A friend and I were enjoying a before dinner conversation last week when she inquired about who was listed as beneficiary on our bank account. I answered with certain names of people. And she said “are you sure, really sure?” Then she told me a scary tale. (This is a smart, clear thinking woman.) Recently when this couple visited their local bank and inquired about who was listed as beneficiary on their account, they were told two names of people they didn’t even know!
So yesterday Bud and I went to our primary bank to check our account status. You guessed it. One listed beneficiary is deceased and another was someone that we don’t want near our financial matters. This bank charges $112 for a new beneficiary form but we agreed to pay — without a smile — because we wanted an immediate correction of this information. Decided not to delay this process while considering opening an account at a different bank. We also will be checking our secondary bank account in the next few days.
How does this happen where names of people you don’t even know appear as benefactors on your personal bank account?
Also learned that Bud is the “owner” of the account. Yes, I have check writing authority, but am not the owner, so settlement/change of ownership would eventually require probate thru Panamanian court system if there is no designated beneficiary.
Note: My action item is every month check the paperwork data at the bank.
Are you confident your bank account documentation is as you want it to be?