Calling all POA's out there!

Started by

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?

25 Comments

Mincemeat, get a court order. They won't ignore that.
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!!!
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.
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.
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.
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.
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.
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.
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.
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?

Keep the conversation going (or start a new one)

Please enter your Comment

Ask a Question

Reach thousands of elder care experts and family caregivers
Get answers in 10 minutes or less
Receive personalized caregiving advice and support