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Transferring trust funds from one institution to another
Anonymous6 views3 answers
The monies were transferred by the end of March. Yet, the former institution has not sent a receipt nor accounting to show a zero balance. Does it usually take that long to show a zero balance? I know that some interest is leftover but how long does this take?
Has the trustee asked for this information? If not, he/she/they should. It usually does not take that long. Have the funds been deposited in the new account? Do they roughly equal the amount expected? The trustee or trustee's attorney needs to contact the institution to obtain this information.
Normally, there is a statement at the time of the transfer, unless this was a wire transfer. Even so, it is a long time to wait. It is not clear from your summary whether you have a lawyer or not. If you do, the lawyer should send a letter requesting a final account statement. If you do not have a lawyer, YOU should send the letter. You want to have something in writing to document the efforts that you have made, in case you later need to show a court that the bank has not acted reasonably. Phone calls do not provide a record you can document.
James Frederick
