Arkansas Administrative Code
Agency 210 - State Bank Department
Rule 210.00.15-001 - 47-204.1: Identification Requirements for the Transfer or Closure of Pay on Death Deposit Accounts
Universal Citation: AR Admin Rules 210.00.15-001
Current through Register Vol. 49, No. 2, February 2024
A.CA. § 23-47-204(e)(4) states: "The State Bank Department shall promulgate rules that set out procedures a bank may take before transferring ownership of a deposit account, closing a deposit account and distributing the proceeds to a person designated by the account documents as a beneficiary."
(a) Before ownership of a deposit account is
transferred, or a pay on death account is closed and the funds disbursed, a
bank may require:
(1) For pay on death
accounts: Legal evidence of the death of all other account holder(s)
(2) Identification from each designated
beneficiary.
(b) If a
designated beneficiary is a non-natural person, the bank may require:
(1) The non-natural person to provide proof
of legal existence and/or good standing as an entity; and
(2) Individuals representing the non-natural
person to provide identification, and evidence demonstrating their authority to
collect the account on the non-natural person's behalf.
Disclaimer: These regulations may not be the most recent version. Arkansas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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