RULE 210.00.15-001 - 47-204.1: Identification Requirements for the Transfer or Closure of Pay on Death Deposit Accounts

RULE 210.00.15-001. 47-204.1: Identification Requirements for the Transfer or Closure of Pay on Death Deposit Accounts

A.CA. ยง 23-47-204(e)(4) states: "The State Bank Department shall promulgate rules that set out procedures a bank may take before transferring ownership of a deposit account, closing a deposit account and distributing the proceeds to a person designated by the account documents as a beneficiary."

(a) Before ownership of a deposit account is transferred, or a pay on death account is closed and the funds disbursed, a bank may require:

(1) For pay on death accounts: Legal evidence of the death of all other account holder(s)

(2) Identification from each designated beneficiary.

(b) If a designated beneficiary is a non-natural person, the bank may require:

(1) The non-natural person to provide proof of legal existence and/or good standing as an entity; and

(2) Individuals representing the non-natural person to provide identification, and evidence demonstrating their authority to collect the account on the non-natural person's behalf.

(9/29/2015)

The following state regulations pages link to this page.