[SPAM] Re: [WSBAPT] BECU And Estate Claims

Tue Jul 8 14:47:48 PDT 2014

BECU is the one where I have seen this problem repeatedly, and the only
one I can think of locally where I have run into this problem, not only
with respect to outstanding mortgages or HELOC at time of death, but also
car loans, and credit card balances.

Heather

Heather S. de Vrieze
Attorney-at-Law

3909 California Avenue SW

Seattle, WA 98116-3705                          

(206)938-5500 

 <mailto:heatherd at westseattlelaw.com> heatherd at westseattlelaw.com 

 <http://www.westseattlelaw.com/> www.westseattlelaw.com 

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From: wsbapt-owner at lists.wsbarppt.com
[mailto:wsbapt-owner at lists.wsbarppt.com] On Behalf Of Glenn Price
Sent: Tuesday, July 08, 2014 2:34 PM
To: wsbapt at lists.wsbarppt.com
Subject: RE: [SPAM] Re: [WSBAPT] BECU And Estate Claims

I find this thread on BECU’S “Death is default” policy to be pretty
alarming – and the policy unseemly. Are you probate practitioners saying
that in your collective experience only BECU has adopted this aggressive
strategy? 

Glenn D. Price, J.D.
Price & Farrington, PLLC
Attorneys and Counselors at Law

Parkwood Office Center
2370 130th Avenue N.E., Suite 103
Bellevue, Washington 98005
Phone: 425.451.3583  Fax: 425.522.4818

Email: glenn at pricefarrington.com
Home page:    <http://www.pricefarrington.com/> www.pricefarrington.com

Estate, Tax, Retirement and Asset Protection Planning

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From: wsbapt-owner at lists.wsbarppt.com
[mailto:wsbapt-owner at lists.wsbarppt.com] On Behalf Of Beth McDaniel
Sent: Tuesday, July 08, 2014 2:22 PM
To: wsbapt at lists.wsbarppt.com
Subject: [SPAM] Re: [WSBAPT] BECU And Estate Claims

I have not had a recent problem with BECU, but in the past I have had
situations where BECU has sucked money out of accounts on death or frozen
accounts if the funds were insufficient to cover the liability.
Interestingly enough, they will continue to withdraw auto HELOC payments
but all other auto payments cease.

When I inquired about this practice, I was told, 'people need to read
their agreements.'  So, I went home and pulled out our BECU HELOC
agreement.  Sure enough it states, 'death is default.'  When I asked
someone at the main office re this practice, I was told we do it 'because
we can'

In short, the best practice is that if you have indebtedness to BECU, you
should keep the most minimal of accounts there and have your primary
accounts elsewhere.

Good luck with your situation Kerry.

Beth A. McDaniel

On Jul 8, 2014, at 2:03 PM, "Richard Wills"
<richardwills at washington-probate.com> wrote:

I have run into this problem with BECU over & over, particularly with
deceased Boeing employees who use BECU as their sole financial
institution:  savings, checking, credit card, car loan, mortgage loan,
HELOC loan, etc.  At the first whiff of the D's death, BECU determines how
much the D owes them & transfers as much as possible from of the D's cash
accounts to pay off the D's obligations.  I've never seen the
circumstance, however, where BECU transfers more than is currently owed by
the D, eg, paying off a loan that's not in arrears.  Furthermore, I've
never found a remedy to get any of the funds returned.

I had an insolvent estate years ago involving a ton a creditors including
BECU where BECU took all of what would have been the estate's funds (that
otherwise would have been paid pro-rata to all the creditors), resulting
in BECU's getting everything there was to get from the estate (among other
things, leaving nothing to pay its admin. expenses) & all of the other
creditors getting nothing of their respective pro-rata share.  This
experience with Boeing led me to advise all of my clients, probate or not,
& especially anybody having any connection with Boeing, to use a separate
financial institution for each account.  As a result, I now have one
account with about every major bank in Seattle.  When I tell
Boeing-connected clients about BECU & its practice, their uniform response
is, "Can they really do that?  I'll change my accounts immediately."

On 7/8/2014 1:12 PM, Eric Nelsen wrote:

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