Spanish
For the return of funds in the accounts of deceased persons, a rigorous process is followed whose main objective is to protect the client's assets and ensure that it is disbursed only to the legitimate successors, explained the Association of Multiple Banks of the Dominican Republic (ABA).
Junil Fermín, Legal Director of the ABA, revealed that there are 123,55 accounts of deceased clients, which represents 1.31% of the total existing in multiple banking. Regarding the funds, which amount to 9,593 million pesos, they constitute only 0.36% of the total deposits of multiple banking.
He explained that these resources are available, with no expiration date, and can be claimed at any time, always complying with the legal and tax regulations that apply in each case.
Fermín indicated that, once the banking entity has accurate information about the death of a client, their account is classified as restricted and no charges or commissions are applied. He clarified that, for financial entities, these funds represent an additional effort in terms of banking security, given a greater risk of fraud.
He highlighted that the document requirements and the overall cost of the process that must be individually exhausted before several financial entities (if applicable) is an additional disincentive for the heirs.
"Conflicts between heirs or people not legally recognized are among the main causes for delays in the process. There are also cases of withdrawals, especially in those whose funds in the account (in the opinion of the heirs), do not compensate for the effort to claim delivery to financial institutions," explained the Legal Director of the ABA.
Proposals to expedite the process
In order to contribute to the streamlining of the fund delivery process, Junil Fermín stated that the ABA has been working on proposals to be presented to the corresponding institutions, including: unification of documentation (certification of banking products and deed of notoriety), the consolidation of a single, extensive civil status record with all the information of the deceased and their related parties, and establishing special treatment for accounts of smaller amounts or low-income clients. "At the Association of Multiple Banks of the Dominican Republic (ABA), we understand that the death of a loved one represents a sad and difficult situation, which is why we reiterate the commitment to safeguard the resources of depositors, including after their death, and to facilitate their legal heirs' access to said funds in a safe, transparent, and in accordance with the current legal framework," he reiterated. Present at the meeting with the communicators were, in addition, Manuel González, Technical Director; Pamela Castillo, Director of Communication and Marketing; Lidia Ureña, Senior Manager of Regulation and Susana Flete, Press and Public Relations Manager of the banking guild.
