EddieWalker
Epic Contributor
My parents grew up in Canada, and moved to the US in the 60's. My Mom's very first job was with a bank in Canada, and my parents have kept there account open with them ever since then.
My Dad passed away a few months ago, and my Mom is wanting to get her affairs in order. We have called the bank several times to make some changes to her account, and it's been almost impossible to get anything done over the phone. They want her to do everything online, but she doesn't have an online account. She's in her 80's and she has no desire to learn how to use the internet or get an email account. My wife and I do her online stuff, but she still prefers to drive to the store to pay her bills in person. She is old school and too old to change now.
My brother lives in Canada. He became a duel citizen so he could work there and own a house. My mom wants him to get all of her Canadian money when she passes away. Here in Texas, it's called a POD, or Pay On Death. When a person dies, the person listed as the POD gets control of the account. When my other brother passed, I was the POD, and I was able to close his accounts and have a check made out to me. It was only a grand, so no big deal, but being listed as the POD made it super easy to do everything.
We have called the bank several times and it's proving to be very difficult to get them to put my brother on her account as the POD. The people that we've spoken to have told us that she has to add my brother to her account as a Beneficiary, but that gives him full access to her money. She does not want him to have the money now. She wants him to have it after she passes away. Another person on another call said that she has to give him Power of Attorney to be the POD, but that also gives him full access to her money now, which she doesn't want to do. And another person that we spoke to from the bank told us that she has to be there in person to make any changes to her account. It cannot be done over the phone. Fortunately, we now have a phone appointment for tomorrow to talk to somebody that is supposed to be higher up at the bank.
For those of you in Canada, and who have dealt with banks in Canada, what do we need to tell this person to get my brother put on the account to be paid when my Mom passes away, but not able to get any money before then?
I feel like we're talking a different language with the bank, and instead of trying to figure out a solution, they keep giving us the same answer without a solution.
My Dad passed away a few months ago, and my Mom is wanting to get her affairs in order. We have called the bank several times to make some changes to her account, and it's been almost impossible to get anything done over the phone. They want her to do everything online, but she doesn't have an online account. She's in her 80's and she has no desire to learn how to use the internet or get an email account. My wife and I do her online stuff, but she still prefers to drive to the store to pay her bills in person. She is old school and too old to change now.
My brother lives in Canada. He became a duel citizen so he could work there and own a house. My mom wants him to get all of her Canadian money when she passes away. Here in Texas, it's called a POD, or Pay On Death. When a person dies, the person listed as the POD gets control of the account. When my other brother passed, I was the POD, and I was able to close his accounts and have a check made out to me. It was only a grand, so no big deal, but being listed as the POD made it super easy to do everything.
We have called the bank several times and it's proving to be very difficult to get them to put my brother on her account as the POD. The people that we've spoken to have told us that she has to add my brother to her account as a Beneficiary, but that gives him full access to her money. She does not want him to have the money now. She wants him to have it after she passes away. Another person on another call said that she has to give him Power of Attorney to be the POD, but that also gives him full access to her money now, which she doesn't want to do. And another person that we spoke to from the bank told us that she has to be there in person to make any changes to her account. It cannot be done over the phone. Fortunately, we now have a phone appointment for tomorrow to talk to somebody that is supposed to be higher up at the bank.
For those of you in Canada, and who have dealt with banks in Canada, what do we need to tell this person to get my brother put on the account to be paid when my Mom passes away, but not able to get any money before then?
I feel like we're talking a different language with the bank, and instead of trying to figure out a solution, they keep giving us the same answer without a solution.
