Average time for a bank to send the final statement of accounts?

bellkat

thinkable wrote: »

I'm currently going through the process of valuing my mothers estate, as part of my application for probate. But one bank in particular (the Co-Op) seems to be taking a long time to send the final statement of accounts. Is two weeks an exorbitant amount of time to be waiting for it? Her building society sent it (unsolicited) within 1 day?

I'm having exactly the same problem as you OP, with the Co-op Bank. I sent the grant to them on the 2nd February and they still haven't dealt with it.
I know they have received it as I've rang them a few times and each time they say they are really busy but should be dealing with it by the end of the week. It's now Friday again and nothing has been transferred. It's only one bank account, I can't believe its taking so long.
I'll let you know when it comes through!!

thinkable

Frustrating, isn't it? A friend is also had a long wait with the Co-op. Fortunately, mine came through today (or at least I think it did, although that's another story). On my last call to the probate department on Monday, the representative explicitly said that it would be sent out, and the letter I received today was dated the 16th (last Monday). So what they've been doing for the past 3 weeks god only knows. In retrospect I would have called up more often. But I certainly know which bank I'll be avoiding in the future...

bellkat wrote: »

I'm having exactly the same problem as you OP, with the Co-op Bank. I sent the grant to them on the 2nd February and they still haven't dealt with it.
I know they have received it as I've rang them a few times and each time they say they are really busy but should be dealing with it by the end of the week. It's now Friday again and nothing has been transferred. It's only one bank account, I can't believe its taking so long.
I'll let you know when it comes through!!

bellkat

At least things seem to be moving for you, fingers crossed.

I'll definitely be avoiding them as well!!

Mattygroves2

Savvy_Sue wrote: »

I'm sure your assessment is correct. I just find it frustrating in the extreme, and I'm EXTREMELY glad I've tried to do a test payment now, rather than waiting for serious amounts of money to hit the account and then not being able to pass them on.

Interested to see that you're using internet banking for an executors account. Are you the only executor or have they been able to set it up as needing 2 authorisations ?

Contrary to your experience we had a fairly pain free experience with Nat West and two executors accounts. We didn't try to do internet banking though (no real need) and it was frustrating that the account wouldn't accept electronic credits until probate was granted - a DWP pension payment was bounced several times before we worked the problem out and they eventually paid it direct to one of the executors own accounts.

Savvy_Sue

Mattygroves2 wrote: »

Interested to see that you're using internet banking for an executors account. Are you the only executor or have they been able to set it up as needing 2 authorisations ?

No, there are two of us, but there's no dual authorisation. (A few years ago I was told that if I wanted dual signatories on cheques, I could NOT have internet banking for a Clubs and Societies account, so I went elsewhere.)

Just as well really, as another part of my pain is that I'm the only one with a debit card! All the correspondence is coming to me. So both debit cards were sent to me, and I promptly misplaced my co-executor's card. I re-ordered one for him 10 days ago, and it's still not come. The bank won't WebChat to me about his card.

Fortunately he can set up internet banking without a debit card, so I've suggested he should do that, and then WebChat to them to try and find out if the card's on its way, or not.

Mattygroves2 wrote: »

Contrary to your experience we had a fairly pain free experience with Nat West and two executors accounts. We didn't try to do internet banking though (no real need) and it was frustrating that the account wouldn't accept electronic credits until probate was granted - a DWP pension payment was bounced several times before we worked the problem out and they eventually paid it direct to one of the executors own accounts.

No problem with money going in. I've been able to pay Premium Bond winnings in with the debit card, before we had probate, and I think co-executor has a paying in book and has successfully got money in that way.

The online list of payments made is fairly pants though! I've just made a small test payment to my siblings, except I'm not sure if I've paid £10 to each of them or £20 to one and nothing to another. I'm sure they'll soon tell me ...

ferger

rheme wrote: »

When dealing with my late dad's estate I went into Nationwide Building Society and set up an Executors Account. They then transferred his savings into this for me (the original accounts were with them anyway). When doing the final accounts the solicitor requested statements on the original accounts from date of death to the setting up of the Executor Account so walked into Nationwide one lunchtime and 10 minutes later walked out with all the information required.

They have been brilliant at what is an upsetting and very stressful time.

I would echo this - my Dad had a quite significant ISA holding with Nationwide, which I've used, along with a Post Office bond, to make advance payment of IHT on my Dad's estate. They don't participate in the HMRCS sceme to make direct payments, but have their own form, and will issue a cheque payable to HMRCS. I sent this form off last Wednesday - it would just have got the last post. I had the cheque in my hands on Friday morning. They couldn't be more sympathetic and helpful either.

The Post Office, on the other hand, were just DIRE...