Banking in Canada

[mikester]

You will have to do things in person and bring valid ID each time.

Think about this - why would you want a bank to allow someone to change account control over a telephone call? A telephone caller whose number can be spoofed and the account owner easily impersonated. Sounds like a nightmare scenario to me.

Do yourself a favour NOW and make sure your mom has a current valid will and Power of Attorney for Health and POA for Personal Property. Be aware that setting up joint POA or executer can become a nightmare because all parties WILL BE required to be physically present every time even if it's worded as either/or.

 

[not2old]

Banks and credit unions in Canada are more closely controlled by government than in the U.S. I don't know all the rules but after dad passed, my name was put on Mom's accounts as joint. When she passed, it was my money as far as legalities go. I gave my brother and sister their share. This saved 4% inheritance taxes on over $200,000.00. It is possible that you could have both your, and your brother's names added and need both of those signatures,or your mother's alone to do business. I don't know how to do that without being there in person.

 

[EddieWalker]

The call went well. This was the first person that we've spoken to that actually works at the bank. Everyone was just an answering service that couldn't answer anything outside their standard list of replies. He explained that my mom had to be there in person to make any changes to the account. So that's that.

She will put my brother in the Will as the one getting that money, and he will just have to wait until the Will is done before he gets it.

Thank you

 

[camshawn]

My brother and I are joint on all my Moms accounts here in BC. We all have to go in person and sign if we need to change anything.( closed and reopened a new chequeing account after a scam got her). It is a pain in the A**.

 

[lilranch2001]

The call went well. This was the first person that we've spoken to that actually works at the bank. Everyone was just an answering service that couldn't answer anything outside their standard list of replies. He explained that my mom had to be there in person to make any changes to the account. So that's that.

She will put my brother in the Will as the one getting that money, and he will just have to wait until the Will is done before he gets it.

Thank you

Glad to hear you came to a consensus, it seemed to me that it was the way it was going to go from the beginning.

I’m glad for your mothers peace of mind that it has been decided!

 

[rScotty]

I live in Colorado, USA. We have a local Canadian bank here only an hour away. In Western US speak, an hour drive is "right next door." This one is BMO, it's a branch of the Bank of Montreal.
By the way, BMO is pronounced "bee mo"
I know it well because I bank there.. in fact I'm going there tomorrow to look over some CDs. BMO pays better than US banks, but pretty much the same rules apply. Nice place.
They also have all the same on-line banking services that any other bank has. And safe deposits too.
rScotty

 

[MoKelly]

We use BMO in St. Louis. Good folks work at the branch nearest us.

Recommend them highly.

 

[orezok]

Wow. BMO has 600 branches in US

 

[civilian]

Looking up BMO locations, I see some in OK. I know there is a branch in Steamboat Springs, CO near my son. But don't know if that is Eddie's mom's bank, though. Jon

 

[ultrarunner]

There are dozens near me and I said never heard of them but they joined Bank of the West so makes sense.

Bank of the West has gone downhill and I closed my account several years ago... can't say if BMO is good or bad.