katzx
09-23-2008, 02:14 PM
My mother 86 is of poor health, and I am told she will not be with me much longer. One day while talking we decited the best way to cover burrial and funerial expenses was to get a joint checking/savings account. She has a will but from what I am told there could be a 6 month or longer wait peroid before the funds could be accessed. She has about $120.000.00 + in both accounts, this way I could also monitor her accounts, and help her with her finances, (she gets confused allot now).
We went to her bank and set up the joint account and everything was good for about 4 months. Then one day I purchased a software package over the internet. (my mom knew of this and was fine with it. But the bank locked up her ATM card, ( I am sure this is a standard thing, to prevent abuse if her card was lost or stolen).
She went into the bank and was helped by the asst manager. My mom explained that everythig was ok, and that I had permission to make the purchase. But she was told that I could no longer have a joint account with her. That there was a problem with my credit or something, (they would not be specific).
so I was removed from the account.
My mom was then set up with a premium account. (I was later told that is was because of the amount of money she had in her account. The premium account raised her daily spending limt at merchants and Atm withdraws. Not that my mom wanted or needed that.)
But when the woman set up her new account she only transfered $100.00 to her new account, and sent her on her way.
When her new bank card and checks came in the mail she cut up the old ones and went to the new ones, believeing everything had been transfered to the new account. (I knew of the $100.00 because I watch her account for her. but was really not aware that she was so confused). When I found this out we called the bank and transfered money to cover checks she had written. ( one still bounced, to her church of all places). With all the money my mom had in the bank nothing should have bounced.
A couple of weeks later we went back to the bank to try to fix the problem. We explained the reasons for wanting the joint account, but were refused. Then the asst manager typed up something called a ' checking beneificiary '. She had my mother and myself sign the paper and said we were done.
I am concerned about the legality of the document, also I am wondering if it also covers the savings account. (there was no mention of that in the paperwork).
When the time comes that I need to get to the money, I am sure I would need to provide a death certificate at least to the bank. I am not familiar with how long something like that would take.
It is bad enough that I am facing the fact that I am loosing my mother, but now I feel that the bank may be jerking me around. My knowledge of the law on these matters are none.
(we live in california)
Any advice you migh have would be appreciated.
thank you, Kathy
We went to her bank and set up the joint account and everything was good for about 4 months. Then one day I purchased a software package over the internet. (my mom knew of this and was fine with it. But the bank locked up her ATM card, ( I am sure this is a standard thing, to prevent abuse if her card was lost or stolen).
She went into the bank and was helped by the asst manager. My mom explained that everythig was ok, and that I had permission to make the purchase. But she was told that I could no longer have a joint account with her. That there was a problem with my credit or something, (they would not be specific).
so I was removed from the account.
My mom was then set up with a premium account. (I was later told that is was because of the amount of money she had in her account. The premium account raised her daily spending limt at merchants and Atm withdraws. Not that my mom wanted or needed that.)
But when the woman set up her new account she only transfered $100.00 to her new account, and sent her on her way.
When her new bank card and checks came in the mail she cut up the old ones and went to the new ones, believeing everything had been transfered to the new account. (I knew of the $100.00 because I watch her account for her. but was really not aware that she was so confused). When I found this out we called the bank and transfered money to cover checks she had written. ( one still bounced, to her church of all places). With all the money my mom had in the bank nothing should have bounced.
A couple of weeks later we went back to the bank to try to fix the problem. We explained the reasons for wanting the joint account, but were refused. Then the asst manager typed up something called a ' checking beneificiary '. She had my mother and myself sign the paper and said we were done.
I am concerned about the legality of the document, also I am wondering if it also covers the savings account. (there was no mention of that in the paperwork).
When the time comes that I need to get to the money, I am sure I would need to provide a death certificate at least to the bank. I am not familiar with how long something like that would take.
It is bad enough that I am facing the fact that I am loosing my mother, but now I feel that the bank may be jerking me around. My knowledge of the law on these matters are none.
(we live in california)
Any advice you migh have would be appreciated.
thank you, Kathy