My Business Went Belly Up So The Bank Took My 87-Year-Old Mom’s Life Savings

November 8, 2010

The Grim Reaper of the recession harvested Rich’s door and screen company, leaving him with unpaid debts. Then the real nightmare began. Bank of America seized his elderly mother’s life savings to pay off Rich’s line of credit because she had added Rich’s name to the account to protect the funds in case she became incapacitated.

Now both Rich and his mother are sick to their stomachs. He writes:

“My partner and I tried to salvage our company by using our retirement to fend of this option to no avail.

Bank of America then proceeded to seize all of my mother’s savings from her B of A savings account with all the money she has in this world 27,500.00.

Two years ago my 87 year old mother asked me to sign on her account in the case that she were ill and not able to get to the bank and I complied.

My mother is on social security and has been for the last 20 years with no other income.

This was her money and I had no access at any time, nor did I ever deposit or withdraw funds at any time and that money was not mine and never to be it was saved from her social security.

I was not ever aware of the funds that she had and the account number was never information that I was privy to.

Mom was to use these funds to enter a retirement center this winter and now cannot.

In May of this year I was forced in bankruptcy protection as I had no other option with zero income In 2009.

This money was my mothers and only hers and I feel this is criminal and I want these funds returned to her account and I will do whatever is necessary to accomplish this.”

It’s doubtful BofA crossed any legal lines here, but it just seems wrong that Rich’s mother has to suffer due to a technicality. What would you do if this happened to you?

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