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Do You Bank at BofA?

jimlloyd40

Autocross Champion
Location
Phoenix
Car(s)
2018 SE DSG
Unless the parents died suddenly the son should have had power of attorney to avoid this.
 

GIACUser

Master Wallet Mechanic
Location
USA
Car(s)
MK 6 GolfR
Unless the parents died suddenly the son should have had power of attorney to avoid this.
Exactly, this was not a B of A problem. This about folks not preparing for their eventual passing and making preparations for issues like this one. My father made preparations for my brothers and I (I was the executor) decades prior to his passing. I have made preparations for my kids years ago. It is a nightmare for the heirs having to deal with estates when their has been no preparation (such as a Living Trust)

The bank is just doing what their charge is..... keep the money and access to it secure based on your instructions. In the case of B of A, the owner of the account could have simply elected to name beneficiaries, add the executor to the account or as mentioned provide power of attorney. This person left no instructions or method for the bank to grant access.
 

The Fed

Old Guys Rule
Location
Florida
POA doesn't work when their dead. POD is the fastest way to get the funds, all you need is ID and a DC. I'm covered with joint accounts for everything except my IRAs, and they have PODs. I also have a POA and the two medical directive documents, but of course they also don't apply dead.

That's the easy ones. What you might want to do is, if your state allows it, create a Life Deed for your house with your kids. Look it up.
 

uglybastard

Autocross Champion
Location
GOML
Car(s)
Mk6 GTI
I had BofA but closed my accounts abruptly after bad customer service experiences. I did feel bad as the local branch manager tried to make amends as I closed accounts, but the damage had been done.
 

HelloNewman

Go Kart Champion
Location
SoCal
Car(s)
Mk7
BoA sucks but then again so does pretty much every other big bank. Wells Fargo is probably the most heinous of them all with their whole scandal involving signing people up for cards and accounts without their knowledge.
 

jimlloyd40

Autocross Champion
Location
Phoenix
Car(s)
2018 SE DSG
I'm not a fan of big banks either but Chase has one nice feature. I pay my bills online through Chase and for the bills I pay that don't have a way to electronically pay they will actually mail a paper check and pay for the postage etc at no cost. This is on a no fee no cost checking account also.
 

HelloNewman

Go Kart Champion
Location
SoCal
Car(s)
Mk7
I think that's most people's complaint about BoA. They charge fees for customers under a certain balance for checking ($5k iirc) They overhauled the online banking so it's actually pretty decent, but their customer service on the phone is abysmal and they've basically fired all the tellers now so anything that needs to be done in person turns a basic bank trip into a DMV trip time wise.
 

vjmvjm

Go Kart Champion
I'm not a fan of big banks either but Chase has one nice feature. I pay my bills online through Chase and for the bills I pay that don't have a way to electronically pay they will actually mail a paper check and pay for the postage etc at no cost. This is on a no fee no cost checking account also.
Just about every bank and credit union does that. It's not a Chase only feature.
 
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