What to do when a BMO account holder dies

Completed by the joint account owner, payable on death beneficiary, executor or estate administrator, or small estate affiant, each on the letter for that role. Available to download. Must be notarized.¹

Completed by the joint account owner, payable on death beneficiary, executor, estate administrator, or small estate affiant. Available to download. Must be notarized.²

When a joint owner dies, the funds remaining in the account are payable to the surviving owners. BMO may ask for documents before it updates the account title or releases the funds.³

On an Alto joint account, the surviving owner's letter asks Alto either to remove the deceased co-owner only or to close the account and mail a check.¹

After the last owner dies, a payable-on-death or "trustee for" account is paid to the beneficiary. The beneficiary must survive all owners, with no set survival period; if none survives, the balance goes to the last owner's estate.³

A beneficiary's right to the funds is subject to BMO's security interest and right of setoff.³

On an Alto account with several beneficiaries, each beneficiary who survived the decedent receives an equal share, submits their own letter, and is mailed a check for their share.¹

On a sole proprietor's death, the estate must release and indemnify BMO for payments made at the direction of an agent or authorized signer, unless BMO had notice of the death and a reasonable opportunity to act.³

Surviving owners and signers must notify BMO of an owner's death before seeking further access to the box. BMO may then refuse access to the box for any reason.³

Alto accounts, which BMO branches and ATMs cannot support⁴

BMO Investment Services accounts⁵

BMO Funds accounts registered transfer on death⁶

Settling the estates and trusts of deceased BMO Wealth Management clients⁷

For an Alto account, a date of death value letter gives the account balance on the date the owner died. Only the authorized representative can request it, with the notarized request form.²

Section 4.A of the BMO Handbook: "In the event of your death, you agree that we have the right to honor Checks or other Items drawn against your Account until ten (10) days after we receive written notice of your death or any longer period as permitted under Applicable Law."³

BMO "may restrict access to your Account upon notice of your death until the documentation requested by us is provided by the executor, administrator or other representative of your estate or person."³

The Handbook adds: "In the event of your death, we will not release funds on deposit until all legal documents we require are accepted by us."³

BMO may pay checks and withdrawals presented after the drawer's death, and may set off a joint owner's debt against the account after that owner's death, whatever the rights of a surviving joint owner or a POD payee.³

On Alto's executor or estate administrator letter, "The check will be made payable to the estate and be mailed to the indicated mailing address." On the small estate affiant letter, the check is made payable to the small estate affiant.¹

If an account becomes dormant, BMO notifies the owner and keeps charging any maintenance fees while it is open. Once it is presumed abandoned, the funds are transferred as the law requires and interest stops.³

BMO notifies the customer in writing before it escheats abandoned property to the state. After that, the property is claimed from the state, through the state's unclaimed property website.⁸