When my wife passed away the Bank seized the account, then froze it for nearly a year untill forced to surrender it with zero interest paid. My eldest daughter now has total electronic access and has power of attorney 😊
Same here. My mom lied to me and said nobody could see it but me and that I had to go on to her account to get certain benefits. Then months later when she starts asking me why I spent money on whatever I got pissed and she said there is no benefits so I said "well then why the hell did you tell me to go on your account"? It's cause she's nosey and wants to see what I spend my money on. I'm about to go there tomorrow and get my own.
My mother was diagnosed with progressive supranuclear palsy, a degerative neurological condition that eventually results in mental incapacitation. She asked to put my name on her accounts and power of attorney and manage her affairs. I was dreading this situation much. Our prayers were answered when it became clear after a year, that mental degredation was not occurring, and the Neurologist changed the diagnosis to a generalized palsy that better fit her balance issues. My mother was so worried over her condition, its a blessing that worry is gone.
Mostly good info but I think it's wrong about reporting interest because only the TIN of the primary owner reports interest. Like a joint account of a married couple, only one spouse reports the interest.
I had a joint account with my father in the last year of his life, upon his request; I never used it until the bills came after he passed. I would never do this with my mother, because I don't trust her
Scenario . What if joint account is made by parent when child was minor . Minor grew up handled account even after parent death . Then bank closes and merges with some other , account somehow declared dormant. Now needed signature of both for money release . Bank not informed as parent bank said cannot locate mandate and original terms but willing to release . Account was expatriate not of citizen . Can bank release half money without getting into other formalities concerning parent as that takes time ? . Can a bank deny showing terns of deposit to joint child now adult or deny mandate examination ?
😮😮A coworker got hit with a tornado. She did NOT qualify for Federal assistance because the money in the joint account with her mom gave her too many assets.
Do you know if I can create a checking account? My previous accounts I messed up something and my accounts were closed . Now my parents won’t give me a joint account they say that’s my punishment for not being careful. Any suggestions I should do ? Please 🙏🏾
