Running into a bit of problem with RBC.

Sorry for your lost.

Why don't you go to the bank to see her?

Trans Am wrote: ↑ Last year my mother died left me quite a bit of money in a Royal Bank account. Probate on the will is all done. Went into the bank last Wednesday to see a bank manager. She needed the will, bank statement, certificate of death and probate from the court. He said be a couple of days and money will be deposited into my account. Well, its a week now and I checked today still no money added to my account. So, I called her and left a voice message this morning. Still no call back.

What is my next step? Go get a lawyer to get my money? Everything is in order. I can't see any problem. Can I sue the Royal Bank?

Trans Am wrote: ↑ Last year my mother died left me quite a bit of money in a Royal Bank account. Probate on the will is all done. Went into the bank last Wednesday to see a bank manager. She needed the will, bank statement, certificate of death and probate from the court. He said be a couple of days and money will be deposited into my account. Well, its a week now and I checked today still no money added to my account. So, I called her and left a voice message this morning. Still no call back.

What is my next step? Go get a lawyer to get my money? Everything is in order. I can't see any problem. Can I sue the Royal Bank?

It's been a week, and you're wondering if you can sue already? How about giving them some time to respond to your voicemail? Or go to the branch again, as someone else suggested.

C

Keep in mind that the branch would have had to send the document to their legal department to get approval before anything can be done. Also, a lot of the administrative work is not done at the branch and would have been sent off for another department to process.

Sorry for your loss. welcome to the real world. this is more than normal how businesses work. dont think any lawyer will take your case based on what you said. first you have to make a reasonable effort to try and contact the bank which you have not yet done.

dude. relax...

All of this takes time.
1 week is not enough time for processing

schnitzer wrote: ↑ dude. relax...

All of this takes time.
1 week is not enough time for processing

+1
It takes a number of business days to get this past legal etc. The bank has to do a lot of internal leg work to make it happen.
The money should be safe; just a matter of being patient.

Also, sorry for your loss.

Trans Am wrote: ↑ Last year my mother died left me quite a bit of money in a Royal Bank account. Probate on the will is all done. Went into the bank last Wednesday to see a bank manager. She needed the will, bank statement, certificate of death and probate from the court. He said be a couple of days and money will be deposited into my account. Well, its a week now and I checked today still no money added to my account. So, I called her and left a voice message this morning. Still no call back.

What is my next step? Go get a lawyer to get my money? Everything is in order. I can't see any problem. Can I sue the Royal Bank?

Sorry for your loss OP. Dealing with a loss in the family and having to sort out financial affairs after the fact never a pleasant experience

That being said. Retail banking is a huge crapshoot, and they are constantly cutting back staff in the name of saving on the bottom line, so they are usually overworked and understaffed.

Estates, especially the situation you described, is basically an administrative, non-sales generating activity that because of the legal nature has to be sent to a back office estate department that will examine and approve all the documentation. The speed depends on how backed up the estate department is, but I can say from experience it usually takes a few weeks. This is not an activity that the sales staff of the bank prioritize unfortunately. They have mortgages and mutual funds to push.

I've worked in retail banking and despite the fact that the manager (or maybe account manager, everyone has an over inflated title these days) told you a few days which was wrong, nothing sounds out of the ordinary. They probably just over promised and happened to be busy today.

Despite the fact that everything may appear to be in order from your end, the banks need to go through all sorts of bureaucratic hoops in order to get an approval on estate paperwork. They want everything to be air tight before they release the money to you, ironically to prevent other family members or the like from suing them for incorrectly distributing the assets.

Be patient and give it time. If everything is correct, you will have the money released to you. No need to sue anyone.

My grandfather has been waiting 1.5 years for RBC to move my deceased grandmothers TFSA to his account. Multiple phone calls, multiple visits to branch, multiple phone calls to Toronto. Nothing gets done.

georgecantstandya wrote: ↑ +1
It takes a number of business days to get this past legal etc. The bank has to do a lot of internal leg work to make it happen.
The money should be safe; just a matter of being patient.

Also, sorry for your loss.

If it was going to take a long time she wouldn't have said a couple of days. They do it all the time...she would know,

I have an appointment next week at same branch. Only for RRSP...however, if money is not there by then will taking my RRSPs next door to CIBC!

primetimey wrote: ↑ My grandfather has been waiting 1.5 years for RBC to move my deceased grandmothers TFSA to his account. Multiple phone calls, multiple visits to branch, multiple phone calls to Toronto. Nothing gets done.

I've been 13 months. Probate court was in April, the 6 month advertising in financial journal was done in November. It is a straight forward case, with will written by well known local lawyer, probate court is finished, there is nothing to hold it up.

Trans Am wrote: ↑ What is my next step? Go get a lawyer to get my money? Everything is in order. I can't see any problem. Can I sue the Royal Bank?

It's only been a week, there's no need to launch a lawsuit - they're just slow.

Keep calling and go to the branch.

If the manager doesn't return your calls, you can escalate via the contact centre to the branch manager's manager. If that fails, there's the ombudsman who will sort things out quickly.

primetimey wrote: ↑ My grandfather has been waiting 1.5 years for RBC to move my deceased grandmothers TFSA to his account. Multiple phone calls, multiple visits to branch, multiple phone calls to Toronto. Nothing gets done.

Your grandfather should contact the bank's ombudsman. Usually the ombudsman is pretty effective in getting things resolved.

Trans Am wrote: ↑ If it was going to take a long time she wouldn't have said a couple of days. They do it all the time...she would know,

I have an appointment next week at same branch. Only for RRSP...however, if money is not there by then will taking my RRSPs next door to CIBC!

I'm wondering if the law suit would be for a broken promise - she said 3 days and it is taking longer. If so, what is the value of the damage to OP?

Besides, OP says "They do it all the time ..." so s/he knew there was going to be a delay.

Marzipan wrote: ↑ I'm wondering if the law suit would be for a broken promise - she said 3 days and it is taking longer. If so, what is the value of the damage to OP?

Besides, OP says "They do it all the time ..." so s/he knew there was going to be a delay.

The verbal promise is worth the paper it's written on.

Question: If OP had joint account access with mothers RBC account what would the consequences be if he transferred the funds out of her account into his own some time before her passing?

It's only been a week. I wouldn't be getting excited about it just yet. The bank staff member probably had no idea how long it would take really. Plus, a "couple days" to them might mean a week. Who knows? I'd keep following up on it, but I wouldn't even be close to the point of thinking I should sue.

Dpack22 wrote: ↑ The verbal promise is worth the paper it's written on.

Invisible paper costs a fortune

pigeonholed wrote: ↑ Question: If OP had joint account access with mothers RBC account what would the consequences be if he transferred the funds out of her account into his own some time before her passing?

That's the best way to do it.

In the end however, the bank manager called me back friday morning. She has been out sick for a week. She apologized and put it thru herself. Money is now in my account. She said it usually takes 2 or 3 days but don't know why their estate department delayed.