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My advice to reduce the stress of bill paying for your elder. Get all the $$ out of the bank that sounds like SMELLS BARGO.


They are making my life a living h*ll. If I live long enough I am taking every last cent out of there as soon as possible. I have provided them with a signed, notarized copy of POA, Have shown them the real ORIGINAL POA, (would not let them keep it...much to their dismay....I am sure they would have lost it) My father has been brought in, in person twice, my name is on a signature card, written on the statement. Outside of leaving a DNA sample, I am at a loss.


This is just the limit. Anyone else get treated like garbage with this bank?

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Update: Mission accomplished with only one more copy of POA sent in and about 10 more phone calls. All $ transferred electronically with no early withdrawal fee. (I also was persistant until I found a sympathetic live person to chat with!) Happy ending and have been able to replenish the care account. Thanks to all for your input. And I am still thinking on that spot to bury the mayonaise jar......
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My mom has her accounts at the bank OP wrote about as do I. I took my mom the bank day after I got POA. We met with her Financial Advisor, signed papers, got them notarized. I've been lucky, I haven't had any trouble with banking. When my moms house sold, I took the check to the bank, they deposited it with just the account number on the back.
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My mother had a friend who's parents put their money into gold bars - and yes, they kept them buried in the backyard.
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Rumour had it that my uncle used to have money hidden away around his property in mason jars. Maybe some day it will be recovered by archaeologists...
You'd better make sure to draw a map!
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Mincemeat - I'd go for the mayonaise jar. In opening the Folgers can you had to break the seal and the integrity of a re-seal would be compromised. With the mayonaise jar there is a fitted lid that when tightly screwed on should make a proper seal.
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And yes send me to help, I am a big fan of small town banks and credit unions. I am greatful for all the advice.

I think many of "the greatest generation" lived through the times when most people lost all their savings from bank closure in the great depression. Thus being distrustful of small banks and impressed with the "permanence" of the huge national banks. (Never mind that FDIC insures all.)

Right now I am wondering if the Folger's can or the mayonaise jar will hold up better in my back yard.
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Thanks all for your comments. I am faxing the POA ( again ) to the broker I tracked down through all the quagmire and believe me I am going to ask some questions something along the lines of ..... why sell an annuity that matures at 100 when each of us has a 0.0002 percent chance of living that long???

Thank you for letting me vent. My deceased mother was a great bookkeeper and record keeper. As my father took over and was very secretive...he made some really bad decisions financially. Shame on life insurance brokers and investment brokers that take advantage! Just like kids under 19 need someone to set things up at the bank, maybe anyone over 75 should have to have someone with them so they do not get taken.

I will keep you posted.
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RainMom, no, I was just curious. We had to deal with a similar situation sometime ago. When Mom died, we cashed in the annuity, and that was that. But I was still irked that the broker took advantage of an old couple in their 80's. I wish I had thought at the time to take action against her.
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That is a really good idea Sendmetohelp!
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I have operated as my cousin's DPOA for over a year now. It's a small bank, but still. Dealing with them took an act of Congress. I had to complete lots of forms from their office, produce my document and ID of course. I had to do this with each branch I dealt with.

Every time I go into her bank I have to sign a notarized affidavit! They have to bring the supervisor over and get all official. I get where they are coming from. I know they are only trying to protect my cousin's money. I just find it rather amusing due to the fact that they all know me, we are dealing with small figures and they already have the proper documents on file. It's odd.
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GardenArtist - I'd have to call my broker to get the details - I was knee deep in getting all my fathers assets transferred to my mother at the time and can't recall the details. I do remember he said what you just did - that these banks that have investment divisions pick a fund or annuity and then set quotas for their brokers. If quotas aren't met, they get the axe. In my fathers case he was very sick at the time his guy at the hunting bank sold him the annuity. My father had no recollection of the transaction at all. I stumbled onto it when trying to straighten out my parents affairs. You should see the paperwork involved - a complete mess with things crossed out, initialed by my dad, signatures in wrong places then corrected...just a look at the paperwork tells an unethical story! Let me know if you'd like me to find out the steps my broker took - I can give him a call.
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RainMom with what agency did your broker file a complaint? Did it have to do with the Series 6 licensing of the individual who sold the annuity?

I suspect that the Too Big to Fail banks exert pressure on their line level staff that interact with the public to push these financial products.

The one drawback I see with the smaller country banks, though, is the lack of vast amounts of funds for anti-hacking purposes. Chase was actually hacked either this or last year. I asked one of the bankers how high the hacking went and he said the hackers reached the 5th or 6th level of encryption, got names of account holders but no account data, so there's no way they could have siphoned off money.

Unfortunately, that level of protection is a necessity in these days of hacking.
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GardenArtist - the investment division of the bank you sort of mentioned - the hunting analogy ( wink wink ) did the annuity thing to my dad at age 83. When dad passed and it went to mom I used my DPOA to transfer it to a brokerage I like and do business with. My broker there filed a complaint on our behalf - he said it was one of the most unethical things a broker can do. I actually have had a good experience with the name of our country bank ( more winking) so who knows - maybe it's luck of the draw or maybe their all power crazed jerks!
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Maybe you should leave a dna sample. To do that you would need to leave some kind of saliva, or maybe a urine sample would do. Lol.

Feel better now?
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That stagecoach has been taking people for a ride way way too long.
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My advice: Never ask permission from a bank. Never try to withdraw large amounts of cash. Never ask to close the account.
Stop depositing into that account and open another account at another bank.

Get your money out later by writing checks for doing normal business for your parent. Will that work for you?
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The smaller banks, state banks, and credit unions were actually recommended for doing that kind of business. Reluctantly I gave up on the bigger banks, and chose a credit union that treats me really nice, my fico score went back up, and I have a 1.74% car loan! It is so great to be treated like a human being this past year.

I know people who are very upset with their annuities. Everytime they need to make a withdrawal(yearly), it costs them $200+. I do not know if that is based upon a broker's fee or a percentage of their own money. I don't do business with entities that won't let me have my own money, that includes annuities and reverse mortgages-both rife with controversy.

Would have PM'd you the name of the credit union, but your wall does not allow PM's. Sounds like you need to use common sense and Logic concerning banking.
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I had a safe deposit box there. I wanted to get into it. They made me wait an hour for someone to open it. They said the person who could open it wasn't there at the time and no one else in the bank could open it. Finally I was able to get into it. A couple of months later I changed my safe dep box to another bank. I was in there the other day and I saw only one teller and no other customers but me.
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The big banks are really about the same, too big to fail or give a s.....t. Wells Fargo, Chase just name one.

I've had ok luck with my folks smaller state banks. Some annuities sales guy got hold of my Dad a few years ago just as his dementia was beginning and sold him several large annuities at age 80. This was Bankers Life. The sales jerk is now gone replaced by some other jerk. I had to wave my POA around and threaten to close out the accounts, penalties or not, to get updated information.
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Mincemeat, I don't know much about selling annuities but I think the broker has to have a Series 6 license, and is subject to reporting for breach of ethics or other malfeasance. You might do some research on the brokerage licenses and what entity supervises and/or disciplines.

There is no excuse for selling an annuity to someone who's 89 years old.
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Mincemeat, my parents have a few accounts there, so this will be interesting to see what happens when we drop in to get Mom's name off the accounts [she passed] and maybe my name on as just a signer when Dad can't sign.
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Rainmom,
Thank you for your comments. I really think they enjoy torturing people. My husband really thought I had gone over the edge as I was sitting at the kitchen table with a pile of papers sobbing.

We never notice the little things that early dementia people do with their money until it is too late. I have been trying to manage dad's money for a year and thought I had it handled. I was trying to get $ out of an account, but just noticed that at the age of 89 he purchased an annuity that does not pay out until he turns 100.

What kind of evil investment broker sells an 89 year an annuity that does not pay until 100? What are the odds?

If I had the choice of having an account at WF or a coffee can buried in the back yard, I would buy a new shovel. Thanks all for listening...you are gems.
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I don't know if it would do any good, but that bank is a national bank and as such is subject to oversight by the Comptroller of the Currency. You could file a complaint with them. But given the scope of their activities, it might not be quick enough to get the action you need.

You could also contact your legislators, find out which of them if any are on banking committees, and write to them. Legislators enjoy holding committee hearings and bringing the proud and the mighty to the committee rooms to testify.

I think I would take my father there when he's well enough, and have him draw out the entire account, then open another one someplace else.

Sometime ago, perhaps shortly after the financial crisis, I read in one of the reliable magazines or online financial sites that that bank was difficult. From personal experience, I can also say that the bank with the name of this country is also difficult, if not obnoxious to clients. I also wouldn't deal with the bank with the first name that addresses what rich people do when they get on horses, get hounds and go after foxes.
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I started helping with my parents money management over five years ago. Their most active checking account and a savings account were at that bank. They made everything more difficult that it needed to be - almost as if on purpose. At one point a caregiver had gotten into my parents account on line. When I tried to notify the bank they wouldn't even talk to me - and actually seemed to enjoy saying "no". When I went in to sign my parents up for identity theft protection - they insistent I bring my parents in. Mom was completely out of it - beginning dementia and abusing oxycodone at the time. While she was there she kept yelling out "where are we? Why are we here"? Because of the state she was in it took three hours. Then they insisted my dad come in - he was in hospice, couldn't walk - actually died about two weeks later. I explained my dads condition but they wouldn't budge. Finally I had mom add me to the account - they made me bring her in again and she didn't understand what she was doing - but at least we got it done so I could change pins and passwords. I could go on at length at their ludicrous demands and rudeness - their complete lack of respect and empathy. I hate that bank and until the day I die I will tell anyone who will listen to not do business with them. At one point they actually said that they were the largest bank in the U.S. and didn't care whether my parents did business there or not. The day my DPOA became effective I went there and closed all my parents accounts - got a cashiers check and walked across the street to a different bank and opened accounts there. I could tell a whole other saga at what it took to close my dads IRA after he passed - it took close to a year in spite of me doing every ridiculous thing they asked. I finally had to start raising hell at a corporate level - finalizing my fathers estate was held up for months by this. I had accounts at other brokerages with 4x the money closed easier and more quickly that it took at this banks investment division. I will dig a hole in the ground in my yard and bury my money there before I give that place one cent of any of my money or any money I control. They are JERKS!!!
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Mincemeat, get a court order. They won't ignore that.
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