What is the name of your state? PA
My brother-in-law opened a CD in his mother's name only (he had POA). Now that she has passed, he went to the bank to cash in the cd which was set to mature in June 2007. He didn't tell the bank that she had passed on, just that he was closing her account. I don't know what kind of CD he put her money in at Wachovia (he doesn't share any decisions or choices he has made) but they charged him a $2000.00 fee for cashing it in early. Now maybe he was just stupid for not looking into early withdrawal fees or how to actually put the money in the CD properly (apparantly there was no beneficiary or co-owner set up even though MIL was in bad health for a while), but do you know if they would have charged the fee if the executor went to the bank to settle the estate and tell then she had passed away? We are finding out after the fact that BIL withdrew money to pay off his daughters car (undisclosed amount) and he has been making purchases over the last 6 months or so that seem questionable now. My husband kind of wants to know what was going on with the account but doesn't want to ask because he won't get a straight answer from his brother and my SIL (executor) is kind of indifferent about it and just wants to settle things and be done with the issue.
This whole thing makes me glad I just have one sister and she and I and our father are open and honest about financial issues. Keep those lines of communication OPEN!
My brother-in-law opened a CD in his mother's name only (he had POA). Now that she has passed, he went to the bank to cash in the cd which was set to mature in June 2007. He didn't tell the bank that she had passed on, just that he was closing her account. I don't know what kind of CD he put her money in at Wachovia (he doesn't share any decisions or choices he has made) but they charged him a $2000.00 fee for cashing it in early. Now maybe he was just stupid for not looking into early withdrawal fees or how to actually put the money in the CD properly (apparantly there was no beneficiary or co-owner set up even though MIL was in bad health for a while), but do you know if they would have charged the fee if the executor went to the bank to settle the estate and tell then she had passed away? We are finding out after the fact that BIL withdrew money to pay off his daughters car (undisclosed amount) and he has been making purchases over the last 6 months or so that seem questionable now. My husband kind of wants to know what was going on with the account but doesn't want to ask because he won't get a straight answer from his brother and my SIL (executor) is kind of indifferent about it and just wants to settle things and be done with the issue.
This whole thing makes me glad I just have one sister and she and I and our father are open and honest about financial issues. Keep those lines of communication OPEN!