DEFINITION of 'Deceased Account'

A bank account, such as a savings or checking account, owned by a deceased person. When a bank receives notice that a customer has died, it will freeze his/her account(s) while waiting for direction from the authorized court regarding payment to heirs and creditors.

BREAKING DOWN 'Deceased Account'

Bank personnel are typically restricted from providing much practical advice to heirs regarding how to handle the affairs of a deceased customer's account. It is advisable to obtain legal assistance or contact the appropriate court for direction regarding these types of issues.

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