Bank of America & settling an estate

[HarveyS]

In my experience as a retail customer at the highest affinity level with B of A (platinum plus or whatever they call it), B of A is super hard to do business with. When you call they actually have a machine answer and say something along the lines of "we are working to provide you with low cost service" not "a great experience", "superb service", "timely and efficient service", etc.

I have never had to settle an estate, but I can imagine that B of A is dragging their feet on this. However, it should be the atty job to get this done ASAP.

 

[Dd852]

In case anyone is interested in the follow up - the money finally arrived two weeks ago from BofA after we got very aggressive. So a total of five months of trying. I believe a lot of the issue was COVID related with working from him and no coordination and documents not getting passed properly within the organization. Part of the problem was BofA really being uncooperative and difficult. Anyway, the saga is over!

 

[OldShooter]

... I've successfully completed the trustee name change on 21 of 22 stock accounts. ...

Wait a minute. This is the forum with threads dedicated to finding opportunities to get bonuses by opening new accounts. No disagreement with a suggestion to simplify, but there are good reasons to have multiple accounts.

I have told the story of my Uncle Pat here before, but it's worth repeating I think:

Uncle Pat liked CDs and he liked to maximize the interest he received. So every time a CD came due, he would shop around town (60,000 people) for the best rate and deposit his money on that basis.

When Pat died (pre internet), the executor of the estate literally had to contact every bank in town, checking to see if Pat had money deposited. Every bank.

In this internet age where people are constantly zipping money around the country chasing bonuses and basis points, maintaining good records available to the executor is IMO critical. Eventually the 1099s will catch up and reveal the accounts, of course, but possibly the executor does not want to wait up to a year for this.

 

[Drake3287]

Luckily there are new laws for the "Uncle Pat's" of the world, my living brother is also one of them. Every state now has a time period which causes bank accounts to go dormant and in turn the requirement to turn over the money/account to the Secretary of State in that state.

In California it's 5 years but in other states it's much less, even as little as 12 months.

 

[RE2Boys]

Luckily there are new laws for the "Uncle Pat's" of the world, my living brother is also one of them. Every state now has a time period which causes bank accounts to go dormant and in turn the requirement to turn over the money/account to the Secretary of State in that state.

In California it's 5 years but in other states it's much less, even as little as 12 months.

See: https://www.patriotsoftware.com/blog/payroll/what-is-escheat-law/

for a by state listing.