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JonnyBravo

Retiring to the Philippines. Do I switch banks?

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Salty Dog
3 hours ago, JonnyBravo said:

This is some great info. I would have never guessed banks (including in the US) would lock a joint account if someone dies....

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That's because it's not true for the US. Just because someone said it here, it doesn't make it so.

Just Google it and you will see it's rarely true.

I had a joint account with my father when he died and there was no problems. Yes they knew he had died.

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In the US, as long as you have a death certificate and a will naming you as a beneficiary or executor, there is no problem withdrawing money from the account of a deceased person. That doesn't mean they will just give the money to anybody, and it certainly doesn't mean they will allow wire transfers without in-person authorization. That can be a problem for Filipino wives who don't live in the US.  What happens with American heirs who are able to visit the bank is no indication for foreign wives living overseas.

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Davaoeno
10 hours ago, Salty Dog said:

Just because someone said it here, it doesn't make it so.

If you dont believe me I can give you the widows name and phone number. She is a good friend of my wife.

 

[ and as I am sure everyone realizes HSBC is about the most paranoid bank there is these days !! ]

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Salty Dog
40 minutes ago, Davaoeno said:

If you dont believe me I can give you the widows name and phone number. She is a good friend of my wife.

 

[ and as I am sure everyone realizes HSBC is about the most paranoid bank there is these days !! ]

Maybe you shouldn't just quote half of the paragraph. If you had posted it, you would see I said US...:showing-ass:

11 hours ago, Salty Dog said:

That's because it's not true for the US. Just because someone said it here, it doesn't make it so.

 

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