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Banks and Estate Accounts

Posted on 11/8/23 at 1:34 pm
Posted by robchand58
Denham Springs LA
Member since Nov 2012
643 posts
Posted on 11/8/23 at 1:34 pm
Short Version: BTR Area. Uncles Will has gone through Probate - all good. I have a 'Judgement of Posession' that the attorneys says replaces the 'Estate.' All good, - BUT!! Problem is, the checks being cut from his accounts to me (executor) all are to the "Estate Of," so the bank folks quit listening when they see the E-word. So my question is, anyone know of a BR Area Bank that will handle 'Estate' like banking? And thanks.
Posted by Jack Bauers HnK
Baton Rouge
Member since Jul 2008
5823 posts
Posted on 11/8/23 at 1:41 pm to
I dealt with Hancock Whitney for an estate account. Make sure you show a transaction once a month to avoid a $10 monthly fee for inactivity.
Posted by East Coast Band
Member since Nov 2010
64410 posts
Posted on 11/8/23 at 1:43 pm to
Just remember: 10% for the big guy.

(God, not Joe Biden)
Posted by MintBerry Crunch
Member since Nov 2010
5140 posts
Posted on 11/8/23 at 1:46 pm to
Show them the Judgment of Possession and tell them to write checks to the person who the JOP says to
Posted by geauxpurple
New Orleans
Member since Jul 2014
13621 posts
Posted on 11/8/23 at 1:53 pm to
Any major bank will. You have to have an executor or administrator appointed and get a federal tax ID number. Then the succession representative can open a succession account.
Posted by MintBerry Crunch
Member since Nov 2010
5140 posts
Posted on 11/8/23 at 1:54 pm to
quote:

Any major bank will. You have to have an executor or administrator appointed and get a federal tax ID number. Then the succession representative can open a succession account.


Sounds like this step has been done
Posted by robchand58
Denham Springs LA
Member since Nov 2012
643 posts
Posted on 11/8/23 at 2:11 pm to
Yeah, it has been done. Capitol One does not. Chase does (for customers with accounts) but the lack of a document showing that I handled the Estate - because there is no estate, made them say no..

Continuing down the list, but was hoping this August body would help. The Hancock Whitney suggestion above is my next stop. Another others with first-hand successes would be hailed as my personal heroes!


I've never before tried so hard to deposit half a million dollars in a bank...
Posted by geauxpurple
New Orleans
Member since Jul 2014
13621 posts
Posted on 11/8/23 at 2:34 pm to
Hmmm. I have seen these done all the time, mostly in Jefferson Parish, and have rearly run in to any problems with it.
Posted by BigBinBR
Baton Rouge
Member since Mar 2023
5565 posts
Posted on 11/8/23 at 3:25 pm to
You need to not talk to a teller and talk to someone at the bank that actually knows what they are doing.
Posted by LSURussian
Member since Feb 2005
128589 posts
Posted on 11/8/23 at 3:33 pm to
quote:

the bank folks quit listening when they see the E-word
Banks handle estate accounts all the time.

My gut tells me there's something you're not fully telling us about your paperwork or about the interaction you had with the bank.

For example, what did the bank person say to you immediately prior to their "quit listening"?
Posted by robchand58
Denham Springs LA
Member since Nov 2012
643 posts
Posted on 11/8/23 at 4:01 pm to
Nope. Have all the paper work. Death Cert, Will, Judgement of Posession, EIN from the IRS, all done. Even left the six figure deposit checks in view where they could see them. As soon as they see 'Estate of' on the checks, you see their balloon deflate.
Posted by robchand58
Denham Springs LA
Member since Nov 2012
643 posts
Posted on 11/8/23 at 4:03 pm to
Chase actually thought about it. What they were missing was a piece of court paper saying that I was the rep of the estate. But the Judgement of Possession dissolves the estate, so there is no 'rep.' Its infuriating.
Posted by LSURussian
Member since Feb 2005
128589 posts
Posted on 11/8/23 at 4:26 pm to
quote:

As soon as they see 'Estate of' on the checks, you see their balloon deflate.
Okay, but you didn't answer my question. What did they say as their balloon deflated? Was it, "I don't know how to do this" (likely) or "our bank doesn't handle these types of accounts" (unlikely)?

Or did the banker tell you, "You must have an existing relationship with our bank for us to handle an estate account for you"? If you don't have an existing account with them and they don't "know" you as a customer, you're asking them to provide a service to a non-customer. It's like you going to Rouses and demand they honor a gift card for Albertson's.

Also, estate accounts can be a bit tricky from a liability standpoint for the bank and much of the liability starts with they don't know you. Is that the case?
Posted by lsujro
north of the wall
Member since Jul 2007
3969 posts
Posted on 11/8/23 at 4:28 pm to
Where did the check come from? You need to have them reissue the checks in the name of the heirs listed in the judgment.
Posted by Chief Hinge
There and Here
Member since Sep 2018
3015 posts
Posted on 11/8/23 at 4:40 pm to
I’ll cash it out for a 5 percent fee. Cash in hand within 36 hours.
Posted by Chief Hinge
There and Here
Member since Sep 2018
3015 posts
Posted on 11/8/23 at 4:41 pm to
quote:

But the Judgement of Possession dissolves the estate, so there is no 'rep.' Its infuriating.


Who signed the Judgement?
Posted by dinosaur
Louisiana
Member since Aug 2007
1111 posts
Posted on 11/8/23 at 4:43 pm to
Ask for the check to be payable to the heirs, have the heirs endorse the check to the estate attorney and have him deposit that check and then write each heir a check from his escrow account. Complicated but it should work.

You are describing a common problem with the big banks. They want an executor and sometimes there is no administration, so no executor. It is often hard to get them to understand that. They have a sort of checklist of what to do and you are not fitting into their boxes.
Posted by Jim Rockford
Member since May 2011
100767 posts
Posted on 11/8/23 at 4:46 pm to
Banks, brokerages, state agencies, etc. are bad about this. They think they know the law, they're usually wrong and they're obstinate even when you show them what the law says. It's usually easier to give them what they want than fight them on it.

We pay a $100 franchise tax to the state every year even though as a professional corporation we don't owe it. They send us the tax notice every year and we got tired of going round and round with them about it.
Posted by TopWaterTiger
Lake Charles, LA
Member since May 2006
10619 posts
Posted on 11/8/23 at 4:50 pm to
quote:

Banks, brokerages, state agencies, etc. are bad about this. They think they know the law, they're usually wrong and they're obstinate even when you show them what the law says. It's usually easier to give them what they want than fight them on it.


1000% this. They tend to operate how they deem fit.
Posted by SalE
At the beach
Member since Jan 2020
2496 posts
Posted on 11/8/23 at 4:51 pm to
PNC
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