Banking in Canada

[EddieWalker]

My parents grew up in Canada, and moved to the US in the 60's. My Mom's very first job was with a bank in Canada, and my parents have kept there account open with them ever since then.

My Dad passed away a few months ago, and my Mom is wanting to get her affairs in order. We have called the bank several times to make some changes to her account, and it's been almost impossible to get anything done over the phone. They want her to do everything online, but she doesn't have an online account. She's in her 80's and she has no desire to learn how to use the internet or get an email account. My wife and I do her online stuff, but she still prefers to drive to the store to pay her bills in person. She is old school and too old to change now.

My brother lives in Canada. He became a duel citizen so he could work there and own a house. My mom wants him to get all of her Canadian money when she passes away. Here in Texas, it's called a POD, or Pay On Death. When a person dies, the person listed as the POD gets control of the account. When my other brother passed, I was the POD, and I was able to close his accounts and have a check made out to me. It was only a grand, so no big deal, but being listed as the POD made it super easy to do everything.

We have called the bank several times and it's proving to be very difficult to get them to put my brother on her account as the POD. The people that we've spoken to have told us that she has to add my brother to her account as a Beneficiary, but that gives him full access to her money. She does not want him to have the money now. She wants him to have it after she passes away. Another person on another call said that she has to give him Power of Attorney to be the POD, but that also gives him full access to her money now, which she doesn't want to do. And another person that we spoke to from the bank told us that she has to be there in person to make any changes to her account. It cannot be done over the phone. Fortunately, we now have a phone appointment for tomorrow to talk to somebody that is supposed to be higher up at the bank.

For those of you in Canada, and who have dealt with banks in Canada, what do we need to tell this person to get my brother put on the account to be paid when my Mom passes away, but not able to get any money before then?

I feel like we're talking a different language with the bank, and instead of trying to figure out a solution, they keep giving us the same answer without a solution.

 

[Chewwy]

One solution could be to open an account at a bank where your mother now lives and transfer the funds there from the Canadian bank.

Don’t continue to do business with a business that makes it difficult.

 

[EddieWalker]

Since we have family in Canada, she likes having a bank there. For some crazy reason, she likes to send checks to family that are from that account.

The amount in that account is about what she has here in the US, so it works out well for dividing her assets between my brother and I. She just doesn't want him spending all the money now. He has to wait until she passes.

 

[ultrarunner]

My parents grew up in Canada, and moved to the US in the 60's. My Mom's very first job was with a bank in Canada, and my parents have kept there account open with them ever since then.

My Dad passed away a few months ago, and my Mom is wanting to get her affairs in order. We have called the bank several times to make some changes to her account, and it's been almost impossible to get anything done over the phone. They want her to do everything online, but she doesn't have an online account. She's in her 80's and she has no desire to learn how to use the internet or get an email account. My wife and I do her online stuff, but she still prefers to drive to the store to pay her bills in person. She is old school and too old to change now.

My brother lives in Canada. He became a duel citizen so he could work there and own a house. My mom wants him to get all of her Canadian money when she passes away. Here in Texas, it's called a POD, or Pay On Death. When a person dies, the person listed as the POD gets control of the account. When my other brother passed, I was the POD, and I was able to close his accounts and have a check made out to me. It was only a grand, so no big deal, but being listed as the POD made it super easy to do everything.

We have called the bank several times and it's proving to be very difficult to get them to put my brother on her account as the POD. The people that we've spoken to have told us that she has to add my brother to her account as a Beneficiary, but that gives him full access to her money. She does not want him to have the money now. She wants him to have it after she passes away. Another person on another call said that she has to give him Power of Attorney to be the POD, but that also gives him full access to her money now, which she doesn't want to do. And another person that we spoke to from the bank told us that she has to be there in person to make any changes to her account. It cannot be done over the phone. Fortunately, we now have a phone appointment for tomorrow to talk to somebody that is supposed to be higher up at the bank.

For those of you in Canada, and who have dealt with banks in Canada, what do we need to tell this person to get my brother put on the account to be paid when my Mom passes away, but not able to get any money before then?

I feel like we're talking a different language with the bank, and instead of trying to figure out a solution, they keep giving us the same answer without a solution.

Are you sure it’s not US Bank?

It was a never ending marathon over months with over 8 solid hours in the branch to accomplish something the credit union did in 15 minutes.

What if your mom moved the money here and added you so you could follow her wishes?

 

[EddieWalker]

She wants to keep the account in Canada.

She wants my brother to get the money, and since he's a Canadian, living in Canada, it makes sense to all of us.

The bank wants to put him on the account so he can spend it now. This is the problem. She does not want him to spend it now. She might need it. It's her money, and we agree that he should not be able to spend it until she has passed away.

Hopefully some Canadians on here will understand how to do this and give me the information that I need before the phone call tomorrow.

 

[shooterdon]

Why not use a will?

 

[ultrarunner]

I’m guessing a hands off promise won’t work?

 

[newbury]

Can you find another Canadian financial institution that will work with you? Do they have credit unions or farm banks?

 

[Chewwy]

The solution your mother wants does not seem to be available without a trip to Canada.

Unlikely the higher up will give a different response. Banks are very good at following the applicable law and their business protocols.

 

[1Mech]

Maybe things are different in Canada, but here in Oklahoma, I have my kids listed as beneficiaries on various accounts. They have no access to the accounts until I die. I had a savings account at the credit union, but I didn't want my late wife to have access to the money while I am alive, so I set it up in my name only, but gave her rights of survivorship, which would give her all the money, once I passed.
I agree with what Chewwy said. close that account and move it to an institution that will work with you!

 

[EddieWalker]

Why not use a will?

In the case with my brother, the POD is instant once you have a Death Certificate. If we can't do anything else, it will have to go through the Will, and we have no idea what that entails when dealing with Canada. We live in Texas.

 

[two_bit_score]

Since we have family in Canada, she likes having a bank there. For some crazy reason, she likes to send checks to family that are from that account.

The amount in that account is about what she has here in the US, so it works out well for dividing her assets between my brother and I. She just doesn't want him spending all the money now. He has to wait until she passes.

She has her reasons. You are respecting them as you should.

 

[arto98607]

I think you indicated earlier she could do it online if she had an email address and login access to her account - if that's the case why not you help her and get that going?

Or did I misunderstand?

Little easier & less hassle than going to Canada to take care of it.

 

[EddieWalker]

We're trying to get her an online account, but the website is asking for information that she doesn't have. When we call the phone, it takes an hour to get through to a real human. So far, everyone that we've talked to isn't able to give us the information that the website is asking for. It's a series of numbers that she doesn't have, and doesn't ever remember receiving. Mom saves everything and there is a huge stack of papers from the bank over the last two decades.

They wont send the information to her in the mail. When asked why, we're told that they are not allowed to.

We're just going in circles. We're hoping that the person we talk to tomorrow will help. I'm just posting this for some sort of advice from somebody in Canada that might know more about banking in Canada then we do.

Honestly, I would love to close this account and put the money somewhere else. Anywhere else. But my fear is that all of Canada is going to be difficult for us to deal with here in Texas. Moving the money to the US isn't something she will consider.

Worse case is that we do nothing, and my brother will just have to wait for me to get everything done here in the US before dealing with Canada, when she passes.

 

[arto98607]

Is it her SIN number that she is missing?

If so, Service Canada can mail it but she will need to be able to log in first.

 

[EddieWalker]

I'd have to go over there and look. I don't remember what it was called.

 

[arto98607]

I'd have to go over there and look. I don't remember what it was called.

SIN is the equivalent of US social security number, which she must have if she lived & worked there during earlier years.

An old Canadian tax return would have it, and maybe a pay stub if you are lucky to find one?

If you are unable to find it you should be able to start the process here in order to get a letter like the enclosed pdf:

My Service Canada Account (MSCA) - Canada.ca

 

[Cub 7274]

If your mother really wants to make things easy she should close her account while she is alive and distribute the money.
It could become difficult unless your mom has a will stipulating that upon her death your brother will get the money from that account and that there is nothing outstanding that could be considered her "Estate"
Upon her death that money could go into Probate and be tied up for months and most certainly the Government will be getting some of the money. The Banks can be really hard to deal with as they are losing "money" when the account closes.
Make sure she has a will that can be executed in Canada with her wishes applied.
Perhaps your brother should contact a lawyer to make sure it's going to work, sadly there will have to be some money spent to get it right.
Good luck

 

[two_bit_score]

It could become difficult unless your mom has a will stipulating that upon her death your brother will get the money from that account and that there is nothing outstanding that could be considered her "Estate"

Eddie said she had a POD notification on her account naming his brother as the party to pay the funds to unon her death.

 

[Fuddyduddy1952]

To me maybe there's an easy solution: "Since we have family in Canada, she likes having a bank there. For some crazy reason, she likes to send checks to family that are from that account."
Family matters can be difficult and I'm going through that now. It's all a matter of trust with your mother. I assume(?) she has you and your brother left?
If she wants the Canadian bank and if it was my mother and she is of sound mind, I'd say the best choice is keep that bank with, say $1,000 in it. Transfer the rest to a US bank.
It should be easy then wire transferring from US bank to Canadian if necessary.
Hopefully she has estate planning, if not she needs to do it now since she knows who gets what upon her death.
She could have a joint account, her & brother so both have to sign and she could make your brother and/or you her POA with limits.
The best bet is all of this should be set up with an attorney who does estate planning.