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Arizona law: Can banks refuse money to a new payee if only the beneficiary's name and old (deceased) payee's name is on the account?

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Zigner

Senior Member, Non-Attorney
It is not a trust account, it is either a check or savings account, the bank has been taking out monthly maintenance fees. They are not allowing access to the account by him or his new payee until his payee brings in a form stating she is the new payee, a copy of her 7998 IRS form and he brings in a death certificate of his former payee (who was related to him) in order to access the account. Is this legal?
Please have your friend or his wife log on to answer questions about their concern(s).
 


not2cleverRed

Obvious Observer
They are not allowing access to the account by him or his new payee until his payee brings in a form stating she is the new payee, a copy of her 7998 IRS form and he brings in a death certificate of his former payee (who was related to him) in order to access the account.
And they haven't done this already because?

Yes, it is fairly standard for a bank to want documentation.

What is their objection to providing the bank with these documents?
 

quincy

Senior Member
A death certificate is required by a bank when changing the names on a joint account due to death of one of the joint account holders. In fact, I would be very surprised if the bank did not demand that.

I agree with Zigner that the account holder should register here if s/he has questions. Unless you are the account holder, or the one hoping to be added to the account, you are probably too involved in their financial matters.
 

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