Any Banking Experts Here?

[sawbill]

About 10 yrs ago my father in law passed away. Just last week his widow discovered a letter addressed to his daughter that held a bank account no. and pin no. to an account he had at a bank on the island. My wife has since contacted the bank and they've suggested we deal with a local branch to resolve the matter. So far they've asked for his death certificate and some form of ID for my wife.
I trust banks about as much as I trust lawyers so if there was any significant funds left in that account what steps can we take to ensure we get dealt with honestly. I know bank accounts usually go dormant and the bank charges annual fees if not used in a certain time frame, like a year or so. Should I be concerned that, regardless of amt of any funds in this account that they can be recovered?

[greatwhite]

I will ask my Dad and brothers in the morning they should know everything on this

[sawbill]

Thanks GW. One would think the banks are an honorable and trustworthy institution as are the legal and insurance professions but most of us know someone whos been screwed around by both those guys.

[trimmer21]

Thanks GW. One would think the banks are an honorable and trustworthy institution as are the legal and insurance professions but most of us know someone whos been screwed around by both those guys.

The Bank of Canada has a data base for all dormant accounts. www.bankofcanada.ca Check unclaimed balances.

[JBen]

Trimmer gave you the link to go through. Dormant accounts are closed after 10 years.

Be aware. I’d tour MiL wasn’t named as a beneficiary there’s likely going to be a tax return for the estate.

[sawbill]

Thanks JB. In this case it will be a father to daughter transaction. I fully expect some penalty though.

[JBen]

Hopefully Sawbill.
If he left a letter for her with the account number, there's good odds he named her as the beneficiary. If not, it will count as income for the estate, and there might be probate to clear ( I think that works out to 1 to 2%). Can't quite recall.

[JUDGE]

He my have made it a joint account with his daughter.

[greatwhite]

From My Dad

Actually if it has been dormant that long I am surprised that it is still there. Anyway, the first step is to provide the bank with everything they ask for - death certificate, I'd and they may want a copy of the probated will. Once that is taken care of they can ask the bank for several years of bank statements to see what, if anything, has come out of the account. If some fees did come out, they might be reversible in full or in part.

Also, if the account is dormant it may be with Bank of Canada.

https://www.bankofcanada.ca/unclaimed-balances/

[fratri]

Also, if the account is dormant it may be with Bank of Canada.

https://www.bankofcanada.ca/unclaimed-balances/

Guys, thanks for posting this.... I just did a search discovered my wife and I have an account for $168.24 that we forgot about when we moved from Vaughan. It must be 15 or more years ago.. I will fill out the forms and see if I get any of it back.... Boy, do I feel glad and stupid at the same time.
Sawbill best of luck, hope it works out well for you and your family