A recent analysis of post-death financial services reveals that more than 70% of major U.S. banks do not successfully help grieving families establish executor accounts within the critical 30-day window after a death. This gap leads to delayed access to assets, increased administrative burdens, and preventable financial losses.
- 70% of major U.S. banks fail to establish executor accounts within 30 days
- 29% of banks successfully complete setup within the recommended timeframe
- Average processing time at large banks: 42 days
- 15% of families denied access due to documentation issues
- $1.2 billion in annual financial loss from delayed asset access
- 41% of families incur additional costs averaging $2,300
Following a death, families face a complex web of financial obligations, with the establishment of an executor account being a pivotal first step to manage estate assets. However, a review of 28 major U.S. banks found that only 29% of institutions completed the account setup process within 30 days, the average timeframe recommended by financial regulators for initial estate access. The data shows that among the 28 banks analyzed, 20 had failure rates exceeding 70%, with some taking up to 65 days to process requests. Delays were most pronounced at institutions with over $100 billion in assets, where the average processing time reached 42 days. In 15% of cases, families were denied access entirely due to incomplete documentation requirements or unclear guidance from bank staff. These delays translate into real financial harm. An estimated $1.2 billion in interest and investment income is lost annually due to delayed access to estate funds. Additionally, 41% of families reported having to pay for temporary legal or financial advisory help to navigate the process, adding an average of $2,300 in out-of-pocket costs. The impact is particularly acute for low-income households, where 63% of affected families experienced a disruption in essential payments—such as mortgages, utilities, or medical bills—during the delay period. The findings underscore systemic inefficiencies in how traditional financial institutions support estate transitions.