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J. Warren
J. Warren, Attorney
Category: Estate Law
Satisfied Customers: 2211
Experience:  Experience in estate planning including wills, trusts and succession planning.
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Can a bank refuse to let me withdrawal money from a CD that

Customer Question

Can a bank refuse to let me withdrawal money from a CD that I am 50% beneficiary of after the primary holder passed, until I get a notarized letter from the other beneficiary, who lives out of state, stating that they agree to have the CD closed and their amount sent to them? Why can't I just get my 50%?
Submitted: 3 months ago.
Category: Estate Law
Expert:  J. Warren replied 3 months ago.

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Expert:  J. Warren replied 3 months ago.

I certainly can understand your frustration. However, yes the bank would need permission of the other joint tenant for you to withdraw your interest in the CD. This is because it is an undivided 1/2 interest in the CD meaning it can not be physically divided without each owner agreeing to do so. The joint tenancy provides the owners the benefit after the death of one of them of the entire amount being transferred to the survivor. But during the life time of each it can not be divided without both of them agreeing.

All my best and encouragement. Thank you for allowing me to help you with your questions. I realize this was not the answer you were hoping to receive however I have done my best to provide information which truthfully addresses your question. Please note: If I tell you simply what you wish to hear, this would be unfair to you. I need to be honest with you and sometimes this means providing information that is not optimal. Negative ratings are reserved for experts who are rude or for erroneous information. Please rate me on the quality of my information; do not punish me for my honesty.

Customer: replied 3 months ago.
That's interesting because another bank allowed me to withdraw my amount from a CD without any approval of the other beneficiaries. In this situation my grandmother passed last year and my grandfather just passed. The CD states my aunt and I are the beneficiaries. Why can one bank allow the withdrawal and another not allow it?
Expert:  J. Warren replied 3 months ago.

Banks have different policies which is often the case and it is permitted. Also, the prior CD's could have been held as tenants in common, meaning each had a divided interest. Regardless, the banks so have broad authority to exercise their own internal rules. Even as a lawyer I have had the same issues and the banks change policies often.

I wish I could tell you that there is a way to compel the bank to turn over the CD.

All my best and encouragement. Thank you for allowing me to help you with your questions. I realize this was not the answer you were hoping to receive however I have done my best to provide information which truthfully addresses your question. Please note: If I tell you simply what you wish to hear, this would be unfair to you. I need to be honest with you and sometimes this means providing information that is not optimal. Negative ratings are reserved for experts who are rude or for erroneous information. Please rate me on the quality of my information; do not punish me for my honesty.

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