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  • FIRST POST
    • izaac
    • By izaac 2nd Jul 15, 8:42 AM
    • 51Posts
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    izaac
    Recommended bank to open Executors account?
    • #1
    • 2nd Jul 15, 8:42 AM
    Recommended bank to open Executors account? 2nd Jul 15 at 8:42 AM
    My Grant of Probate should arrive today.

    Is there any advantage in choosing one bank over another to open an Executors Account?
Page 1
    • troubleinparadise
    • By troubleinparadise 2nd Jul 15, 8:56 AM
    • 966 Posts
    • 1,586 Thanks
    troubleinparadise
    • #2
    • 2nd Jul 15, 8:56 AM
    • #2
    • 2nd Jul 15, 8:56 AM
    I used Natwest as the deceased's accounts were there, and the Executors'..... It just made the admin processes easy for us. And there was a very good member of staff who set it up and advised well in this particular branch.

    My co-executor didn't have such a good experience in her branch, and other posters have had mixed experiences.

    So I'd go on familiarity, good staff and ease of paying cheques in.
    • izaac
    • By izaac 2nd Jul 15, 9:05 AM
    • 51 Posts
    • 4 Thanks
    izaac
    • #3
    • 2nd Jul 15, 9:05 AM
    • #3
    • 2nd Jul 15, 9:05 AM
    Thanks. We bank with Santander and I've seen on here that they don't get particularly good press particularly with their Bereavement Service which I think they may have ceased to provide? I know they didn't want to know when I walked in asking about some sort of account that I could keep separate from mine and Name as such, prior to Probate, having thus far dealt with Barclays, where the deceased banked.

    We have stuck with Santander due to their 123 account, and, obviously, we are past needing a Bereavement Service as such!
    • FreeBear
    • By FreeBear 2nd Jul 15, 9:12 AM
    • 1,236 Posts
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    FreeBear
    • #4
    • 2nd Jul 15, 9:12 AM
    • #4
    • 2nd Jul 15, 9:12 AM
    If the deceased banked with Barclays and you have a branch that is easily accessible, it would be as well to go there.

    I'm in a similar situation where most of the accounts are with Lloyds, so that is where we have the executors account - It also helps that we also use the same bank all be it different branches.
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    • joerugby
    • By joerugby 2nd Jul 15, 3:24 PM
    • 1,164 Posts
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    joerugby
    • #5
    • 2nd Jul 15, 3:24 PM
    • #5
    • 2nd Jul 15, 3:24 PM
    My main bank a/c is with Natwest and they set up an executor's account for me no problem. It was accessible through my existing online banking - appeared as an extra account on the screen - so that made life very easy.

    Deceased banked with coop and they transferred his balances to natwest as soon as we had probate without a problem
    • izaac
    • By izaac 2nd Jul 15, 4:15 PM
    • 51 Posts
    • 4 Thanks
    izaac
    • #6
    • 2nd Jul 15, 4:15 PM
    • #6
    • 2nd Jul 15, 4:15 PM
    Have to laugh; Probate arrived today so I called my branch of Santander (after trawling Google to find the number!) to ask about executors accounts. There was an -ahem- deathly silence at the other end, then with great uncertainty, the lady ummed and ahhed; so I asked if she knew what an executor's account was? She asked to to hold- then got back to me with an appointment -3 weeks hence! Do you WANT me to park just over half a million quid in your bank or shall I take it somewhere else?? Hmm?

    I am not a fan of Barclays but they did give me better service when I was closing/freezing the deceased's accounts there! Though they also wouldn't open an account in anything other than my name, hence I have drawerfuls of cash and cheques here!
    • izaac
    • By izaac 2nd Jul 15, 4:16 PM
    • 51 Posts
    • 4 Thanks
    izaac
    • #7
    • 2nd Jul 15, 4:16 PM
    • #7
    • 2nd Jul 15, 4:16 PM
    I wonder whether it's true that the Older Established banks are better at this sort of thing? Hence ex-building societies, etc, aren't so good?
    • troubleinparadise
    • By troubleinparadise 2nd Jul 15, 11:35 PM
    • 966 Posts
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    troubleinparadise
    • #8
    • 2nd Jul 15, 11:35 PM
    • #8
    • 2nd Jul 15, 11:35 PM
    This whole business of people dying and executors needing bank accounts to handle the money is nothing new... So it is really unforgivable for a financial institution not to have trained their staff in how to handle this situation, or at least know if this is something they cannot offer.

    Perhaps you now have your answer - a lack of confidence in your own bank, Santander - as you say, you have a large amount of money that they can earn interest on for some months, hopefully there is a bank that can meet your needs!
    • Savvy_Sue
    • By Savvy_Sue 3rd Jul 15, 12:44 AM
    • 37,650 Posts
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    Savvy_Sue
    • #9
    • 3rd Jul 15, 12:44 AM
    • #9
    • 3rd Jul 15, 12:44 AM
    I wonder whether it's true that the Older Established banks are better at this sort of thing? Hence ex-building societies, etc, aren't so good?
    Originally posted by izaac
    I know Nationwide just said 'no'.

    We used Lloyds a few years ago for Dad, and that was fine.

    This time we've gone with NatWest, and my experience has been mixed. Most recently, I've asked for a cheque book: the name of the account is shown as me and co-executor, no mention of it being an Exec a/c.

    Then I tried to pay a cheque in, made payable to 'The Executors of Mum's name'. I've done this over the counter before with no problem, using my debit card for the account. I tried one of their machines, but it couldn't read the cheque, so I went to a counter position.

    "This cheque is made out to an Executor's Account", they said. I said "I know. This is an Executor's Account."

    "It hasn't got any markers to that effect, it's just showing as in joint names" they said. I said "Nevertheless, it is an Executor's account. Those names are mine and my co-executor."

    "Have you paid cheques in before?" they asked. I said "Yes, several times, usually at X branch, where they smile at me and take my money!"

    They took my money.

    I came home and started a web chat, which took half an hour. In the course of it I was offered the chance to change the account name online.

    Except that the account name shows correctly as EXEC OF MUM'S NAME. So why they can't see this in branch, I don't know. And why the cheque book doesn't show that, I don't know.

    Their staff have been universally friendly and helpful, but their systems really don't seem to work so well.
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    • abelljms
    • By abelljms 26th Feb 16, 3:29 PM
    • 4 Posts
    • 1 Thanks
    abelljms
    Executor account
    just opened one at Suntan der. -it's a crepe account as it's got no access except in person at a branch, Also it's a building society account so bacs into it is !!!!!, no online access
    • abelljms
    • By abelljms 26th Feb 16, 3:35 PM
    • 4 Posts
    • 1 Thanks
    abelljms
    so now I've been on phone to barclays for 50 minutes trying to find out about their account, - spoken to TWO faaar away call centres where the ladies had no idea what an executor was, - -I suspect in their country an executer has a slightly different function from UK!

    eventually was transferred to Liverpool where they knew what one was, but still had no information, so now I've been binned into yet another teeeedious queue, wottabunchoftossers.

    • brewerdave
    • By brewerdave 27th Feb 16, 10:21 AM
    • 4,420 Posts
    • 1,807 Thanks
    brewerdave
    Some of my observations:-
    When my mother died last October I tried to open Executor's accounts at my own banks - a)NatWest -refused without any reason, even tho' I've been a customer of theirs for nearly 50 years!! b) Santander -gave my an appointment,then phoned me at home to cancel because as my Mother had been a customer of Lloyds not Santander, they could not satisfy their internal regulations re money laundering!!!
    I then travelled to her own branch of Lloyds, and went thru it with the manager -he could see no problems - but it took several attempts and nearly two months before an account was set up !!

    And don't get me started with the attempt to "freeze" my mother's current account - they carried on paying out S.Os and allowed incorrect DDs -then had the cheek to send letters addressed to "My mother deceased,deceased" raising bank charges -when I phoned them I was told that they had no record of her death !


    Anyone would think that death was a rare occurrence !!!
    • WYSPECIAL
    • By WYSPECIAL 27th Feb 16, 6:22 PM
    • 311 Posts
    • 141 Thanks
    WYSPECIAL
    I found HSBC very helpful when no one else seemed to want to know. Still having the thick end of half a million on which your paying no interest and only had a handful of transactions to deal with for a year must be good business.
    • sammy1234567
    • By sammy1234567 29th Feb 16, 3:51 PM
    • 47 Posts
    • 17 Thanks
    sammy1234567
    I did not wish to use the bank which the deceased banked with, because they had treated me inappropriately when I registered a LPA, resulting in a complaint to the Ombudsman, which led to a compensation payment. So when it came to opening an Executor account I couldn't stand that bank because of the way they had treated me and mum previously. My own bank didn't offer an Exec account, and no other bank would allow me to open an account, or, if they did, there was no interest on sums paid in. So I opened an account that is linked to my current account, which pays around 1% interest. The PO and some building socs offer such accounts and I explained it was for probate and they allowed me to open it.
    • brewerdave
    • By brewerdave 29th Feb 16, 4:14 PM
    • 4,420 Posts
    • 1,807 Thanks
    brewerdave
    ..... So I opened an account that is linked to my current account, which pays around 1% interest. The PO and some building socs offer such accounts and I explained it was for probate and they allowed me to open it.
    Originally posted by sammy1234567
    Interesting......several of the financial institutions that I've dealt with after my mother's death, told me that they would only pay the money into either an executor's account or a solicitor's account after probate was granted because the sums were greater than their internal limits for releasing monies on an indemnity.
    Has created considerable problems with what was otherwise a straight forward estate.
    • sammy1234567
    • By sammy1234567 29th Feb 16, 4:42 PM
    • 47 Posts
    • 17 Thanks
    sammy1234567
    None of it has been easy. My own bank's probate team told me they could open an Executor account, then when I went in to a branch to speak to someone, they said they didn't do Exec accounts at all, but I could just open a new account online and call it an 'Exec Account' and use it for that purpose. They suggested I pop into the bank next door, a related financial institution.

    But the bank next door did have exec accounts. However, they wouldn't open an account for me. Despite their relationship with my bank.
    • GaleSF63
    • By GaleSF63 29th Feb 16, 8:58 PM
    • 242 Posts
    • 349 Thanks
    GaleSF63
    I found HSBC very helpful when no one else seemed to want to know. Still having the thick end of half a million on which your paying no interest and only had a handful of transactions to deal with for a year must be good business.
    Originally posted by WYSPECIAL
    I didn't open an executor's account for my mother (and was lucky that only one cheque was made out to executor) but her money was with HSBC in various forms so I had a number of dealings with their bereavement section and they were very easy to deal with, and efficient from start to finish.

    (The one cheque made out to executor I paid into my TSB current account, showing the counter staff the grant of probate with my name on. It was a very small cheque though.)
    • 1knuckles1
    • By 1knuckles1 10th Aug 16, 5:49 PM
    • 5 Posts
    • 3 Thanks
    1knuckles1
    executor's account woes
    there seem to be different definitions of what an executor's account is ...

    dad's bank (barclays) only lets you open one with grant of probate, ie at the end of the executor process, as does hsbc - I have no idea what purpose such an account could have

    what I want is an account in the name of the estate of dad, to receive any payments due to the estate (I am told these cannot be paid into an account with any other name), ie to be used before probate is granted

    barclays were as helpful as they could be and did tell me an executor's account didn't have to be with dad's bank, so I googled and natwest came up trumps - lovely, helpful, sympathetic staff, and happy to open an executor's account on the basis of grant of representation ie much earlier in the process - phew!
    • laticsforlife
    • By laticsforlife 10th Oct 16, 10:59 AM
    • 1,136 Posts
    • 1,432 Thanks
    laticsforlife
    First Direct have been happy to take cheques since the end of April for dividends & some small <£5k share-sale cheques, and other refunds etc, but when I deposited 4x cheques totalling £19k last week via the machine, they baulked and said I needed an executors account which they don't do - HSBC (the parent) do them, and my appointment in in 10 bl00dy days time.

    What a total waste of time; I'm going to move any funds as soon as they clear into my own FD account until such time as they need paying out, as I can do that far more easily.

    These cheques have been missing for a week now, very annoying!
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    • brewerdave
    • By brewerdave 10th Oct 16, 3:14 PM
    • 4,420 Posts
    • 1,807 Thanks
    brewerdave
    First Direct have been happy to take cheques since the end of April for dividends & some small <£5k share-sale cheques, and other refunds etc, but when I deposited 4x cheques totalling £19k last week via the machine, they baulked and said I needed an executors account which they don't do - HSBC (the parent) do them, and my appointment in in 10 bl00dy days time.

    What a total waste of time; I'm going to move any funds as soon as they clear into my own FD account until such time as they need paying out, as I can do that far more easily.

    These cheques have been missing for a week now, very annoying!
    Originally posted by laticsforlife
    Seems that you can "get away" with any old account if the sums involved are small -but once they exceed some internal banking limit it triggers anti money laundering processes -and the banks are all so scared of falling foul of their own internal audit teams, that they take the easy way out and won't/don't offer executor's accounts!!
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