[WSBAPT] Bank Behaving Badly - B of A

Mon Apr 27 08:22:44 PDT 2015

File a complaint (BoA infamous for number of consumer complaints) or contact
DFI for guidance with particular situation with an institution. All of us
should hold these banks accountable. 

http://www.dfi.wa.gov/consumers/file-complaint

ANNE MARIE LIEBHABER
Attorney at Law
Olympia WA

  _____  

From: wsbapt-bounces at lists.wsbarppt.com
[mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Patrick J. Galloway
Sent: Monday, April 27, 2015 5:08 AM
To: 'WSBA Probate & Trust Listserv'
Subject: Re: [WSBAPT] Bank Behaving Badly - B of A

Large institutions are often difficult. The local branch has nobody with the
authority or knowledge to handle these issues. BOA has caused my clients
much grief. I try and prepare my clients for this upfront by explaining the
trouble they will encounter.

I don't think it is a jaded conspiracy theory to recognize that many
financial institutions intentionally delay transfer of funds. I would be
surprised to find that the review by 'legal' actually involves an
independent confirmation process which arguably should occur before release
of substantial funds.

Not sure what to do about this besides advising my clients not to open
estate, business, or investment accounts at these institutions. 

--- Original Message ---

From: "James B. Dolan" <jbdolan at jbdolan.com>
Sent: April 26, 2015 2:48 PM
To: "'WSBA Probate & Trust Listserv'" <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Bank Behaving Badly - B of A

Colleagues:

I recently encountered the following situation in two probate matters.

1.      Client is appointed as Administrator of Deceased's estate.  Deceased
had accounts at two banks (Wells Fargo and Bank of America) and a credit
union (BECU).  On March 31, Administrator went to  all three institutions
with a Certificate of Death, certified Order Appointing, and certified
Letters of Administration.   She attempted to close out the three modest
accounts and marshal the funds in order to place them in an estate account.
Wells Fargo and BECU gave her the money and closed the accounts.  Bank of
America stated they need a "Letter of Instructions" and then need to "send
everything to legal" for review before giving her the funds in Decedent's
account.  Many telephone calls and visits to the bank later, as of last
Friday, May 24, she still does not have the money and the account is still
open.

2.      Client is appointed as PR of his deceased brother's estate.
Brother's Will intends for all of his assets to be placed into trust for
benefit of his minor daughter, of which PR is also trustee.  Decedent had
four accounts at financial institutions - two of them are POD to the trust
and two of them (Bank of America and Carpenter's Trust - pension) are POD
directly to minor child.  For a number of reasons, we petitioned court to
direct the two institutions with accounts POD (Bank of America and
Carpenter's Trust - pension) directly to minor to instead deliver the funds
to trustee of the minor trust.  We followed all relevant RCWs, including
summons per TEDRA and also specific notice to Bank of America and
Carpenter's Trust per 11.11.050.  Based on dealing with Bank of America in
scenario number 1 above, I saw this coming so in my order, the Court
specifically directed Bank of America to "immediately and without delay,
deliver all assets in [Decedent's name and account numbers] to PR / Trustee.
Failure to promptly comply with this order shall be considered contempt of
court."  PR went to Bank of America, for the second time, with certified
Order Appointing, Letters Testamentary, Certificate of Death, and certified
copy of the order we had just entered, and was told by bank manager that "we
need to send this to legal, we will get back to you."

It appears that B of A has a new policy, that no other banks or credit
unions have to my knowledge, that being appointed PR and appearing at the
bank with all of the necessary documents is not, in their view, sufficient,
so they need to "send it to legal."  My jaded view is that the bank, by
delaying the withdrawal of money from the accounts previously owned by
Decedents, gets to continue to use the money to collect interest - although
each account in and of itself is probably not worth very much, when you
think of the thousands of accounts from thousands of Decedents that are
being treated this way, those pennies add up (see the movie Office Space).

At any rate, the client in scenario number 1 above has waited three weeks,
the bank manager in scenario number 2 above is simply blowing off a court
order (no doubt because she is simply following the bank directive).

Before I gulp down a large Starbucks and begin drafting Motion and Order to
Show Cause for Contempt (does that even make sense?) and get an Order
Shortening Time and have both managers personally served, I thought I might
check in with my more experienced, and perhaps more rational, and certainly
more mature, colleagues.  Is this finally a chance to strike back at the
empire or am I tilting at windmills?  Any other ideas?

Jim Dolan

===================

Jones Butler Dolan, PS

www.jbdolan.com

www.jonesbutlerdolan.com

Mount Vernon

P.O. Box 2784

720 South Main Street

Suite 233

Mount Vernon, WA 98273

Telephone: 360-336-2939

Facsimile: 360-336-2949

Stanwood

P.O. Box 458

10027 - 269th Place NW (SR 532)

Stanwood, WA 98292

Telephone: 360-629-3833

Facsimile: 360-629-6253

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