Chase Manhattan Bank Complaint - Unable to claim deceased mother's funds due to their error
PHOENIX, ARIZONA -- I found out on June 4, 2010 that my mother had terminal cancer. I also found out that I was her Power of Attorney and, after she passed, the trustee for her trust. All of her accounts, except those at Chase, were set up under her trust. I went in sometime in June and spoke to an account representative to have me added as Power of Attorney so I could access the account while she was living, and the trust as beneficiary so that I could access her funds after she passed (Power of Attorney becomes void after the issuer dies). I gave her copies of the POA and the trust, both.
My mother died shortly after that, on July 6. I obtained a tax ID number on July 30 so that I could convert her accounts over to the trust. When I went in, I found out that the representative that I spoke with in June only added me as POA but did not add the trust as beneficiary, meaning I cannot legally access her accounts.
Now I am in a position where I have to go back to the attorney, pay his hourly fee and potentially go before a judge just so that I am able to disburse her funds. Of course the man I spoke to today said that I probably would not be able to recoup what I would have to pay the attorney based on their mistake.
The man I spoke to today kept telling me that he "understands." Really? Did his mother die and her bank screw up her accounts?
My mother paid good money to have a trust set up to avoid things such as this, and yet, I still have to take additional steps legally to resolve this.
I am writing an executive complaint and I will be posting about how terrible the service was at Chase anywhere I can.
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