Executors accounts

59tit47user

Are there any banks that don't charge for executors account? Opened one with Yorkshire bank as that is the bank where my deceased aunt held her accounts so thought it be easier. Had an executors account here six years ago and wasn't charged anything. We were not told it had charges attached. I'm not happy.

jonesMUFCforever

What have they charged you for?
You are right in that most banks will not charge for opening and running an Executors account.

Zanderman

Without telling us exactly what you're not happy about it's difficult to comment.
What charges have been made?  What were the charges for? 
Is the problem that the account is one of their paid-for accounts (Yorkshire have a couple of these, as do most banks, but all - including Yorkshire - have at least one fee-free one too.  Did you pick one with charges by mistake?).
I operate an executors account with lloyds - have done for well over a year now  - and have never had charges. 

Thrugelmir

Lloyds doesn't apply charges. 

59tit47user

They charged for a manual credit, each cheque deposited and a maintenance charge.

Emmia

HSBC don't charge for an executors account.

59tit47user

59tit47user said:

They charged for a manual credit, each cheque deposited and a maintenance charge.

They didn't tell us it was an account that incurred charges when we opened it. 

jonesMUFCforever

Have you by any chance opened a Business account. Did you do this in branch or online?

realaledrinker

For a straightforward executorship is there any need to open a specific executors account given the hoops to be jumped through and the red tape involved? I just used one of my spare accounts in my name. Banks seem happy to release funds to it or a cheque in my name if I can provide copy of will and probate.

msallen

I'm currently executor for my mother's estate and am simply using one of my own pre-existing (but dormant) accounts. There have been no issues at all in doing this. Most parties I have dealt with which owe money to the estate have paid via a direct transfer into it, and the one which insisted on issuing a cheque made it payable to me.

Emmia

jonesMUFCforever said:

Have you by any chance opened a Business account. Did you do this in branch or online?

The HSBC account I have is offered through their business banking (but free of charge), and I opened it in branch with my sister shortly after my father died. - That was 9 years ago, so as the estate is sorted, we probably should get around to closing it!