- Stop the banks from profiting from your loved one's death
- By Kate Vaughan
- 09/12/2016 Make a Comment
- Contributed by: Johnsie ( 7 articles in 2016 )
Did you know that when your husband/wife/partner dies, banks will continue to charge interest on any loans or accounts in their name, even after you have advised the bank of their date of death?
Furthermore, after you obtain Probate to handle your partner's estate, the bank will NOT return the accrued interest charges to you, i.e. THEIR/YOUR money, even after you have paid off any outstanding loan amounts?
On average it takes 10 weeks to obtain probate in NSW, so that's minimum 10 weeks of interest accruing if you are organised enough to have a lawyer apply for probate immedately after a death, which, let's face it, no one is thinking about for a at least a month when you lose your life partner.
You have to ASK the bank for your deceased partner's money back. And they are not obliged to do so. When I asked, they just said "no".
After my husband died last year, a bank refused to repay my husband's money. I had probate and was executing his estate appropriately and with the assistance of my lawyer. They even refused to speak to my lawyer, only me, after I lodged a complaint with the Financial Ombudsman, hence causing me months of further distress. They did NOTHING until I went public with my plight on social media earlier this year. It was a nightmare and noone should have to endure this on top of the trauma of a significant loss.
This is WRONG! Grieving families have enough to deal with without greedy banks exploiting them when they are at their most vulnerable.
Please sign this petition to ask the Australian government to help us lobby for change to this unfair and greedy practice by financial institutions.
This is in memory of darling late husband, Michael Vaughan.
This petition will be delivered to:
Member for Warringah
Tony Abbott MP
Treasurer
Scott Morrison MP
Furthermore, after you obtain Probate to handle your partner's estate, the bank will NOT return the accrued interest charges to you, i.e. THEIR/YOUR money, even after you have paid off any outstanding loan amounts?
On average it takes 10 weeks to obtain probate in NSW, so that's minimum 10 weeks of interest accruing if you are organised enough to have a lawyer apply for probate immedately after a death, which, let's face it, no one is thinking about for a at least a month when you lose your life partner.
You have to ASK the bank for your deceased partner's money back. And they are not obliged to do so. When I asked, they just said "no".
After my husband died last year, a bank refused to repay my husband's money. I had probate and was executing his estate appropriately and with the assistance of my lawyer. They even refused to speak to my lawyer, only me, after I lodged a complaint with the Financial Ombudsman, hence causing me months of further distress. They did NOTHING until I went public with my plight on social media earlier this year. It was a nightmare and noone should have to endure this on top of the trauma of a significant loss.
This is WRONG! Grieving families have enough to deal with without greedy banks exploiting them when they are at their most vulnerable.
Please sign this petition to ask the Australian government to help us lobby for change to this unfair and greedy practice by financial institutions.
This is in memory of darling late husband, Michael Vaughan.
This petition will be delivered to:
Member for Warringah
Tony Abbott MP
Treasurer
Scott Morrison MP
Source: https://www.change.org/p/stop-the-banks-from-profiting-from-our-loved-one-s-death
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