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Home >> Special Situations >> Deceased Individuals
Bank Charges Fees on Account of the Deceased
My mother passed away and I am the sole surviving family member. Her checking account was frozen as per WI law. Nine months later, it is no longer frozen. The funeral director said that in this state, even with no Will, as long as the balance is under a certain amount (it is) it is payable to me. However, the bank is charging monthly penalty fees for the account being inactive, which is draining it, and they refuse to pay me the balance. What can I do?
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 Some states allow fees against accounts that are inactive or dormant and some do not. We are not aware of the laws in your state allowing the transfer of ownership from your mother to you, but the question to ask of the bank is, what do they require of you? How would the bank know that you are the only heir? It could be that the law say a bank "may" but not that they "must" as there may be a risk to them if someone else later claims ownership.
Bottom line, ask your bank what it will take from you, to have them release the funds. You can also ask for all or some of the fees back. Good customer service would dictate that they tell you what is necessary or explain that the funds were otherwise transferred per your mothers instructions to a beneficiary, if there was one designated.
Published on BankingQuestions.com 3/30/10
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