The Bank Called

Nimrod777

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Yeah, the bank called. Not MY bank, but my mom's. She lives out of state, and, long story short, is a mess when it comes to her financials. She ended up declaring bankruptcy a while back. Turns out that when she had me sign a signature card so that I could access her account should she ever pass or become unable to do it herself, that I became joint owner of the account. That was years ago.

Now I find that I'm responsible for over a grand in what she owed on a line of credit that she had set up for Overdraft Protection. And it's counting against my credit.

Sigh.
I need another Diet Dew.
 

TAFKAP

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Ummm, I would double check on that signature card. Unless the account is opened jointly, I don't believe just a basic signature card allowing access conveys any other responsibilities.
 

brmaster

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not a joint account, you are only an authorized signature
not responsible for any overdrafts or fees
Unless you signed up to be a joint account
 

Nimrod777

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Well I requested copies of the paperwork. Fine print and contracts are certainly not my forte, so I was operating primarily off of what I was told by my mom at the time. It's all stuff that was out of state, so they had to mail me the signature card. But dang, I certainly didn't know they could turn this account into a loan at hold it against me!
 

TAFKAP

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Not to step in your business or accuse anyone of anything, but is there a possibility mom might be trying to pass her errors off on you for help?
 

brmaster

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My brother is a signature on my moms accounts, and it does not hold him or anyone else responsible
now upon death, they require someone to pay any loans and such off from any accounts holding money but not with your money.
 

Nimrod777

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TAFKAP said:
Not to step in your business or accuse anyone of anything, but is there a possibility mom might be trying to pass her errors off on you for help?

No, she's a financial black hole as mismanagement goes, but wouldn't intentionally pass it on. My BIL is a legal beagle, and helped her with the bankruptcy filing. This is just one of those tiny details that slipped through the net.
 

Bowdacious

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Nimrod777 said:
TAFKAP said:
Not to step in your business or accuse anyone of anything, but is there a possibility mom might be trying to pass her errors off on you for help?

No, she's a financial black hole as mismanagement goes, but wouldn't intentionally pass it on. My BIL is a legal beagle, and helped her with the bankruptcy filing. This is just one of those tiny details that slipped through the net.
Your BIL needs to fix this. If you are only an authorized user, you cannot be held responsible. If you balk on them, they may back off.
 

RUGER

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I call BS.
I don't believe a signature card would make you liable.
 

KPH

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I am trying to rembember back my two sisters and I were on my mothers but can not remember any libelty for us . I do remember it helped when she passed in settling the estate, witch didn't take much.
 

Dbllunger

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Sounds like the bank is trying to shake you down Nimrod. If you need any help, I'm half Sicilian and I know some people. I ain't sayin, I'm just sayin.
 

MUP

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TAFKAP said:
Ummm, I would double check on that signature card. Unless the account is opened jointly, I don't believe just a basic signature card allowing access conveys any other responsibilities.

Yea, this. My wife penned me in as an autorized user on one of her accounts once...it affected my credit status and I questioned why my rating had went down a bit. I just went to all three major credit reporting agencies and selected the "it's not my account" check box and it was taken care of.
 

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