probate question

waitingforBB

Sorry folks if this is the wrong forum, please move appropriately...

Father passed away couple of months ago.
Will left evertything to his wife, my mom.

All good, no issues.
Mam found some bank books belonging to Dad. Went to AIB and they were very helpful and on production of death cert, transferred all personal monies into my moms name.

Credit union, same thing, everything was transferred.

In both cases there are small amounts of money in question, couple hundred here and there.

Mam found another folder with a couple of bank books form BOI. Most were old and nothing more than a couple of quid, but the teller confirmed one had 1500 euro.
BOI have told mam that she cannot retrive these funds.
She was told that if she engages a solicitor she may have some hope.

I find that inconsiderate and insenstive.
The cynic in me says that this policy is in place to deter the 80 year olds in society from claiming funds which may be due...


Anyway, Just a rant as if my mom had no one to tell her the banks were evil and opportunistic, then she would have left this to them...

mikemac

http://www.dormantaccounts.ie/
You see that BOI account may have been inactive for so long it might have been classified as a dormant account. In that case the State takes the money, I don't think it's BOI

What are Dormant Accounts?

Dormant Accounts are accounts in financial institutions (banks, building societies and An Post) that have not been used, or insurance policies that have not been used, or insurance policies that have not been reclaimed by their owners for at least 15 years.

Disbursement of Funds

The legislation also provides for a scheme for the disbursement of funds that are unlikely to be reclaimed for projects and programmes designed to alleviate poverty and social deprivation. The Dormant Accounts legislation targets three broad categories of persons for support from the fund:

Those affected by economic and social disadvantage
Those affected by educational disadvantage; and
Persons with a disability

So if you don't use the account for 15 years and the State finds that account, the money is taken and spent on projects.

I wouldn't pay for a solicitor just yet.
If your mother can go into the branch with ID and also bring the death certificate, BOI should transfer the money like the credit union did.
Don't blame the BOI staff just yet, the person she spoke to is hardly benefiting from seizing accounts from 80 year old women.

waitingforBB wrote: »

Anyway, Just a rant as if my mom had no one to tell her the banks were evil and opportunistic, then she would have left this to them...

Steady on, AIB helped and followed the instructions they were given and now banks are evil and opportunistic?? You are ranting, fair enough but ranting won't solve your issue.
Some of us lowly bank staff take the abuse for problems that exist only in the customers mind and still do anything to help you

dudara

Better suited to Banking & Insurance & Pensions

dudara

broker2008

The executor of the estate should write to all institutions providing name, address, former addresses and date of birth looking for information and potential accounts. Has a grant of probate been issued or estate finalised ?

Toots

Your Mum needs to go into the branch with documents relating to the account and ask to speak to whoever looks after 'deceased accounts'. Depending on the sums involved, they will need to get copies of death cert, will, and possibly grant of probate (if this has issued). Unfortunately there are procedures that have to be followed when releasing funds from deceased accounts, to ensure that the funds are released to the proper party. And as mikemac said, if the account is dormant and gone to the NTMA, there is more paperwork that needs to be submitted to reclaim these funds.

Cicero

It is a banking regulation that your bank branch provide you with a copy of the dormant account procedures....there is a process, but certainly not a draining one, to go through when claiming back money from the NTMA- the bank also, have responsibilities within this process- it is all covered in the leaflet...a sample one here:::

http://www.bankofireland.com/includes/about_us_new/pdfs/dormant_account.pdf

First thing is to complete a claim form and submit proof that you/your mother has a legal claim over these funds..

waitingforBB

Thanks all for your responses.
I rang the branch since and they require a grant of probate.
Will pursue same after Xmas.

Again appreciate your replies and I know the guy in BOI was just doing his job.
Just was frustrated as to why different requirements from different institutions.
Would it were that governance was always so good :-)