Author Topic: PSA: Bank of America Estate Unit  (Read 3689 times)

Offline aygart

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PSA: Bank of America Estate Unit
« on: June 19, 2017, 10:49:47 AM »
I am working to get some bank accounts of my Aunt's who passed away with no children taken care of. SHe had accounts in numerous banks. Most were fairly simple to present the documents and within about a half hour we could walk out with a check. Bank of America is giving us such a run around. We are already over 2 months from when we started the process and have gotten nowhere. They ask for things and then don't acknowledge whether they got what they need or not until calling the estate unit and waiting on hold for a long time. They have set up a system to give a run around and hold on to estate funds for as long as possible.


To make things easier for yorshim stay away.
You have the right to remain silent. Anything you say can and will be used to start a religious discussion.

Offline yelped

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Re: PSA: Bank of America Estate Unit
« Reply #1 on: June 19, 2017, 10:59:13 AM »
I am working to get some bank accounts of my Aunt's who passed away with no children taken care of. SHe had accounts in numerous banks. Most were fairly simple to present the documents and within about a half hour we could walk out with a check. Bank of America is giving us such a run around. We are already over 2 months from when we started the process and have gotten nowhere. They ask for things and then don't acknowledge whether they got what they need or not until calling the estate unit and waiting on hold for a long time. They have set up a system to give a run around and hold on to estate funds for as long as possible.


To make things easier for yorshim stay away.
Yeah, they're terrible. Remember reading about them in the news a few year ago. Some family's house was taken away because they were purposefully dragging their feet in a similar situation.

Offline SPLP

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Re: PSA: Bank of America Estate Unit
« Reply #2 on: June 19, 2017, 11:17:47 AM »
Hire an attorney maybe u can take them to small claims court ( in your area that u live in -- call the state/Fed. banking commission( send the bank a copy & CEO)  --U NEED TO MAKE NOISE

Offline aygart

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Re: PSA: Bank of America Estate Unit
« Reply #3 on: June 19, 2017, 11:38:43 AM »
Hire an attorney maybe u can take them to small claims court ( in your area that u live in -- call the state/Fed. banking commission( send the bank a copy & CEO)  --U NEED TO MAKE NOISE
Things look like they may be headed there. I told them if it is not resolved within a few days we will complain to the state and fed banking dept.
You have the right to remain silent. Anything you say can and will be used to start a religious discussion.

Offline ExGingi

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Re: PSA: Bank of America Estate Unit
« Reply #4 on: June 19, 2017, 02:42:27 PM »
To make things easier for yorshim stay away.
Or just set up a revocable trust and title assets during lifetime in it's name. After 120 the only thing that (possibly) changes is the trustee. Another (simpler) option is to assign a POD to the bank account or have it jointly titled.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline aygart

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Re: PSA: Bank of America Estate Unit
« Reply #5 on: June 19, 2017, 03:01:17 PM »
Or just set up a revocable trust and title assets during lifetime in it's name. After 120 the only thing that (possibly) changes is the trustee. Another (simpler) option is to assign a POD to the bank account or have it jointly titled.
These are WITH a POD!
You have the right to remain silent. Anything you say can and will be used to start a religious discussion.

Offline ExGingi

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Re: PSA: Bank of America Estate Unit
« Reply #6 on: June 19, 2017, 03:09:49 PM »
These are WITH a POD!
WOW.

I would think that with a POD all you would need is a death certificate. If they won't honor the POD and the death certificate you should definitely complain to the state banking department and any other agency that can twist their arms.

IME BBB is EXTREMELY helpful. I was helping a friend with a mortgage modification a while ago, and the bank was giving a complete illogical runaround, nothing helped until we tried the BBB, within days he got a loan modification offer.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline aygart

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Re: PSA: Bank of America Estate Unit
« Reply #7 on: June 19, 2017, 03:20:07 PM »
WOW.

I would think that with a POD all you would need is a death certificate. If they won't honor the POD and the death certificate you should definitely complain to the state banking department and any other agency that can twist their arms.

IME BBB is EXTREMELY helpful. I was helping a friend with a mortgage modification a while ago, and the bank was giving a complete illogical runaround, nothing helped until we tried the BBB, within days he got a loan modification offer.
It is not that they don't honor it per se. They are only "going through their procedures". They need it to be processed by the Estate Unit. So we brought in the DC and the branch sent it over. 2 weeks later they send us some forms to be filled out by the benis and either notarized or done in branch. We figured lets go to the branch so that they will get everything they need. A month+ later we did not hear back yet, so I call and spend 45 min on hold before being told that it had not yet been processed and that now she sees that it is missing the Driver License number filled on the form by the branch rep even though a copy of the DL was sent with it. So I went right then and got it notarized and sent it in by fax as they requested. 2+ weeks later still heard nothing so called again nd waited on hold again for 45 and they said the notarized page for one of the accounts didn't come through on the fax (even though it was all faxed together) but had I not called I would never know. Now I sent it again and will follow up again in a day or two.
You have the right to remain silent. Anything you say can and will be used to start a religious discussion.

Offline ExGingi

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Re: PSA: Bank of America Estate Unit
« Reply #8 on: June 19, 2017, 04:04:01 PM »
It is not that they don't honor it per se. They are only "going through their procedures". They need it to be processed by the Estate Unit. So we brought in the DC and the branch sent it over. 2 weeks later they send us some forms to be filled out by the benis and either notarized or done in branch. We figured lets go to the branch so that they will get everything they need. A month+ later we did not hear back yet, so I call and spend 45 min on hold before being told that it had not yet been processed and that now she sees that it is missing the Driver License number filled on the form by the branch rep even though a copy of the DL was sent with it. So I went right then and got it notarized and sent it in by fax as they requested. 2+ weeks later still heard nothing so called again nd waited on hold again for 45 and they said the notarized page for one of the accounts didn't come through on the fax (even though it was all faxed together) but had I not called I would never know. Now I sent it again and will follow up again in a day or two.
I suggest BBB.

Also maybe a change of tone is in place. Rather than asking them to comply, EXPECT them to comply and/or respond promptly.

I can't talk about the Estate Unit, but I know for mortgage modifications B of A was (or is) one of the worst. I once embarrassed a B of A VP on a public conference call regarding this. Worked wonders, all of the sudden things started happening.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline ExGingi

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Re: PSA: Bank of America Estate Unit
« Reply #9 on: June 19, 2017, 04:06:00 PM »
Hire an attorney maybe u can take them to small claims court ( in your area that u live in -- call the state/Fed. banking commission( send the bank a copy & CEO)  --U NEED TO MAKE NOISE
In small claims court your only remedy is actual monetary damages IINM.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline Iz

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Re: PSA: Bank of America Estate Unit
« Reply #10 on: June 19, 2017, 04:09:34 PM »
CFPB?

Offline tov hashem

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Re: PSA: Bank of America Estate Unit
« Reply #11 on: June 19, 2017, 09:20:17 PM »
Ones told Bank of America that I will have to contact BBB for  a simple matter and things changed immediately
✔️ I'm not a robot        reCAPTCHE

Offline aygart

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Re: PSA: Bank of America Estate Unit
« Reply #12 on: June 27, 2017, 08:00:17 PM »
After telling them that the next call will be to CFPB and state regulators they finally assigned someone who calls me to tell us what is missing and I have a direct number to reach her as well. That doesn't mean we are finished. After 3 months of telling us that the check can only be made out to the beni's name even though my father disclaimed and we sent them court docs of that, today she calls me that they mailed something out last week that it needs to be signed by the estate admin to make the check out to the estate. Never mind that I spoke to them twice since it was mailed out.

KEEP AWAY
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Offline aygart

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Re: PSA: Bank of America Estate Unit
« Reply #13 on: July 06, 2017, 04:53:33 PM »
Mazel tov! Finally!
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Offline SearchGuy

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Re: PSA: Bank of America Estate Unit
« Reply #14 on: July 06, 2017, 05:04:59 PM »