Bank POD Issue

[gauss]

Yes.
I have one bank, that not only does not list the POD , but on the web site, I cannot even check to see who the POD is. They are NOT my favorite bank.

I have one bank that doesn't even show the joint owners on the statements.

-gauss

 

[always_learning]

Working with bank employees these days is basically the luck of the draw. With all of the bank branches and the low starting wages, your chances of getting someone that doesn't know much is pretty high. Earlier this year, I was dealing with my Dad's estate. The bankers in his particular branch couldn't answer even the simplest questions, such as if the early withdrawal penalty on his CD's would be waived due to his death. No idea. Wouldn't even make a phone call to find out. I ended up going to a different branch (also in a more affluent area) and they were much more helpful.

As a former banker, I can say that when I was working, a big part of the problem was all the teeny little details and having to remember them. Looking things up wasn't as easy as one would have imagined and neither was calling the helpline. Even as a teller, those who went through the same training class I did had different understanding of various rules and policies. It was awful.

I am the kind of person who hates to give incorrect information and will search and search until I find a correct answer. Most of my fellow employees were "more relaxed", to say it nicely. I'm sure things have only gotten worse in the last 20 years. I know that tellers, for instance, are now expected to do much more than deposits. There was a reason we had (back in the day) a New Accounts person, an IRA person, a Savings Bond person, etc, etc, etc. Now, tellers are one-stop shopping. Combine that with the lack of work ethic I see in so many places and the many rules that a person might only see once or twice in a career, and yeah, it's easy to see how incorrect information is doled out.

I can handle receiving incorrect info, annoying as it is, but the lack of concern on the part of employees is what gets me. No one seems to care anymore when a mistake has been made and that really ticks me off.

I think part of the problem is that the bank is not suppose tell you much of anything about a third party's account if you are not authorized either by the bank in advance or via some type of probate mechanism.

I like it when bank accounts list all joint owners and PODS on the monthly statement. That way you can verify if there is a problem while everyone is still living.

-gauss

I really wish banks would make it easier for the customer to see this info. I had to ask if our accounts were POD and they looked at a screen and said "yes". The screen was unavailable for me to view, so I guess I'm supposed to take their word for it. These accounts were set up over 25 years ago and I'm not even sure I knew was POD was back then!

It's on my "to do" list to review everything this year and get copes of things, if I can. I may have to make an appointment to get this done but it's important. What's the use of all of this online stuff if one can't access beneficiaries and such online? Why do I still have to ask at a local branch?

And don't get me started on Vanguard and their single beneficiary stuff. That really sicks me off. I don't want to have to set up something different just to ensure my kids get a 50/50 split if something happens to both me & Dh at the same time.

Sorry... this topic gets me going.

 

[Katsmeow]

OK. Just a tiny follow up. Today I went back to the original branch near my mom's house. This was the branch that made the original error -- removing me as POD when they added me as POA. And, then compounded it by telling me I had to appointed executor to get the money from my mom's account. I got that error corrected at another branch and have had the money now for over a month.

But - I had one loose end to tie up at the original branch. My mom had a safety deposit box. I had accessed it when she was alive and I had power of attorney. I knew what was in which was nothing really important. I knew when she died that the POA would no longer give me access to the box (my power of attorney would no longer be effective after my mom's death). So, when I made that initial post-death visit to the branch they said they would seal the box.

Today, I went in and brought my letters testamentary as executor so I could close the box and remove the contents. That all went fine.

BUT - the banker never once asked to see my authority to do this. I had my letters with me. But, I simply said I was the executor and he never once asked for proof. He did ask to see my ID which I provided. When he had me sign to close the safety deposit box, he noted where I had signed previously as POA! In other words -- I don't think he realized that the power of attorney was no longer valid and that I couldn't do anything as former POA. My authority was as executor and he didn't ask me to prove that up at all!

Sigh....

 

[Gill]

OK. Just a tiny follow up. Today I went back to the original branch near my mom's house. This was the branch that made the original error -- removing me as POD when they added me as POA. And, then compounded it by telling me I had to appointed executor to get the money from my mom's account. I got that error corrected at another branch and have had the money now for over a month.



But - I had one loose end to tie up at the original branch. My mom had a safety deposit box. I had accessed it when she was alive and I had power of attorney. I knew what was in which was nothing really important. I knew when she died that the POA would no longer give me access to the box (my power of attorney would no longer be effective after my mom's death). So, when I made that initial post-death visit to the branch they said they would seal the box.



Today, I went in and brought my letters testamentary as executor so I could close the box and remove the contents. That all went fine.



BUT - the banker never once asked to see my authority to do this. I had my letters with me. But, I simply said I was the executor and he never once asked for proof. He did ask to see my ID which I provided. When he had me sign to close the safety deposit box, he noted where I had signed previously as POA! In other words -- I don't think he realized that the power of attorney was no longer valid and that I couldn't do anything as former POA. My authority was as executor and he didn't ask me to prove that up at all!



Sigh....

Not everyone who handles bank safe deposit boxes is all that knowledgeable. Pretty sloppy on their part.
Gill

 

[Texas Proud]

I was put on my mom's checking account and her safe deposit box... same with my oldest sister.... solves the problem with POA and estate...

 

[Katsmeow]

I was put on my mom's checking account and her safe deposit box... same with my oldest sister.... solves the problem with POA and estate...

I never wanted to be on my mom's check account. Why attach any potential liability I might have to her? I don't know of any but you never know what will happen. That never seemed fair.

I was actually on my mom's safe deposit box from when I was in my 20s. She told me I was on it and thought I was. She even gave me one of the keys. But, when I went in on the POA while she alive I found that I was no longer on it. Apparently at some point she had changed boxes (perhaps when the bank moved) and the bank didn't put me on the box and she didn't notice. So, I had access as POA but that ended when she died.

So the bank should really have asked me to show them my authority as executor before letting me empty out the box. Of course, I could have done that but he never asked....