It proposes an alternative to expedite the process for low-value cases.
SANTO DOMINGO. – A total of 123,555 bank accounts belonging to deceased individuals are restricted in the country's multiple banking system, according to Junil Fermín, legal director of the Association of Multiple Banks of the Dominican Republic ( ABA) .
During a meeting with the media , the executive explained that these accounts represent 1.31% of the total registered in the national financial system, which amounts to 9,461,368 accounts .
In his presentation, he specified that the accumulated funds reach the amount of RD$ 9,593,712,891 , which represents 0.36% of the total captured by the banking sector, which exceeds RD$ 2.6 trillion pesos.
Fermín explained that the requirements and legal documents requested for the delivery of funds are different and individual, depending on the case.
“It is important that the families of the deceased can weigh the requirements given to them by the financial institution so as not to delay the process,” he said.
He said that, once a person's death is reported to a financial institution, the accounts are blocked and restricted to prevent " the misuse of funds or their diversion by third parties, to the detriment of the legitimate heirs."
The ABA representative reported that no fees or commissions apply to a restricted account, and that in this type of account, the funds can be claimed at any time by the heirs, without any penalty.
“It is a highly regulated sector, and every file they have to put together, especially for this disbursement of these funds, must be well supported because there can also be sanctions from the regulator since they have to comply with the regulations and legal norms,” he pointed out.
They informed reporters that, generally, the process is "quick" when the requested documentation is completed properly, attributing this to the fact that it will depend on the family members.
“Once you complete all the documentation, most financial institutions issue a single check, but some issue it based on partial payments,” he noted.
In that regard, he emphasized that the funds can be delivered in several parts, taking into account the people who are entitled to them, as established by the Dominican Civil Code.
“For example, if the deceased was married, they give 50% to the surviving spouse and then to the rest of the heirs in the indicated proportion,” he stated.
In conclusion, they stated that the Dominican Republic's Multiple Banking Association is working on proposals to expedite the delivery of funds , as the process can discourage heirs due to the lengthy procedures involved.
They stated that they intend to achieve the unification of documentation to be presented, giving as an example the certification of banking products and the notoriety certificate.
On the other hand, they seek the consolidation of a single, concise civil status record with all the information of the deceased and their relatives, and to establish special treatment for accounts with smaller amounts or low-income clients.
