Advertising Disclosure
  1. Home
  2. Community
  3. Ask
  4. Unknown Cds, Accounts, POD Beneficiary

Unknown Cds, Accounts, POD Beneficiary

McGladstone
  |     |   1 posts since 2019

We found out my wife's father died a few days ago. My wife's mother and brother passed at a young age and more recently lost her other brother leaving her a dad, who is now gone as well. He remarried, divorced and remarried a woman whom we have no trust in. She tells us a large sum of money has been placed in a CD less than a month ago. No mention of with what bank, the amount or who if anyone has been listed as a beneficiary. She has mentioned my wife and her according to her lawyer (wow that was fast, if true) split it 50/50 and claims to be making the sole decision to take it out early, with penalties. Is this possible with my wife's name on the CD? How do we find out if there are accounts left for her or even security deposit boxes? Her dad kept telling my wife about one and now the deposit box doesn't exist nor does the will he continually talked about.

I guess I am asking, where should we begin? If my wife's name is on accounts, can her dads wife take over and claim the accounts?

  Post an answer
1


Answers
AnnO
  |     |   129 posts since 2018
I don't know about the rest of this stuff, but the bank might waive EWPs due to the death of the primary accountholder.

https://www.depositaccounts.com/blog/2019-study-cd-early-withdrawal-penalties-changed.html
"EWPs are typically waived by institutions if the CD holder dies, becomes disabled or becomes legally incapacitated."
Reply
3
me1004
  |     |   1,379 posts since 2010
Details. For starters, when you say their name is on the CD, do you mean as beneficiaries or joint owners? If both are beneficiaries, one beneficiary can only get 50% from the bank, the other beneficiary has to get their 50% themselves.

If one is a joint owner,and the other a beneficiary, the joint owner gets everything, and can change beneficiaries as they please, it is their account at that point.

I have to this at least your wife is merely a beneficiary, or she will have had to sign documents to open the account.

Generally, if not all the time, there will be no penalty involved in closing early for the beneficiary. But there would be for a joint owner, but if the father's wife was joint owner, then all else is a moot issue to you.

If you can simply confirm the account really is closed,then that tells you she was joint owner.
Reply
2


The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.