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Money Market Account Beneficiary Unknown

EllieJones
EllieJones   |     |   1 posts since 2018

I have an late extended family member and I am the beneficiary on will.

A money market account has a different beneficiary, and the bank cannot reveal who was named on this account. The amount has not been claimed for some time, but the bank will still not provide information on the holder. Is there a way to get any kind of information from the bank on this beneficiary, or rights to this account as the beneficiary on will?



Answers
Ally6770
Ally6770   |     |   2,640 posts since 2010
The beneficiary on an account is the person who will get the money. Anything like house, car, furniture or even accounts with a beneficiary and all other things without a beneficiary named are things that will be left to the the beneficiaries named in a will.
The bank will NEVER give you the name of the beneficiary of the account or the amount. The person named as beneficiary was most likely never told of the money left to them. The banks never try to find the beneficiary. In small towns where everyone know everyone they usually do. After, I believe, 5 years the money will be turned over to the state and that is one of the reasons people look for their names in the national and state missing money sites.
paoli2
paoli2   |     |   2,514 posts since 2011
I find it interesting that this topic is being discussed on DA at this time. Yesterday I was at our bank making sure that the beneficiary who we have on all other accounts is also listed on our Money Market with them. If not, I wanted to sign proper documents to make sure she is so upon our demise she will not have a problem getting the funds. I was told that when I opened my accounts with this bank, I requested that her name be made beneficiary or POD on "all" accounts with them and any future accounts. I got a copy of the document to put in a ledger book I have made up for her so that when the time comes "she" will have the proof she needs to get any funds we want her to have.
One should never expect the banks or even credit unions to take this responsibility. I don't know of any who do. It is up to those setting up any accounts to make sure "they" inform the beneficiaries which banks or credit unions they need to go to and request the funds left to them as beneficiaries or PODs. I make copies of even the CDs to put in the ledger and when they mature and I substitute others in their place, I take them out and put in the new ones which may well be with different banks or credit unions.

Please note that if we don't take the time to do this and instead leave these same funds to the person through our Will, they will have to go through probate before they can access the funds and that can take much longer, Doing it through the bank process is much quicker and at no cost to them.
me1004
me1004   |     |   794 posts since 2010
The bank is not responsible for notifying the beneficiaries. Still, there can be all kinds of circumstances to mix it all up. For one, even if the account has a beneficiary, is that beneficiary still alive? If not, I think the account would default to probate, and maybe in probate it would be decided to have the will handle that account. Until the name can be known, you can't know what to do.

If the bank won't cooperate, I think you will need a lawyer to do something to require the name be divulged. The bank probably will cooperate only with the named person after that named person presents themselves.

Another way to try to find out is, if you have any responsible idea who might be the beneficiary, have them represent themselves and try to collect. The band would either have to reject them as not the beneficiary, or agree they are. If first one is rejected, try next on the list. I'm not talking of misrepresentation, they simply contact and say they have reason to believe they are the beneficiary and identify themselves to the bank's satisfaction. They will either be accepted or rejected. To actually collect, the bank would have to be presented a death certificate.
me1004
me1004   |     |   794 posts since 2010
Edit function no longer there: I wanted to say, it might take a court ruling, or at least a subpoena, possibly from the probate of the will to require the bank to divulge the name.


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