Executor of Bank Account - identifying a payment

Minimoon

I am the executor of my mother-in-law's bank account and I am trying to find out who/what a standing order payment is for - it is shown on her bank statement as "Trustees of the University" and 2 payments have gone out every month for the last 12 years!  There is no paperwork associated with this payment that I can find.  I have cancelled the standing order, but cannot find out from the sort code (Barclays) where the money has gone to.  How do I find out?  If it's some kind of investment or savings plan, I certainly need to find it!!  

DE_612183

The bank should be able to tell you when the SO was instructed - and maybe if it's a few years old they may have paper record?

Apart from that have you tried a google search on the sort code and account number the payment goes to?

Brie

If you check where the sort code is directed it might give you a clue as to the uni.  not that that always works as some post codes are for branches no where near the original site.  But if the sort code take you to Oxford you could write or google that uni for more info on their trustees.

Barclays Bank plc Bank Sort Code List (mybankdetail.com)

xylophone

 If it's some kind of investment or savings plan, I certainly need to find it!!  

Could just as well be a charitable donation?

Example

https://www.ox.ac.uk/about/organisation/university-as-a-charity

born_again

Bad news here is a S/O is the responsibility of the ACC holder to cancel & there is no way to claim any money back via bank that has been paid out.

PixelPound

xylophone said:

 If it's some kind of investment or savings plan, I certainly need to find it!!  

Could just as well be a charitable donation?

Example

https://www.ox.ac.uk/about/organisation/university-as-a-charity

I thought similarly, and "Trustees of the University" sounds more like a donation than an investment. Many Uni's have Alumni organisations that fundraise to help fund hardship grants etc.

sheramber

Did she have any connection to any University?

Richard1212

Surely you have come across computer records or paper mail which tells you the story of all this ? It seems so unlikely that an SO of 12 years standing has no paper trail, email folder, etc. And making payments TWICE a month is a real mystery ( donations are rarely made twice a month). You should look very much more deeply into pc records and all old papers-----there has to be correspondence, probably every month or every year about the monies sent to the University Trustees. 

Failing that, I think Brie's link is a good idea. 

We may be looking here at an endowment ---which University Trustees manage funds in the best interests of all stakeholders---see more at https://www.investopedia.com/terms/b/boardoftrustees.asp

I don't think there is any central governing body in the case of Uni Trustees but there is definitely a Committee of University Chairmen, though I do not know address or name of current Chairman of the Committee. 

Finally, there is a list of endowments for many universities at  https://en.wikipedia.org/wiki/List_of_universities_in_the_United_Kingdom_by_endowment
and , tedious though it is, you might have to send "stock" letter to each one on the list.

But I still cannot believe that your mother-in-laws' papers and records have no clue to help you. You should really go through every bit of paper she collected, especially those that may have been filed. And her bank should know who they have been sending money to for 12 years and be able to tell you what account is involved.

Good luck and please come back and tell us the outcome. Best wishes.

Zanderman

Richard1212 said:

Surely you have come across computer records or paper mail which tells you the story of all this ? It seems so unlikely that an SO of 12 years standing has no paper trail, email folder, etc. And making payments TWICE a month is a real mystery ( donations are rarely made twice a month). You should look very much more deeply into pc records and all old papers-----there has to be correspondence, probably every month or every year about the monies sent to the University Trustees. 

....

But I still cannot believe that your mother-in-laws' papers and records have no clue to help you. You should really go through every bit of paper she collected, especially those that may have been filed. And her bank should know who they have been sending money to for 12 years and be able to tell you what account is involved.

I don't think the absence of records is remarkable at all. If M-i-L set up those payments 12 years ago and if they are a donation (which seems most likely to me - I doubt this is an investment scheme [edited to add - not for MiL's benefit anyway!]) then there'll be no paperwork to be found apart from the initial set-up. There is absolutely no need for any correspondence after an SO is set up - there's no need for anything at the time other than a form - on paper or online - sent to the bank (no need to keep a record even) once.

It's not unusual for regular charitable donations to have no acknowledgement, and as these are SO there's nothing to say in any update about payment changes etc as they'll simply be the same forever.  The recipient may not even know who they're getting the donation from.

DE_612183

I also think it's good advice to:

1. Find out where the sort code of the bank is ( address ) and thereby you might find a uni near by.
2. Where did the MIL live or go to University - perhaps there is a link there to number 1

It's a shame that @minimoon hasn't come back with any further info updates.

Zanderman

And, just for clarification for Richard1212, who raised the idea of an endowment to a university - as if it was some sort of investment scheme for contributors - and quoted Investopedia on that subject, here's what the same source, Investopedia, says about what a university endowment actually is:   

University endowments are comprised of money or other financial assets that are donated to academic institutions. Charitable donations are the primary source of funds for endowments. Endowment funds support the teaching, research, and public service missions of colleges and universities.

From https://www.investopedia.com/ask/answers/how-do-university-endowments-work/

Hope that helps.