estate within a reasonable time in order to determine their intentions with respect to the account, which could help avoid any later misunderstandings or disputes.