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JJinCA · Apr 24, 2009, 12:40 PM

My 88 year old Aunt moved in with me last October, shortly thereafter she put me on her bank accounts. A few weeks later she said she wanted to change the beneficiary on a $25,000 CD from my cousin to me, but she wasn’t feeling well enough to leave the house. She had me phone the bank and after many security questions she told him she wanted to change the beneficiary but it was very hard for her to get out. He said it was no problem he could take care of that for her. We had it on speaker phone and both answered many questions, until he finally said it was all taken care of.

Sadly, my Aunt went downhill very quickly and passed away about 5 months later. While going through all of her belongings I found an unopened letter from the bank saying that he had made a mistake when he told us that we didn’t have to come in to change the beneficiary.

My question is since he knew my Aunts wishes, and he admitted in the letter that he made a mistake can I make any kind of claim for the money?
Thank You

ScottGem · Apr 24, 2009, 12:45 PM

Probably not. The fact that a letter was sent informing your aunt that the change did not go through is going to let the bank off the hook.

pathisfer · Apr 24, 2009, 12:47 PM

Most banks these days have all transactions done on a recorded line. I would request to speak to the supervisor and have that particular call pulled. I hope this helps!

ScottGem · Apr 24, 2009, 12:55 PM

Originally Posted by pathisfer

Most banks these days have all transactions done on a recorded line. I would request to speak to the supervisor and have that particular call pulled. I hope this helps!

Not going to help. That would only help if the bank person failed to make the change and did not inform anyone of it. But that letter informing them the change was NOT made lets the bank off the hook.

pathisfer · Apr 24, 2009, 01:36 PM

I think it all depends on how far you want to take this. If you have your aunt on a recorded line stating her "intent" to have you as her beneficiary, an Attorney may be able to establish that "intent" in a court of law. However, all the fees may eat up any proceeds you'd get from that CD anyway and ruin the relationship you have with your cousin.
It's an unfortunate situation. The bank should have emailed you a change of beneficiary form for her to sign, you don't need to go in to the bank to make those changes.