Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Having to Jump Thru Hoops to Close Edward Jones Account
Old 04-30-2019, 10:12 AM   #1
Dryer sheet wannabe
 
Join Date: Oct 2018
Location: San Antonio
Posts: 21
Having to Jump Thru Hoops to Close Edward Jones Account

Yes, this is just another rant about dealing with Edward Jones, but here goes anyway. Here's the situation:

My DW's mother passed away recently and DW is in the process of closing a couple of her bank accounts plus an account at EJ. In addition to my deceased Mother-In-Law, my DW is a joint account holder on the account along with her brother. DW and her brother were added to the account several years ago, when her mother was no longer able to handle her own finances.

Anyway, I thought the process of closing the account would be relatively simple: as joint owners either DW or her brother could close the account and receive the proceeds via cashiers check and then they split the proceeds as specified in their mother's will (50/50). Neither DW nor her brother wants to maintain an account with EJ.

But EJ is giving a different requirement. For both DW and her brother to receive their proceeds, they must each first open a separate individual account at EJ and move their 50% share into their separate accounts. Only then could they close the account and get away from EJ. To add insult to injury, I'm anticipating EJ to then charge a fee for each to close the new individual accounts that they were just required to open.

We're not talking about a large sum of money in the account, nor do I think the fee from EJ to ultimately close the accounts will be significant, but it's the principle of the matter that is so disheartening, especially since it involves the recent death of a loved one.

Does anyone have any similar experiences, either with EJ or other financial institutions? I believe the other 2 banks involved will allow either DW or her brother to simply close the account and receive a cashiers check. It seems to me that EJ is making things much more difficult to leave them than it should be, but could there be some valid reasons?
__________________

popntx is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 04-30-2019, 10:33 AM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
MRG's Avatar
 
Join Date: Apr 2013
Posts: 8,234
That's the Jones way, making your money theirs. You could contact any regulatory agency but I don't think Jones plays outside the law. Sorry for the bs.
__________________

MRG is offline   Reply With Quote
Old 04-30-2019, 10:40 AM   #3
Recycles dryer sheets
Stonewalker's Avatar
 
Join Date: Mar 2019
Location: Pearland
Posts: 95
Quote:
Originally Posted by MRG View Post
That's the Jones way, making your money theirs. You could contact any regulatory agency but I don't think Jones plays outside the law. Sorry for the bs.
+1
I had a similar poor experience with Jones.
Stonewalker is offline   Reply With Quote
Old 04-30-2019, 10:55 AM   #4
Recycles dryer sheets
 
Join Date: Feb 2017
Location: SF Bay Area
Posts: 358
Could your wife liquidate the investments and transfer the proceeds out of EJ? Then once the account is empty, ask to close the account. Two separate transactions.

I would think that as an account owner, she would be allowed to make a withdrawal. Or does the death of MIL tangle the entire account?
ocean view is offline   Reply With Quote
Old 04-30-2019, 10:58 AM   #5
Thinks s/he gets paid by the post
 
Join Date: Jun 2017
Location: Western NC
Posts: 1,615
I just used the credentials my terminally-ill relative had so thoughtfully written down for me to login to & liquidate their (not at EJ) brokerage account.

As their durable POA for finances I was legally authorized to do so, but I never bothered sending a copy of the POA to the brokerage.

Then I used the handy ACH feature to send all proceeds to their bank account, which I had already retitled into the name of their revocable living trust.

Which the bank insisted on moving to a new account when they died and the trust became irrevocable.

So even if their former brokerage charges a closing fee, good luck collecting it.
ncbill is online now   Reply With Quote
Old 04-30-2019, 11:04 AM   #6
Full time employment: Posting here.
 
Join Date: Jun 2014
Posts: 842
I've had other institutions require a separate account to be created.

Chase was frankly the worst. My mother was the named beneficiary for my dads account, they said she wasn't, she provided the signed paperwork which they had "lost", they then kept "coming up" with things for her to do.. needless to say it took her over 3 months to get access to the money so she could close the account and transfer the money out. They were constantly not available, constantly had to go to corporate for some item or another, etc etc etc. They even told my mother she couldn't withdraw the money from the joint account, so she ended up just writing herself a check for the full amount, imagine that, it cleared and account was closed.

That branch is now closing as I assumed after multiple escalations, they got the hint that maybe there was something awry there.
karen1972 is offline   Reply With Quote
Old 04-30-2019, 11:26 AM   #7
Recycles dryer sheets
 
Join Date: Mar 2017
Posts: 490
I had the same thing happen when we closed my mothers account. We had to all open accounts in order for the money to be distributed, then the accounts were closed once we received our checks from her estate. I think there was a $95 fee to close each account, but EJ waived the fee.
SheitlQueen is offline   Reply With Quote
Old 04-30-2019, 11:37 AM   #8
Thinks s/he gets paid by the post
teejayevans's Avatar
 
Join Date: Sep 2006
Posts: 1,306
Just to be clear, are these IRA accounts or just regular brokerage accounts?
I would ask about fees involved in opening and closing accounts (get it in writing).
I would also try going to their local office.
teejayevans is online now   Reply With Quote
Old 04-30-2019, 11:46 AM   #9
Thinks s/he gets paid by the post
Scrapr's Avatar
 
Join Date: May 2005
Location: Bend
Posts: 1,082
Quote:
Originally Posted by karen1972 View Post
I've had other institutions require a separate account to be created.

Chase was frankly the worst. My mother was the named beneficiary for my dads account, they said she wasn't, she provided the signed paperwork which they had "lost", they then kept "coming up" with things for her to do.. needless to say it took her over 3 months to get access to the money so she could close the account and transfer the money out. They were constantly not available, constantly had to go to corporate for some item or another, etc etc etc. They even told my mother she couldn't withdraw the money from the joint account, so she ended up just writing herself a check for the full amount, imagine that, it cleared and account was closed.

That branch is now closing as I assumed after multiple escalations, they got the hint that maybe there was something awry there.
BofA was very difficult in closing Mom & Dad's trust. Trying to get the right signatures while being in different states was impossible. I tried signing in Oregon. The guy looked at me like I was crazy. Branch manager listened to what was going on & walked away

I ended up going to Arizona to finish out the last of it. We then took a check to a local bank and set up an account in the Trust name. With all beneficiaries there we could all sign. Trust distributed most of the funds about a month later.
Scrapr is offline   Reply With Quote
Old 04-30-2019, 11:57 AM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Big_Hitter's Avatar
 
Join Date: May 2013
Location: In the fairway
Posts: 5,218
We had to do that with DWs dad's brokerage account
__________________
Swing hard, look up
Big_Hitter is online now   Reply With Quote
Old 04-30-2019, 12:09 PM   #11
Full time employment: Posting here.
WestUniversity's Avatar
 
Join Date: Oct 2017
Posts: 514
Quote:
Originally Posted by popntx View Post
For both DW and her brother to receive their proceeds, they must each first open a separate individual account at EJ and move their 50% share into their separate accounts. Only then could they close the account and get away from EJ. To add insult to injury, I'm anticipating EJ to then charge a fee for each to close the new individual accounts that they were just required to open.

A friend of mine had to go through the same routine with EJ regarding an inheritance from his mom, split between himself and other heirs.

Once the dollars were split into the separate accounts, Fido was able to pull his dollars out to his personal Fido account...
__________________
Whatever failures I have known, whatever errors I have committed, whatever follies I have witnessed in private and public life have been the consequence of action without thought... - Bernard Baruch
WestUniversity is offline   Reply With Quote
Old 04-30-2019, 12:20 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 7,416
Quote:
Originally Posted by ocean view View Post
Could your wife liquidate the investments and transfer the proceeds out of EJ? Then once the account is empty, ask to close the account. Two separate transactions.

I would think that as an account owner, she would be allowed to make a withdrawal. Or does the death of MIL tangle the entire account?
+1
Or remove funds leaving $5 in the account.
Then phone and tell them to close it, or just leave it languishing if it is a no fee account.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
Sunset is offline   Reply With Quote
Old 04-30-2019, 12:32 PM   #13
Thinks s/he gets paid by the post
euro's Avatar
 
Join Date: Oct 2015
Posts: 1,268
Quote:
Originally Posted by Sunset View Post
+1
Or remove funds leaving $5 in the account.
Then phone and tell them to close it, or just leave it languishing if it is a no fee account.
This - except, I would draw it down to zero. I just did this with one of my checking accounts and once the balance was zero, a simple e- mail was enough to close it!
euro is online now   Reply With Quote
Old 04-30-2019, 01:43 PM   #14
Thinks s/he gets paid by the post
ExFlyBoy5's Avatar
 
Join Date: May 2013
Location: Country Living
Posts: 3,445
I think this shows the value of banking "local." My DD maintained the same bank for almost 40 years (thorough a couple of mergers too but always a local bank). He knew everyone there and the branch manager was from the same home town. When it came to settling Dad's estate, it took more time to "catch up" with the staff and mourn Dad's loss than actually get the accounted taken care of. Of course, this doesn't help w/ an EJ issue, but Dad's brokerage account was with TDA and he also knew the advisors at the local branch, and that also made things very easy for me.
__________________
Retired in 2014 at the Ripe Age of 40
Founder, Head Lounger & General Counsel @ The Life of Leisure Institute
ExFlyBoy5 is offline   Reply With Quote
Old 04-30-2019, 01:58 PM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RunningBum's Avatar
 
Join Date: Jun 2007
Posts: 8,514
I haven't been through the process, but when I looked at how VG does it so I could leave instructions for my executor on the process, VG requires each beneficiary to open an account to get their share. Assuming I read that correctly wherever I found it.
RunningBum is offline   Reply With Quote
Old 04-30-2019, 03:05 PM   #16
Thinks s/he gets paid by the post
 
Join Date: Mar 2010
Posts: 1,799
You don't mention any beneficiary designation on the account or who is Executor or Trustee.

At my Mom's death, one of her IRA's at AIG was left to the 4 of us equally per the beneficiary designation. As Trustee, I had to get the paperwork for all 4 of us to submit to AIG so the account could be separated into 4 accounts and we all four owned our part before it was disbursed.

Your situation sounds a bit different in that your wife and her brother are co-owners. I think perhaps Edward Jones is simply crossing their t's and dotting their i's. Remember not all family members are honest in these situations ...and they don't want to be held responsible for mismanagement. Perhaps.
sheehs1 is offline   Reply With Quote
Old 04-30-2019, 03:23 PM   #17
Thinks s/he gets paid by the post
 
Join Date: Aug 2013
Location: North
Posts: 2,343
The first, last and only FA I really ever spoke with was EJ rep out on Maui when I was working there. He said, you have enough information to do the investing yourself. I had already known from ER.org here that I needed a balanced AA etc. He made a couple of points after telling me I should be on my way to ER ...but to watch for the x factor... health insurance.

Sage advice, and I have never spent a dime on an FA to this day. Unless you consider my time invested on this forum asking ridiculous questions over and over.
__________________

__________________
AA (Stock/Bond/Cash ): 96.5/0/3.5% MIX (Small/Mid/Large): 25/25/50% BLEND(US/Foreign): 100/0%, REIT (Real Estate Equity): ~50% of Assets

FIRE in 2031 @ 50yrs old (+/- 2yrs) w/ a hypothetical $2.5mil portfolio, 3 appreciated homes worth $1.0mil and rental income to fund my gap years until RMD. Assets will go to an inherited IRA where I plan on watching the investments grow until I die or the trust gets executed.
kgtest is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Retiree benefits: Stupid hoops to jump through CardsFan Other topics 19 02-03-2018 12:49 PM
Merrill Lynch or Edward Jones?? rdjrn FIRE and Money 95 07-23-2012 10:09 PM
How Edward Jones advisors are compensated Helen FIRE and Money 3 10-18-2011 12:38 PM
Mom, Edward Jones, and a CIT Bond region2 Other topics 7 08-16-2009 04:55 PM
Things must be slow at Edward Jones... Gonzo Other topics 10 10-04-2006 11:09 AM

» Quick Links

 
All times are GMT -6. The time now is 03:28 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
×