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Need Help Urgently With POD Documentation Wrongly Removed By TD Employee!

Sunday, February 16, 2014 - 8:52 AMTD Bank, National Association - Details
Hi!
My dad passed away recently, and his bank accounts listed me as his beneficiary.  However, he had a problem with one account recently--he wasn't getting his statements in the mail.  He went into the bank, and he asked for the manager to clear up the problem with his not receiving statements.  She told him it would be easiest to give him a new account number--and he allowed this, and he said thank you and left the bank.  She did not add the POD paperwork to the new account number!  He wrote a note to her after, documenting the reason he had gone into the bank, which was to start receiving his statements, and i have that record.  The only reason i can see for this is that she opened a new account to get a sale credit.  She should have gone into the existing account and fixed the problem with the statements, or at least she should have moved the POD documentation to the new account.  Now his money and his wishes are in jeopardy.  What on earth can i do, and who at TD Bank would be likely to help me resolve this?  thanks so much for your help.
3
Mary HamelMary Hamel3 posts since
Feb 16, 2014
Rep Points: 6
1. Sunday, February 16, 2014 - 9:07 AM
Since your father was wise enough to ask for the "manager" about his problem, I would direct this to her since it seems to have been her error.  If you have a record of the note he wrote, you should not have a problem.  If she doesn't reconcile it so that you get your rightful money as POD, I would take all the information concerning "her" error to the President of the bank.  Once you face her with this,  she will probably be glad to correct the error but I would do it as soon as possible so this money doesn't become probatable.  Best of luck.
6
paoli2paoli21,146 posts since
Aug 10, 2011
Rep Points: 5,113
2. Sunday, February 16, 2014 - 11:42 AM
Paoli2 is right about going to the manager and showing that letter, and escalating to the CEO if she fails to satisfy. However, I suspect you probably already have contacted that manager before posting this.

I note, I suspect the account was closed and a new account opened  -- in order to get a new account number since lost mail made the old number no longer safe and secure, as who knows who had it and the name and address on the account with it.

If the CEO does not satisfy, you have real headaches, although all is not lost. But maybe not really. If there is no POD on the account, then any will your father had would cover it. Would that mean you get it anyway, just have to wait longer for probate -- if the CEO doesn't satisfy, this might be the easiest way to handle it? If there was no will, generally speaking his estate would go to the spouse or children after court review. Of course, things could be a real mess depending on what his will might have said -- and if so, you definitely would need to be talking with a competent lawyer (who unfortunately will charge a hefty fee).
4
me1004me1004346 posts since
Jan 16, 2010
Rep Points: 2,368
3. Sunday, February 16, 2014 - 1:11 PM
Mary:  Your father probably took out the POD CD for the same reasons many of us do.  To avoid "probate" so that our loved ones can get the money asap after our passing.  Stand your ground and do not allow that bank manager to cause you extra problems and expenses because of "her" mistake.  Just be sure to have any and all paperwork showing you as POD "before the manager changed it".    Do not be intimidated by any of the bank people even if you have to see the CEO.  Let them know you will see to it that your father's wishes are realized and if they see they can't intimidate you in to giving in, I have a feeling they will give you what belongs to you.  Even if they closed the old POD account, they should have some record of it in their files.  If you can, you should try to find whatever you dad may have kept showing you as POD and use that as your proof of the manager's mistake.
5
paoli2paoli21,146 posts since
Aug 10, 2011
Rep Points: 5,113
4. Sunday, February 16, 2014 - 4:20 PM
hi!  thanks so much for your replies--unfortunately there was no will, or no will has yet been found...  :(    he didn't have much, and all he had was in PODs for me, but to answer a question that was raised above, no, i am not the only one to inherit if the will is not found (not by a long shot....)   I also have documentation showing that he had taken money out of this account every couple months and sent me cashiers checks, so hopefully that would help.  Do you all think it was a question of "lost mail" or do you think that maybe the manager wanted to open a new account as a matter of routine since if they do that often, it will boost the store's sales of new accounts?
many thanks for your encouragement.  i will keep you posted.  Please keep the replies coming if you think of anything else or from folks that haven't answered yet.  thanks again...
2
Mary HamelMary Hamel3 posts since
Feb 16, 2014
Rep Points: 6
5. Sunday, February 16, 2014 - 5:38 PM
So sorry about your loss.  How much is involved?  If it is a significant amount of money, you may want to retain a lawyer if reaching out to TD management fails to resolve the issue.  You also may complain to CFPB (Consumer Finance Proetction Bureau).   

It is one of those life complications you have to deal with... good luck!  
4
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
6. Monday, February 17, 2014 - 6:20 AM
I'm sorry about your loss. A similar issue happened to me in 2011. I described what happened and how I resolved it in this blog post.

After I had no luck with the branch manager, I decided to submit a complaint to the OCC. This is also the primary regulator for TD Bank. It's easy to file a complaint, but the process to get resolution can take several months.

Best of luck to you!
4
Ken TuminKen Tumin5,442 posts since
Nov 29, 2009
Rep Points: 123,743
7. Monday, February 17, 2014 - 6:06 PM
Mary:  You wrote:    " He wrote a note to her after, documenting the reason he had gone into the bank, which was to start receiving his statements, and i have that record."
Have you shown this note to the President of the bank as proof of what really happened in his bank?  That note from your deceased father can be the best proof you have that the manager made the error on his account and if they don't correct it, "you" will suffer the penalty.  Make copies of and hold on to that note and any copies of the paperwork showing you as POD before that manager redid everything in error.

I don't know about others here but I certainly would take this to their CEO if the President refused to cooperate with you.  Can you imagine the consequences to others if we can't depend upon our banks making their employees undo their errors on our accounts?  This is frightening to even think about.  This is why I am a nutcase about double checking all my bank and credit union paperwork.  I have found so many mistakes but luckily, I catch them at their desks and insist they redo it correctly.  Your poor father was probably a senior and did not think the manager had redone the account the way she did.  If they get away with this, every senior who does business with any bank is at risk.  Please gather as much paperwork as you can to prove what your dad really wanted for you and let them know you are serious about getting "results".  If not go to the banking officials who oversee the banks and let TD know you will go to everyone you have to, to get them to undo THEIR error. 
What gauls me is that that money the bank has from your dad is going to have to be paid out whether to you or to your family (after Probate) so they don't win anything by refusing to cooperate with you.  If you have anyone in your family you are close to who knows what your father wanted, maybe they will go with you to the bank's officials to let them know you are not alone in this fight.  Best of luck to you and stay strong. 
3
paoli2paoli21,146 posts since
Aug 10, 2011
Rep Points: 5,113
8. Wednesday, February 19, 2014 - 10:17 PM
Hi everyone!  thank you for the encouragement.  i haven't heard anything from them yesterday or today.  I did ask a lawyer to write a letter and ask them to hold the funds until this is resolved, hopefully that will generate a response.  going to complain to OCC tomorrow.  keep the ideas coming if you have some, and i will keep you posted.  thanks a lot for the encouragement and validation.  it helps a lot!
1
Mary HamelMary Hamel3 posts since
Feb 16, 2014
Rep Points: 6
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