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Free Legal Advice Philippines » FREE LEGAL ADVICE » OBLIGATIONS & CONTRACTS | CREDIT TRANSACTIONS » deceased father's bank account or...

deceased father's bank account or...

3 posters

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1deceased father's bank account or... Empty deceased father's bank account or... Sun May 21, 2017 8:23 am

EmirTea

EmirTea
Arresto Menor

This is in connection to my recent post:
Free Legal Advice Philippines » FREE LEGAL ADVICE » FAMILY AND MARRIAGE » "Affidavit of Heirship with mom still alive but..."

Bank account name: name of father or name of daughter

My niece wants to withdraw his deceased father's deposit/s.

Can she claim it from the bank? Since the account name is name 1 or name 2.

The key word here is "or"

2deceased father's bank account or... Empty Re: deceased father's bank account or... Sun May 21, 2017 12:28 pm

xtianjames


Reclusion Perpetua

yes she can.

3deceased father's bank account or... Empty Re: deceased father's bank account or... Mon May 22, 2017 12:20 pm

EmirTea

EmirTea
Arresto Menor

Thank you po.
Meron po ba kayong reference, or according to PH or bank law?
Isasampal ko po kasi sa mukha nung bank manager na nagsasabing hindi daw pwede.

4deceased father's bank account or... Empty Re: deceased father's bank account or... Mon May 22, 2017 1:39 pm

xtianjames


Reclusion Perpetua

according po yan sa bank terms since may ganyan kami account sa BDO nung dati kong asawa.

pwede nyo double check sa bank kung nasaan ang account para sigurado. since si manager ang nagsasabi na hindi pwede ay pwede kayo humingi sa kanya ng terms and conditions ng account nila na mag ama. kasi baka ang tinutukoy nya ay joint account.

5deceased father's bank account or... Empty Re: deceased father's bank account or... Tue May 23, 2017 4:24 pm

Jadis

Jadis
Reclusion Perpetua

Every time you sign a deposit slip there is something in teensy weensy print that you declare under pain of perjury that your CO-DEPOSITOR (regardless of the nature of the account - whether AND or OR) is still LIVING. That is a promise that a person in an account where there are two or more depositors, makes every time they make a withdrawal.

As long as a bank is informed that one of its depositors is dead, it's duty bound to freeze the deceased's accounts regardless of the nature of such accounts until there is proof that estate taxes have been paid.

6deceased father's bank account or... Empty Re: deceased father's bank account or... Fri Jun 02, 2017 7:35 am

EmirTea

EmirTea
Arresto Menor

I think it requires a court order first to freeze somebody's account - whether AND or OR.

Jadis wrote:Every time you sign a deposit slip there is something in teensy weensy print that you declare under pain of perjury that your CO-DEPOSITOR (regardless of the nature of the account - whether AND or OR) is still LIVING. That is a promise that a person in an account where there are two or more depositors, makes every time they make a withdrawal.

As long as a bank is informed that one of its depositors is dead, it's duty bound to freeze the deceased's accounts regardless of the nature of such accounts until there is proof that estate taxes have been paid.

7deceased father's bank account or... Empty Re: deceased father's bank account or... Fri Jun 02, 2017 10:12 am

Jadis

Jadis
Reclusion Perpetua

There is a need for a tax clearance from the BIR to show that the necessary estate taxes have been paid.

If they do not allow you to withdraw without the necessary Certificate of Authority to Register and proof of payment of taxes, isn't the effect the same?

8deceased father's bank account or... Empty Re: deceased father's bank account or... Fri Jun 02, 2017 10:20 am

Jadis

Jadis
Reclusion Perpetua

EmirTea wrote:Thank you po.
Meron po ba kayong reference, or according to PH or bank law?
Isasampal ko po kasi sa mukha nung bank manager na nagsasabing hindi daw pwede.

Ito ang pwedeng isampal ng bank manager sa iyo:

Sec. 97 of the National Internal Revenue Code (or Republic Act No. 8424) provides that “if a bank has knowledge of the death of a person, who maintained a bank deposit account alone, or jointly with another, it shall not allow any withdrawal from the said deposit account, unless the Commissioner [of Internal Revenue] has certified that the taxes imposed thereon … have been paid.”

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