How can you withdraw money from someone's ATM card after his death, know what the law says!

pc: Zee Business

Nowadays everyone opens a bank account. Along with opening a bank account, many things are provided including a passbook, checkbook and ATM card. People often need these three things. To withdraw money from an account, a check can be issued to the account holder without visiting the bank. The recipient can then go to the bank and encash the check himself.

However, having an ATM card, the account holder himself has to go to the ATM to withdraw money. It has been seen on many occasions that when someone dies, other family members withdraw money from his ATM card. But is this correct? Could this be illegal? let's find out.

pc:Bankrate

Cannot withdraw money from a dead person's ATM card.

It is often seen that when someone dies in a family, their family members start handling their account and also withdraw money from their ATM. However, it should be noted that banks do not allow this.

After someone's death, you cannot use his ATM card. It is illegal to withdraw money from the ATM card of a deceased person. If the bank comes to know about this then they can take action against you. You may also have to face a penalty.

pc: Outlook Money

What method should be adopted?

It is not that you cannot withdraw money from your deceased relative's account, but you have to follow the rules and regulations. First of all, you have to transfer the property existing in the name of the deceased person to your name. Only then can you withdraw money from their account. If your name is registered as a nominee in the bank account of the deceased person, you will still need to inform the bank.

In such a situation, you will have to go to the bank and fill out a form. You have to submit the passbook of the deceased person, the TDR of the account, the death certificate and your Aadhar card or PAN card. After the verification process is completed, you can withdraw money from the account.