The loss of a loved one brings not only emotional pain but also a multitude of responsibilities. One crucial task is notifying banks where the deceased held accounts, such as BMO Harris Bank. Timely notification can help prevent potential issues such as identity theft, fraudulent transactions, and ease the process of estate settlement.
Who Should Be Notified
BMO Harris Bank should be notified if your loved one held any accounts there, such as checking or savings accounts, certificates of deposit, credit cards, or loans. This will assist in closing accounts, stopping transactions, and initiating the process of transferring assets.
When to Notify
BMO Harris Bank should be notified as soon as possible after the death of a loved one. This ensures that the bank can promptly freeze the accounts, preventing unauthorized access or transactions.
How to Notify
You can notify BMO Harris Bank by calling their customer service line at 1-888-340-2265, visiting a branch in person, or writing a letter. When notifying the bank, you will need to provide a copy of the death certificate and your identification, proving you are an executor or administrator of the estate.
What to Expect After Notification
Once notified, BMO Harris Bank will freeze the deceased's accounts, preventing further transactions. The bank will then guide you through the process of closing accounts, paying off debts, or transferring funds, in accordance with the estate's will or state intestacy laws. They may also issue a check for the remaining balance in the deceased's accounts, payable to the estate.
Tips for Notification
When notifying BMO Harris Bank, ensure to keep a record of all communications for future reference. Be prepared to provide additional documentation such as a Letter of Testamentary, which gives you legal authority to act on behalf of the estate.
Conclusion
Informing BMO Harris Bank about the death of a loved one is a vital step in settling their financial affairs. It helps protect the deceased's assets and facilitates a smoother transition during a challenging time.
FAQ
Q: What if I can't find the deceased's account information?
A: If you have the deceased's Social Security Number and death certificate, BMO Harris Bank should be able to locate their accounts.
Q: What happens to any direct deposits or automatic payments?
A: Once BMO Harris Bank is notified of the death, they will freeze the accounts which will stop automatic deposits and payments.
Q: What if the deceased had a safe deposit box at BMO Harris Bank?
A: You will need to inform the bank. They will guide you through the process of accessing or closing the safe deposit box.
