Not even death stops banks from deducting fees [View all]

Source: Los Angeles Times
By David Lazarus

Rocco Bersane died in March at the age of 56 after being hospitalized for a gallbladder infection and liver failure. At the time of his death, Bersane had about $1,175 in a Bank of America checking account. His disability-related Social Security checks were automatically deposited there.

BofA acknowledged in a letter to Bersane's next of kin shortly after his death that it had received notification of his passing. Yet since that time, the bank continued deducting a $12 monthly maintenance fee from Bersane's account.

... That's the beauty of being a bank, apparently. When it comes to fees, the notion of "until death do us part" has little meaning.

... "Is it wrong morally? Yes," said Marlene Seltzer, a Tarzana probate attorney. "Legally? No. The law says they can get away with it."

Read more: http://www.latimes.com/business/la-fi-lazarus-20130809,0,7108936,full.column