banking question ***update 1/3/09***

My DH went to the bank today (TFCU) to add me to his account and take his mother off. They told him that he would have to close the account and open a new one, or add me in addition to his mother. I thought hmm...maybe he misunderstood...so I called the bank when I got home and confirmed it....the rep that I spoke with said it is a federal regulation...I told her that was crap because I just did it a few weeks ago at Chase to take my mom off and add DH. She says well maybe it isn't a federal reg but it is TFCU policy...

Has anyone encountered this also???

**update***

DH and I went down to the bank today....we were very nice and explained our situation...to make a long story short we spoke with the branch manager and she agreed to take DH's mom off the account and add me. All his mom needs to do is write a letter and give a copy of her drivers license and she can come off...

Thanks for everyone input!

Message edited 1/3/2009 9:59:47 PM.

Re: banking question

Not that I know of...what I do know, is that I successfully took my mom's name off one of my accounts 2 weeks ago at BOA. No problems there!

They have to be bullshitting you. Did you try to speak to the bank manager? If they continue to give you a hard time, I would tell them that you will close the account and move your money to a more flexible bank...lets see what they say then!

Re: banking question

I wouldn't be surprised of a credit union has different rules then a commercial bank. Would it help if your MIL went to the bank to have her name removed>

I don't think it's the worst rule - how would they know the money doesn't belong to our MIL and your DH is taking it from her? I know that's not the case but it's a way of protecting both account holders.

Re: banking question

Re: banking question

it makes sense. you could be stealing the other person's money then.

I would think you would both have to be present at the bank to take a name off, not have to close the account all together.

Re: banking question

I don't have an answer, but I would assume they would want your MIL there to confirm she wants to come off the account. How else do they know your DH is not stealing the money (not that he is, but they have to have policies in place to stop this because I'm sure it does happen). I would ask to speak with the manager to get a clear answer.

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Re: banking question

I was able to take someone off my account by having them there with me to sign their consent & didn't have to close the account... but maybe that's just the policy at that bank??

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I worked at 2 different banks one a savings another a commercial they both made u close an acct rather then take someone off. I forget the laws etc. because a lot has changed since I have worked but I do know the patriot act changed a lot of regualtions with banking etc.

Re: banking question

I worked for Wamu and Commerce and it is true. You can add people but can not remove people unless they pass away.

Now business accounts are different you can change signers

Message edited 12/29/2008 7:59:32 PM.

Re: banking question

This has happened to me too... It must be a law... I tried to take my mom off and put dh but they said i would have to close...I said forget it!

Re: banking question

In order to take my former fiances name off an account we had togethere when he passed away I had to close it & reopen in my name.

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Re: banking question

In order to switch or add a name on an account, I've always had to close it and open another one.

I'm my dad's P.O.A. and when I had to be joint on all of his savings/investment accounts I had to do this on every one. Same when I wanted to add DH and him add me.