Can a bank give information about someones account to someone else?

[Lori29]

What is the name of your state (only U.S. law)? Pa

My mother left my father 10 years ago, shes 30 years younger then him, when he started needing help on a daily basis. I moved in and started taking care of him. We moved his banking from her account and moved to a different bank years ago. We made a joint account with my name and his names only. The bank had no knowledge of her what so ever. She had nothing to do with him all of these years. He passed this week and we just found out she went to the bank and tried to withdrawl everything. They didnt allow her to but she gave a rundown on my bank history. She knew how much was in my account and all. Is this legal? They werent divorced but my name was on the account as well, this feels like a complete invasion of privacy not to mention other things.What is the name of your state (only U.S. law)?

 

[ecmst12]

You had better talk to a probate attorney. Your parents were married and if there was no will, then the funds in that account may be considered part of his estate, and so distributable under the intestate succession laws in your state.

Regarding your information being shared with your mother, you don't say what type of information was shared, but at the least a conversation with a supervisor at the bank will allow you to voice your complaints.

 

[Lori29]

I have emptied the account, and will be closing it and opening an account in just my own name, but i am very upset that she did this and they told her my account balance and history. Thats none of her business!!

 

[Lori29]

I just found out it wasnt even my mother they gave the information to. They gave the information to my 14 year old brother and my mothers boyfriend. She wasnt even there! There is no way that is legal!!!

 

[LdiJ]

You had better talk to a probate attorney. Your parents were married and if there was no will, then the funds in that account may be considered part of his estate, and so distributable under the intestate succession laws in your state.

I disagree. If they were joint account holders (OP and dad) then the money now belongs to her and passes outside of the estate.

Regarding your information being shared with your mother, you don't say what type of information was shared, but at the least a conversation with a supervisor at the bank will allow you to voice your complaints.

I agree that a discussion with the bank manager is in order.

 

[ecmst12]

Don't spend any of that money just yet.....seriously, you might be fine, but you might also have to account for the money to probate. Just keep it aside until you talk to a lawyer, just to cover yourself.

 

[anteater]

And either you or the probate estate's personal representative will have 4.5% of half the account value going to the Department of Revenue - the PA Inheritance Tax.

 

[HomeGuru]

I am sure we have not heard the whole story.

 

[LdiJ]

And either you or the probate estate's personal representative will have 4.5% of half the account value going to the Department of Revenue - the PA Inheritance Tax.

Is that really true for PA? The money in joint accounts belongs 100% to BOTH of the account holders. Why would the inheritance tax need to be paid in that instance?

 

[ecmst12]

Because it belongs to both account holders, therefore it belongs to the deceased as well. Being a joint account holder is NOT necessarily the same as being a beneficiary on the account.

 

[anteater]

Is that really true for PA? The money in joint accounts belongs 100% to BOTH of the account holders. Why would the inheritance tax need to be paid in that instance?

The PA Inheritance Tax dispenses with all those nuances that often accompany joint accounts when dealing with state/federal estate/inheritance taxes - like tracing rules to determine whose money was actually in the account.

For PA Inheritance Tax purposes, all the joint owners are considered as owning an equal percentage of the account - 50% each if two owners, 33.3% each if three owners, etc. And no "convenience only user" owner stuff.

The only exception is that the original account owner survives for one year after establishing the joint ownership.

It is a cheap way to get some funds out of the way of the PA Inheritance Tax - as long as none of the downsides of joint ownership show up. Like the joint owner taking that ownership too seriously. Or judgments against the joint owner. Or, the wort of all, the joint owner, who it was presumed would survive the original owner, passes away first. Then, the original owner actually owes inheritance tax on the applicable percentage of the original owner's own funds.