You can always redeem a CD regardless. You don't lose the money, just future interest.
If the account holder is incapacitated, then someone should obtain the power for attorney for that person. If the account holder is deceased, then you need a death certificate to prove that. And those are the only two circumstances in which it is necessary to close an account when the account holder is not present.
If you are a joint account holder you can still use the card. The creditor should be notified of the death of the other account holder. They may simply remove the person from the account or require you to open a new account in your name. However, if you are the joint holder you are responsible for the entire amount owed on the account.
It seems like you are asking what happens when one joint account holder dies. I believe that most joint bank accounts are set up so that the surviving account holder would have legal possession of the full balance, the same as he did before the death of the other joint account holder.
The heirs have to place claim for the same from bank authorities by completing legal formalities.
Yes, most banks will remove a name from an account when presented with proof of death.
If the card was not used after the death of the account holder, the AU is not legally responsible for repayment of the debt or any portion thereof.
If the named person is not a joint account holder with rights of survivorship the bank account monies will become the property of the probate court and be distributed according to succession law of the state where account holder resided at the time of his or her death.
If she is a joint account holder the account would now belong to her. If there is no joint account holder then the account would be legally frozen until an Administrator is appointed for your uncle's estate. Until then no one has any authority to access his bank account. You should make certain the bank has been notified of his death.
An authorized user on a credit card can be responsible on an account in which the primary card holder passes. The creditor looks at the situation as the authorized card holder was able to make purchases with the account, and should be held liable, even in the event of the primary's death.
This is usually not possible. You should check with your bank for details on their specific procedures because every bank is different. However, most banks will require you to close the account and open a new one - removing just one person is not possible. This is to remove any confusion that could occur as a result of removing someone from an account. The only times a person can be removed from an account are typically due to death or if the account is a business and an authorized signer needs to be removed for business needs.
Yes, you can do that. Since you are the joint holder of the bank accounts of your mother and father, you can very well withdraw funds from the account. However it is better to provide your parents' death certificate to the bank and convert them into single holding accounts because your parents are deceased and they can no longer use the accounts.
If you are an equal co-owner of the account, then yes. However, if you are listed as an account beneficiary, then only upon the death (or incapacitation) of the primary account holder would you be entitled to the funds or control thereof.