Bank told me I was joint account holder......

[naama4boys]

What is the name of your state?MI. Today I went to the bank that my uncle used to ask about me being listed as joint account holder. I have a paper stating that. Now, the bank says I was listed as POA(which I was) however, after my uncle died and I went to the bank, I had no problem withdrawing the funds from the checking account. Is the bank going to be responsible for the funds because they let me withdraw them? I wanted to make sure the money was mine before I did anything. A lady at the bank told me that it was indeed mine and gave me the paper saying I was joint account holder and my uncle was primary owner. Who has to pay the money back to the estate? Please help as time is running out.

 

[Dandy Don]

What are you asking? If you withdrew the money, then you are the one who spent it. It's OK for you to spend that money--it passed directly to you when the death occurred and will not be considered part of the estate. Relax and have fun with it!

DANDY DON IN OKLAHOMA ([email protected])

 

[lwpat]

Dandy it sounds like the poster was not a joint account holder but only POA. The POA ceased at death but the bank made a mistake and allowed the funds to be withdrawn. The executor is now demanding the return of the money. If that is the case the poster is responsible for returning the money, not the bank.

However, if he was a joint account holder then you are correct. Check how the names were listed on the last statement.

 

[BelizeBreeze]

What is the name of your state?MI. Today I went to the bank that my uncle used to ask about me being listed as joint account holder. I have a paper stating that. Now, the bank says I was listed as POA(which I was) however, after my uncle died and I went to the bank, I had no problem withdrawing the funds from the checking account. Is the bank going to be responsible for the funds because they let me withdraw them? I wanted to make sure the money was mine before I did anything. A lady at the bank told me that it was indeed mine and gave me the paper saying I was joint account holder and my uncle was primary owner. Who has to pay the money back to the estate? Please help as time is running out.

If your uncle died before you you went to the bank and IF all you had was the POA, then you need to return the money. IF your name is on the account absent the POA (as a co-owner) then it's not a question of paying back the estate.

What you need to do is get copies of the accountholder contract and see if you are listed as co-owner. If you are not, you're in a heap of hurt.

 

[naama4boys]

My uncle's name was listed first and my name was listed under his. There are no "or" or "and" between our names. Thank you.