Short version - how do I get money out of a locked Marcus savings account?
Context: In order to take advantage of better interest rates than those at her local bank, I created a savings account at Marcus several months ago on behalf of my mother, for whom I have a durable power of attorney (obviously I was unaware at the term that their terms and conditions say this isn't permissible). She's the sole owner of the account. Wanting to make things right and not simply impersonate her, I sent POA paperwork in over a month ago and called three times since then and got zero information about its status. Last week I was able to get my mother (who's in a memory care facility in a different state) on a three-way call with a security specialist, but she couldn't answer the verification questions (e.g., which of the following addresses have you ever been associated with, and so forth). I provided the responses to the security questions, but they were deemed invalid...because the POA stuff hadn't been approved...because my mother hadn't been able to answer the questions, etc. My mother hung up after over an hour, and I then ended up speaking with a power of attorney specialist (I guess?) who effectively told me that they couldn't tell me anything or do anything about the POA paperwork until my mother was verified. I asked if there was a process whereby I could send in certification of her cognitive impairment from a physician...the gal said no, and gave me no other options besides getting my mother on the phone.
At this point, the account is locked. I can't make any transactions out of it. I also tried initiating a pull from the bank where the original funds came from, but those transactions were recalled.
Does anyone have any specific suggestions as to how I can close this Marcus savings account - how I can proceed, whom I need to speak with at Marcus, what to say, etc.? I'm pretty fed up with them. I recognize they're ostensibly just trying to prevent fraud, but their process is absolutely ridiculous and infuriating.
I read a number of complaint threads on Reddit about Marcus and learned that they sometimes send an affidavit of identity which must be signed by the agent in the presence of a notary. But at this point, I'm not even sure she's got legal capacity given her recent decline. Surely there are other options.
Context: In order to take advantage of better interest rates than those at her local bank, I created a savings account at Marcus several months ago on behalf of my mother, for whom I have a durable power of attorney (obviously I was unaware at the term that their terms and conditions say this isn't permissible). She's the sole owner of the account. Wanting to make things right and not simply impersonate her, I sent POA paperwork in over a month ago and called three times since then and got zero information about its status. Last week I was able to get my mother (who's in a memory care facility in a different state) on a three-way call with a security specialist, but she couldn't answer the verification questions (e.g., which of the following addresses have you ever been associated with, and so forth). I provided the responses to the security questions, but they were deemed invalid...because the POA stuff hadn't been approved...because my mother hadn't been able to answer the questions, etc. My mother hung up after over an hour, and I then ended up speaking with a power of attorney specialist (I guess?) who effectively told me that they couldn't tell me anything or do anything about the POA paperwork until my mother was verified. I asked if there was a process whereby I could send in certification of her cognitive impairment from a physician...the gal said no, and gave me no other options besides getting my mother on the phone.
At this point, the account is locked. I can't make any transactions out of it. I also tried initiating a pull from the bank where the original funds came from, but those transactions were recalled.
Does anyone have any specific suggestions as to how I can close this Marcus savings account - how I can proceed, whom I need to speak with at Marcus, what to say, etc.? I'm pretty fed up with them. I recognize they're ostensibly just trying to prevent fraud, but their process is absolutely ridiculous and infuriating.
I read a number of complaint threads on Reddit about Marcus and learned that they sometimes send an affidavit of identity which must be signed by the agent in the presence of a notary. But at this point, I'm not even sure she's got legal capacity given her recent decline. Surely there are other options.
Statistics: Posted by camroontheprune — Wed Oct 09, 2024 8:19 pm — Replies 1 — Views 154