Hello all, Just wanted to share this with you all. One of my friends husband passed away and that person had a checking account with chase bank. When his wife (my friend) requested to transfer the money from his account the bank denied stating that the account had no nominee so they can't do it. The money now belongs to the bank. If there is no nominee or claimed She was shocked to know this , by default the account should have a nominee / beneficiary right? later I confirmed this with my own account as well and I dont have a nominee as well. While opening the account the bank never asks you to put a name as nominee /beneficiary you should voluntarily let them know that I need to make a nominee to my account only then they will update your account with a nominee. This is insane and by default when you open an account a bank should let you know that you need to do a nominee and take care if it. But Chase bank never does it by default. As a account holder it's your responsibility to make sure your account has a nominee. Pls do update it if you haven't done this. Edit: We have consulted a lawyer, and can claim the money showing the relationship and marriage certificate but if the account had a nominee the process would have been completed in a few hours but now we need to do a lot of things. When there a loss of loved one its not worth spending time on these stuff ,when there is so much pain Tc : 180 #misc #chase #finance
This does not sound right. There are laws. if there is official document that says so and so has inherited everything in that account, banks should give access or transfer.
Who is the administrator of the estate? Have them handle this. If it's you, ask them what they need to disburse the funds (e.g. death certificate etc). Talk to a lawyer or legal aid as needed.
Thank you 🙏
Thank you!
Dramatic. Money do not below to the bank. Do you think bank will just hand over the money to you, without a nominee? Don't be so naive. There are laws
Maybe his phrasing sounds dramatic but his point was if you had nominee it would have takes few hours now they have to go through whole process and shit. So go easy on them 🙂 @OP thanks for heads up. Will make sure we have nominee added to our accounts.
Even with nominee there's probably state laws that come into play about probate and stuff.
Sensationalism. Like Indian media
I just had my will done and all of my assets and accounts are noted in there. I have a Meta benefit that covered the cost but without that, it would have only been $1100. Small price to pay for peace of mind.
The money doesn't belong to the bank. You have bad info
Thanks for the heads up.