I honestly did not think this situation could even happen, so thanks for bearing with me:
I called my bank (one of the major national banks) this weekend because they claimed they never processed paperwork my brother and I submitted years ago to remove him from a joint mutual fund. The representative on the phone claimed it wouldn't be a problem, but I may need to have my brother send them signed permission again if it won't go through for them. No problem.
About an hour later all hell broke loose. I checked my banking web site to see if they had made any changes and saw that I had no accounts! The page was empty. I called my brother to see if he was able to log in (maybe it was a technical problem), and lo and behold every one of my accounts was now under his name and visible to him. Instead of removing his name from a joint account, the representative made him the sole owner of all of my accounts without my permission (written or oral)!
Since it was now night time I called the bank's main customer support line, obviously, and was hung up on about 4 times because no one believed this was even possible. Finally I got an agent to check, but they said I'd have to call my local branch and there was nothing I could do. This morning I called my bank and they said they would "investigate". About an hour later they called me back and said the representative I talked to yesterday said he made no changes, and they can't help me because nothing is wrong.
My brother had better luck with the manager of his branch. They called my branch and finally got a manager to admit they had screwed up. Unfortunately, my brother's bank manager was only able to tell him "we should be able to fix this in four or five days". Also, he found out that my LLC was also transferred to him. Bills aren't due or anything this week and I have cash, but that won't be sustainable over a month.
I hope you can help me answer a few questions about how best to proceed from here:
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Do you think this could have consequences for my brother's taxes? He suddenly became a few six figures richer overnight.
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Do you think this might have consequences for my credit score? I lost a few six figures over night as well as a few credit cards and an LLC. When should I check to see if that's the case?
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Assuming they fix it and everything is okay, are there particular regulators I can contact so that they know how badly this bank messed up?
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If they don't fix it in a timely fashion, what should I do to get my accounts back? My brother lives about twelve hours away, so it would be difficult for us both to be in the same place for signatures.
Thanks so much for the help?
tl;dr: Bank was supposed to remove my brother from a joint account with his permission. Bank instead made him sole owner of all of my accounts, credit cards, and LLC without anyone's permission. Bank claims to be fixing it, but half the time hangs up on me or refuses to believe it's happening. What the hell do I do now and how bad are we screwed once/if it's fixed?
Submitted May 22, 2017 at 08:12PM by nightmare_chaser http://ift.tt/2rK0zkz
