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  • FIRST POST
    • izaac
    • By izaac 2nd Jul 15, 8:42 AM
    • 51Posts
    • 4Thanks
    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 2
    • Yorkshireman99
    • By Yorkshireman99 10th Oct 16, 3:39 PM
    • 1,586 Posts
    • 1,347 Thanks
    Yorkshireman99
    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!!
    Originally posted by brewerdave
    The reason that the staff are paranoid is that the Money Laundering regulations make the individual personally liable to prosecution if they get it wrong. Do you blame them?
    Last edited by Yorkshireman99; 10-10-2016 at 4:37 PM.
    • laticsforlife
    • By laticsforlife 10th Oct 16, 4:21 PM
    • 1,135 Posts
    • 1,432 Thanks
    laticsforlife
    Funny, that's what I said to the woman on the phone and she went all defensive, not sure why, think she thought I was saying staff were doing their own thing and making up rules, but I just said that as it was over £10,000, AML probably kicked in.

    Anyhow, Nat West are seeing me Wednesday, so HSBC can p155 off.
    Last edited by laticsforlife; 10-10-2016 at 4:22 PM. Reason: Can't spell
    I didn't do it, nobody saw me do it, you can't prove a thing!
    Quidco, £1,985
    Shopandscan, £2,300
    Tesco DTD, £2,700
    TopCashback,£1,392
    Thomson 261/04 Claim, £1,700
    • Yorkshireman99
    • By Yorkshireman99 10th Oct 16, 4:40 PM
    • 1,586 Posts
    • 1,347 Thanks
    Yorkshireman99
    IMHO the rules are very harsh and the staff are told very firmly in training about this. A friend who works for a building society let me see the course notes that said in as many words if in doubt say no. The crazy thing is that the real villains are likely to find a way to bypass these rules.
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