If you are receiveing an automatic monthly deposit for earned online affiliate commission programs and you die, would Commission Junction and your bank find out you are dead? Or would you just continue to receive the deposit every month and any authorized user of that bank account would have access to the money?
2007-08-03 03:20:16 · 7 answers · asked by dwallphx 1 in Business & Finance ➔ Personal Finance
Sometimes they don't know. Just be aware that if you use funds that you know are being deposited into a deceased person's account that you have access to, you are actually committing theft and could be prosecuted.
2007-08-03 03:23:28 · answer #1 · answered by Jay P 7 · 1⤊ 0⤋
Assuming the deposits are earned commissions from an investment, it's likely that they would continue.
The heirs would have to advise the payors if their is a cash value to be transferred and declared as inheirtance.
Bear in mind that when a death certificate is issued, the government is advised of the name and social security number, stopping any gov. pensions.
As for the bank, if the deceased had a safety deposit box, the heirs can "legally" only access the box before death.
If accessed after death and the bank has not been notified, that is illegal, since the bank is required by law to inventory the box after a death and report any cash assets to the IRS.
The time of access and the time of death are duly recorded.
2007-08-03 10:39:10 · answer #2 · answered by ed 7 · 0⤊ 0⤋
If you drop dead while visiting the local branch, it would be quite easy for them to make the determination. Otherwise, the bank (for U.S. financial institutions) will make periodic searches by social security number to make the determination.
If you are asking so that you (the living person) can continue to benefit from the automatic deposits on a recently deceased's account, I would advise against it. It is called fraud. If this is the case, you should contact Commission Junction and the bank to give notice of the death.
2007-08-03 10:31:40 · answer #3 · answered by Johnny Kirsch 2 · 0⤊ 0⤋
you should notify them prior to death. If you are considering stealing the money you may want to reconsider. s it worth going to jail?
I would recommend puting the money in a high interest account. When they come asking for it give them the money and keep the interest. But I will not go to jail so what do i care.
2007-08-03 10:24:01 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Next of kin is supposed to inform all banks, creditors, SS office, DMV, etc. of the death. That way their identity can't be stolen as well as the fact that probate is on.
2007-08-03 12:10:12 · answer #5 · answered by Anonymous · 0⤊ 0⤋
They won't automatically do it. Someone has to tell them. Usually, it woudl be the Executor of the estate or the lawyer. Once that's done, its PROBATE!!! fun fun fun
2007-08-03 10:24:00 · answer #6 · answered by Mr. Cellophane 6 · 1⤊ 0⤋
when you walk in and your coffin is squeeking....
2007-08-03 10:29:38 · answer #7 · answered by ob13 2 · 0⤊ 1⤋