One year account/probate query


G

Guest

Hi
I wonder if anyone can help.
A relative started a one year high interest monthly paid account with
lloyds/tsb and not long after he sadly passed away. As joint executor to
his will I am trying to sort the finances. A bank account in the
executors names is being started and what we wish to know, and the bank
didn't have an answer today on this is:
1) Two monthly interest payments have been made, the account was for one
year, it was started in July 2004 yet I'm told the year is up in
September 2005. Does that make any sense?
2) Do I have to now shut this account or am I allowed to let it run full
term?
What sort of penalty if any can we expect if it is closed early?
TIA
 
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P

Peter Saxton

Hi
I wonder if anyone can help.
A relative started a one year high interest monthly paid account with
lloyds/tsb and not long after he sadly passed away. As joint executor to
his will I am trying to sort the finances. A bank account in the
executors names is being started and what we wish to know, and the bank
didn't have an answer today on this is:
1) Two monthly interest payments have been made, the account was for one
year, it was started in July 2004 yet I'm told the year is up in
September 2005. Does that make any sense?
No

2) Do I have to now shut this account or am I allowed to let it run full
term?
What are the rules?
What sort of penalty if any can we expect if it is closed early?
TIA
What are the rules?

Are you sure you were talking to the right person? It seems ridiculous
that the bank has an account yet doesn't know what the terms and
conditions are. I suppose it is a reflection of the state of modern
banks.
 

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