Bank won't release money to beneficiaries

[larrylarry]

What is the name of your state? Nevada

My mothers bank account listed 4 beneficiaries. Myself and my three sisters. Wells Fargo refuses to release the money. The director of the bank says she won't release the money and it has to go through probate with the other assets. She said every case is different and there is no set rules for the way Wells Fargo handles beneficiaries. I told her there are no assets and all my mother had was a bank account and there is no probate.

I called the OCC(office of the comptroller) on the phone and they said that the bank makes their own rules about how they distribute the funds and there is no federal guidelines. The OCC said all I can do is file a complaint. But they won't get the money for my sisters and me.

How do we get the money without going through probate or an attorney. We can't afford an attorney and since there are four listed beneficiaries that say P.O.D on the account.

 

[Dandy Don]

Talk to a business law attorney immediately. You CAN afford an attorney (hire him for consultation purposes only) and explain the facts about your situation, plead poverty, but when the attorney finds out how much money you are eligible to receive from the bank accounts, believe me--he'll be interested in representing you. The business law attorney can consult with a probate attorney to find out whether this money is required by law to be included/assessed as part of the estate or not, or instead of using a business law attorney, you can consult with a probate attorney who can then consult with a business law attorney.

The attorney will need to look at what state law says, but generally there should be no problem getting your money since this is yours under concept of right of survivorship--the money is immediately yours since you were named beneficiaries and unless there is some obscure reason mentioned in the probate law, you should not have much difficulty getting your money.

DANDY DON IN OKLAHOMA ([email protected])