Wells Fargo - Q about adding signers to Mom's account (funds, pay)

[ImmerLernen]

My 83-year old mother added one of my sisters ("S1") to her checking account at Wells Fargo as an authorized signer so my sister can pay bills if Mom is temporarily or permanently unable.

Mom also has a savings account at Wells which is in the name of the revocable family trust. Another sister ("S2") is on that account as Successor-Trustee.

Apparently, Wells has told my mom that S2 cannot transfer funds from the trust to the checking account unless she is also named on the checking account as a signer. Wells is telling my mom that both sisters must come into the branch with my mom in order for Mom to add S2 to the checking account as an authorized signer. The problem is scheduling...it's a big pain for all 3 of them to find the time when they can all get to the bank branch *together*.

It makes no logical sense to me that S2 can't just go with my mom to the bank to take care of this. Why would S1 need to be there in the flesh?

I've encouraged Mom to ask again at the bank whether the threesome is indeed necessary. She's hesitant though, because she says they've told her so twice, and she doesn't like to be a bother.

Anyone know if this is some sort of weird banking rule?

Honestly, what if Mom only had one trusted person who lived far away, for instance, and she wanted/needed to have them added as a signer to her account? Would they really need to show up in person?

[Parnassia]

I suspect it has to do with how the trust/trustees are defined, not the bank's policies. Trustees may be considered "equals" in their ownership of trust assets like the savings account, so they have equal say in how they are managed. An action one trustee wants (getting authority to spend money in the account) needs to be agreed upon/witnessed by all trustees. Not a trust expert by any means, but that's what it sounds like to me.

[ImmerLernen]

Thanks! However, the account in question is the non-Trust checking account, so I don't think that's it.

[Chyvan]

Originally Posted by ImmerLernen

My 83-year old mother added one of my sisters ("S1") to her checking account at Wells Fargo as an authorized signer so my sister can pay bills if Mom is temporarily or permanently unable.

While this is what you may believe, I doubt it. It's a very rare bank that allows for "authorized" users on a deposit account. I suspect S1 is a joint OWNER, and as such

Originally Posted by ImmerLernen

Wells is telling my mom that both sisters must come into the branch with my mom in order for Mom to add S2 to the checking account as an authorized signer.

This makes total sense because the current account OWNERS both need to grant permission for S2 to become the third OWNER and not authorized signer. Most bank accounts aren't like credit cards that allow for this. You know, where your mother could have gotten a card for S1, and an additional card for S2 without S1 having any say as to whether the mother could do that or not.

Originally Posted by ImmerLernen

It makes no logical sense to me that S2 can't just go with my mom to the bank to take care of this. Why would S1 need to be there in the flesh?

It does if your mother doesn't know precisely whether she made S1 an owner rather than an authorized user (while not impossible, I really doubt it.) The flip question would be to have your mother say to Wells, "I changed my mind and want to revoke S1's signing capabilities." I bet they'd tell her that S1 and her both need to come in, or Wells would say, "close the account and open a new one with just your name on the account." That would also confirm that S1 is more than just an authorized signer.

Also, look at your mother's most recent bank statement. If it lists both names above the address, it's probably a typical joint account because that's how they list owners, not authorized signers.

Originally Posted by ImmerLernen

Anyone know if this is some sort of weird banking rule?

Honestly, what if Mom only had one trusted person who lived far away, for instance, and she wanted/needed to have them added as a signer to her account? Would they really need to show up in person?

Not, weird if S1 is an owner. Imagine you have a joint account with your husband and he wanted to add his new girlfriend without your say so. I think you'll understand the concept now.

https://www.wellsfargo.com/help/onli...g/profile-faqs from Wells' webpage.

How do I add or remove an owner or signer on my account(s)?
To add an owner or signer to your account, both you and the additional owner or signer must visit a Wells Fargo branch. Once we identify you and the new owner or signer, we will update your signature card.
To remove a signer from a joint consumer account, you will need to close your joint account and open a new account. For assistance, please call 1-800-TO-WELLS (1-800-869-3557) or visit a Wells Fargo branch.
To remove an authorized signer from a business deposit account, just sign on to Wells Fargo Business Online® to take action through Account Access Manager. You can also visit a Wells Fargo branch and speak with a banker.

This really suggests that only a business account can have an authorized signer, and that makes sense because employees of businesses get fired, laid off, or quit so they would need to be added and removed, but it looks like there is no provision for a consumer account which is probably what your mother and now S1 have together.

[Cida]

Be a bother! Tell your mother to be a bother, and if she's shy, pick up the phone and ask for the manager yourself.

With the way WF has treated customers so badly, she should not be timid! However, that said, WF does have more annoying rules than most banks. Then again, most banks can waive those annoying rules.

[ImmerLernen]

Originally Posted by Chyvan

While this is what you may believe, I doubt it. It's a very rare bank that allows for "authorized" users on a deposit account. I suspect S1 is a joint OWNER, and as such

<snip>

Wow! Thank you for your very detailed answer.

I agree with you that if S1 was added as an owner, none of this would seem weird. In fact, that's the exact conversation I already had with my mom.

Neither my mom nor S1 has indicated they are anything other than the account owner (Mom) and an authorized signer (S1). Maybe whomever my mom talked to at Wells just assumed S1 was an owner or made a mistake when looking at my mom's account when she asked about it. Or maybe S1 is an "owner" because (as you suggest) that's how things are done on certain accounts.

At this point, it's up to my mom, S1 and S2 to decide whether it's worth asking about (again) or to try to coordinate all 3 of their schedules. I guess I'm glad that I wasn't picked to join the circus.