Does anyone recommend banks to use an Executor account.
My experience with Natwest is that they will not allow Exectuors access to bank statements and can only find out whether a tenant has paid rent (for instance) if they call up, stay on hold for 30-1hour and ask for each transaction to be read out to them. This is now a weekly task.
Understandably they have a hold on the account until probate is granted but in the meantime tenants and other debtors of the estate can get away with not paying rents/debts. The executors are not meeting their obligations of acting in the interests of the beneficiairies.
When I had a similar problem with Barclays (they said I wasn’t allowed the bank statements until I had probate, but of course I couldn’t get probate without checking the bank statements for gifts; the solution, according to them, was to use a Barclays authorised solicitor to do the probate forms) I messaged them on Twitter to tell them what I thought of them. That produced same day results. I’ve found it with other organisations too: whoever is monitoring the Twitter account seems to have more common-sense and more power than people reachable via other routes.
I fail to see why this means the tenants get away without paying rent. Pay it to the Exors.
And if a professional/solicitor had been instructed can be paid to their Client Account.
Tenants get away with paying rent because they have to pay into the Exors bank account. The bank does not allow the Exors to operate the bank account which includes accessing bank statements.
The Exors are responsibile for administering the estate on behalf of the beneficiaries of the estate. They are failing in their duty as they cannot prove rents have been received.
I read your question as referring to the bank statements of the deceased’s bank accounts. But you now seem to mean the bank is withholding from the executors statements on their own account, which is very odd. I opened an account with Barclays recently. Barclays didn’t automatically produce statements (I had to ask for them and say how frequently I wanted them) but in the meantime I could and did produce transaction listings when I logged on.
If I was a tenant I would withhold paying rent to persons claiming to be the landlord’s executors until they could prove that they were the executors.