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Banks and Estate Accounts
Posted on 11/8/23 at 1:34 pm
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 on 11/8/23 at 1:41 pm to robchand58
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 on 11/8/23 at 1:43 pm to robchand58
Just remember: 10% for the big guy.
(God, not Joe Biden)
(God, not Joe Biden)
Posted on 11/8/23 at 1:46 pm to robchand58
Show them the Judgment of Possession and tell them to write checks to the person who the JOP says to
Posted on 11/8/23 at 1:53 pm to robchand58
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 on 11/8/23 at 1:54 pm to geauxpurple
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 on 11/8/23 at 2:11 pm to MintBerry Crunch
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...
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 on 11/8/23 at 2:34 pm to robchand58
Hmmm. I have seen these done all the time, mostly in Jefferson Parish, and have rearly run in to any problems with it.
Posted on 11/8/23 at 3:25 pm to robchand58
You need to not talk to a teller and talk to someone at the bank that actually knows what they are doing.
Posted on 11/8/23 at 3:33 pm to robchand58
quote:Banks handle estate accounts all the time.
the bank folks quit listening when they see the E-word
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 on 11/8/23 at 4:01 pm to LSURussian
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 on 11/8/23 at 4:03 pm to robchand58
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 on 11/8/23 at 4:26 pm to robchand58
quote: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)?
As soon as they see 'Estate of' on the checks, you see their balloon deflate.
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 on 11/8/23 at 4:28 pm to robchand58
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 on 11/8/23 at 4:40 pm to robchand58
I’ll cash it out for a 5 percent fee. Cash in hand within 36 hours.
Posted on 11/8/23 at 4:41 pm to robchand58
quote:
But the Judgement of Possession dissolves the estate, so there is no 'rep.' Its infuriating.
Who signed the Judgement?
Posted on 11/8/23 at 4:43 pm to robchand58
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.
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 on 11/8/23 at 4:46 pm to robchand58
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.
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 on 11/8/23 at 4:50 pm to Jim Rockford
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.
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