Posted: 9/17/2014 6:04:08 PM EDT
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Hey all,
Last year I opened up a joint checking and joint savings account with my mother, a widow. My name is on both, but listed as "or" on the checking and "and" on the savings. I thought the savings being "and" would prevent my mother from withdrawing money without my signature. I just got back from the bank and when I was inquiring about "and" and "or", she was looking at me like I was nuts. Is this something from the past, or was the teller clueless? Or am I clueless? Thanks. eta: My Dad left her pretty well set up when he passed, and I'm trying to keep her from going broke again. |
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Hey all, Last year I opened up a joint checking and joint savings account with my mother, a widow. My name is on both, but listed as "or" on the checking and "and" on the savings. I thought the savings being "and" would prevent my mother from withdrawing money without my signature. I just got back from the bank and when I was inquiring about "and" and "or", she was looking at me like I was nuts. Is this something from the past, or was the teller clueless? Or am I clueless? Thanks. You try speaking with some one higher up the food chain, like the manager? Curious, you do have Power of Attorney , just in case, yes? Slightly OT A teller asked me one day what denomination i would like my bills in. Doesn't matter as long as they're federal reserve notes. BRAKES LOCKED UP in her brain and off to the manager she went. That was a 10 minute ordeal while the teller was informed what Federal Reserve notes where. Good thing i didn't ask for Silver Certificates. |
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You try speaking with some one higher up the food chain, like the manager? A teller asked me one day what denomination i would like my bills in. Doesn't matter as long as they're federal reserve notes. BRAKES LOCKED UP in her brain and off to the manager she went. That was a 10 minute ordeal while the teller was informed what Federal Reserve notes where. Good thing i didn't ask for Silver Certificates. Quoted:
Quoted:
Hey all, Last year I opened up a joint checking and joint savings account with my mother, a widow. My name is on both, but listed as "or" on the checking and "and" on the savings. I thought the savings being "and" would prevent my mother from withdrawing money without my signature. I just got back from the bank and when I was inquiring about "and" and "or", she was looking at me like I was nuts. Is this something from the past, or was the teller clueless? Or am I clueless? Thanks. You try speaking with some one higher up the food chain, like the manager? A teller asked me one day what denomination i would like my bills in. Doesn't matter as long as they're federal reserve notes. BRAKES LOCKED UP in her brain and off to the manager she went. That was a 10 minute ordeal while the teller was informed what Federal Reserve notes where. Good thing i didn't ask for Silver Certificates. Oddly enough, there didn't appear to be anyone in authority there. She spoke with someone in another room, but I only saw other tellers come out. |
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We're only talking about $40k here. Quoted:
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sounds like she needs to be set up into a Conservatorship. Consult an attorney - it's not difficult. We're only talking about $40k here. If something were to happen to her, It's the banks / governments money till you can prove you have ownership / authority to act on her behalf. . I have no clue of the technical / Legal aspects of banking, others do who already chimed in. Something happened to our aunt and no one had POA or other legal authority / paperwork to act on her behalf. It cost $$$$ , time and headaches, to take care of a woman who by that time was in hospice. Please, look in to what's needed now. |
| These days it does not matter if it is AND or OR. A joint account "with rights of survivorship" gives access to either party to do what they will with the money in the account. Now some places will restrict who can close out the account or make major changes to the primary account holder, but this is typically seen at credit unions. Ways to make an account truly an AND account is to have the bank set it up as 2 signatures required, but they banks do not have to honor that. Read your copy of the account agreement. 18 years in banking here.....hope that helps. |
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These days it does not matter if it is AND or OR. A joint account "with rights of survivorship" gives access to either party to do what they will with the money in the account. Now some places will restrict who can close out the account or make major changes to the primary account holder, but this is typically seen at credit unions. Ways to make an account truly an AND account is to have the bank set it up as 2 signatures required, but they banks do not have to honor that. Read your copy of the account agreement. 18 years in banking here.....hope that helps. Thanks, I'm on hold with the bank now. |
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Hey all, Last year I opened up a joint checking and joint savings account with my mother, a widow. My name is on both, but listed as "or" on the checking and "and" on the savings. I thought the savings being "and" would prevent my mother from withdrawing money without my signature. I just got back from the bank and when I was inquiring about "and" and "or", she was looking at me like I was nuts. Is this something from the past, or was the teller clueless? Or am I clueless? Thanks. eta: My Dad left her pretty well set up when he passed, and I'm trying to keep her from going broke again. SRSLY? |
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In a joint tenancy, either party can clean out the entire account. It doesn't matter if the word "and" or the word "or" is used.
What you need to do is set up a trust account, with yourself as trustee and your mother as beneficiary. Or keep the passbook and all the account information to yourself, and don't share it with your mother. I had the same problem with my mother, when she came down with Alzheimer's. My sister and I ended up taking away all her money, her car keys, etc. Letting her have money would have been like giving money to a 2-year-old. One complication was that some well-meaning "friends" of my mother tried to undo what we were trying to do. They just didn't understand the situation. |
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SRSLY? Quoted:
Quoted:
Hey all, Last year I opened up a joint checking and joint savings account with my mother, a widow. My name is on both, but listed as "or" on the checking and "and" on the savings. I thought the savings being "and" would prevent my mother from withdrawing money without my signature. I just got back from the bank and when I was inquiring about "and" and "or", she was looking at me like I was nuts. Is this something from the past, or was the teller clueless? Or am I clueless? Thanks. eta: My Dad left her pretty well set up when he passed, and I'm trying to keep her from going broke again. SRSLY? Very helpful. Thx. |
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In a joint tenancy, either party can clean out the entire account. It doesn't matter if the word "and" or the word "or" is used. What you need to do is set up a trust account, with yourself as trustee and your mother as beneficiary. Or keep the passbook and all the account information to yourself, and don't share it with your mother. I had the same problem with my mother, when she came down with Alzheimer's. My sister and I ended up taking away all her money, her car keys, etc. Letting her have money would have been like giving money to a 2-year-old. One complication was that some well-meaning "friends" of my mother tried to undo what we were trying to do. They just didn't understand the situation. Sorry to hear about the Alzheimer's. My Mom still has all her wits about her. My Dad handled all the money matters and she just needs someone to throttle her spending. She's 80 and the way she's going, she just might make 90. |