popntx
Dryer sheet aficionado
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?
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?