Bank question (fuming)

edited 30 November -1 at 1:00AM in Deaths, Funerals & Probate
3 replies 1.2K views
Muscle750Muscle750 Forumite
1.1K Posts
edited 30 November -1 at 1:00AM in Deaths, Funerals & Probate
We have a executors acct there are three names on it one yesterday off their own back without any warning transferred over £300k into another acct I was told after that it was a savings acct to get more interest however I can not now view transactions on this acct
I can't believe the bank allowed this to be done without permission from the other names however I was told that they are having another meeting at the bank next week to see if they can get a even better acct
The thing is there is no more monies to be paid into the acct and the estate is now ready to distribute accordingly so the money won't be in the acct for very long anyway
I just can't believe the bank allowed this to be done
On the subject of probate the person who did the transfer was the only one of the three of us who applied yet I was told my right was reserved and I quote "I didn't ave to sign anything" which I find hard to beleve
I've been told that s soon as the new acct is sorted which it is because I see the acct number where the monies were transferred to that I will be sent paperwork to sign to have my name on it I'm going to the bank later to see what's what plus we agreed that all cheques from the original exe acct should have two signatures yet I've been sent one for a outlay in clearing the deceased house with only the one signature the same person who transferred the money

Replies

  • PennyForThem_2PennyForThem_2 Forumite
    715 Posts
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    would check very carefully if Bank will release on one signature even if you stipulate that should be on 2 or more of the signatories. I got caught on this. Thought set up an account where both had to sign but all the money went when one person of the 2 accountees gave their instructions.
  • getmore4lessgetmore4less Forumite
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    Muscle750 wrote: »
    We have a executors acct there are three names on it one yesterday off their own back without any warning transferred over £300k into another acct I was told after that it was a savings acct to get more interest however I can not now view transactions on this acct
    I can't believe the bank allowed this to be done without permission from the other names however I was told that they are having another meeting at the bank next week to see if they can get a even better acct
    The thing is there is no more monies to be paid into the acct and the estate is now ready to distribute accordingly so the money won't be in the acct for very long anyway
    I just can't believe the bank allowed this to be done
    On the subject of probate the person who did the transfer was the only one of the three of us who applied yet I was told my right was reserved and I quote "I didn't ave to sign anything" which I find hard to beleve
    I've been told that s soon as the new acct is sorted which it is because I see the acct number where the monies were transferred to that I will be sent paperwork to sign to have my name on it I'm going to the bank later to see what's what plus we agreed that all cheques from the original exe acct should have two signatures yet I've been sent one for a outlay in clearing the deceased house with only the one signature the same person who transferred the money

    Thats the key, whos on the grant that's the people that need to sign.

    Ask to see the probate application, you should have been given a form to sign to reserve rights, having done that(even without knowing) you now don't have to be a sig on anything.

    You need to start by reading the PA1 and the notes that go with them to understand the start of the process.
  • Muscle750Muscle750 Forumite
    1.1K Posts
    I went to the bank transpires that either one of us was allowed to sign the exe acct not two signatures plus the savings acct the money has been transferred into only has one name but they wouldn't tell me who under the data protection act plus the person I spoke who deals with exe accts etc at my branch said that and I quote "beggared belief they let it happen" and basically they personally would have raised serious concerns
    Plus he said the acct wasn't set up in 2 mins it was obviously done at least 24 hours prior and why was it not set up in the same names as the exe acct
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