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We have a checking account that was owned by John Doe, payable on death to Jane Doe. When John died, the account never was part of his estate; the account passed directly to Jane. The executor of John’s estate has requested account records prior to the date of death. Does the executor have the right to see those account records? – IBA Compliance Connection

IBA Compliance Connection

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We have a checking account that was owned by John Doe, payable on death to Jane Doe. When John died, the account never was part of his estate; the account passed directly to Jane. The executor of John’s estate has requested account records prior to the date of death. Does the executor have the right to see those account records?

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Yes, the executor may access bank account records up to the deceased accountholder’s date of death. The federal privacy regulations permit banks to disclose account information to “persons holding a legal or beneficial interest relating to the consumer” and a consumer’s representative, such as an executor.

For resources related to our guidance, please see:

  • Regulation P, 12 CFR 1016.15(a)(2)(iv) (A bank may disclose nonpublic personal information “(iv) to persons holding a legal or beneficial interest related to the consumer; or (v) to persons acting in a fiduciary or representative capacity on behalf of the consumer; . . .”)