Tangerine Bank Formerly ING Bank Canada Tangerine Bank is not passing on money bequeathed to named beneficiaries even though it knows that its client is dead. Internet

Tangerine Bank is not passing on money bequeathed to named beneficiaries even though it knows that its client is dead.

When a client names a beneficiary to their bank account, they are designating the bank as trustee of those funds on their death.  And as trustee, the bank is legally obligated to disburse the funds to the beneficiary according to the deceased client's wishes.  So on proof of death of their client, Tangerine is supposed to locate and contact the beneficiary and provide them with a Claimant Form to fill out and submit in order to receive their inheritance.  The process shouldn't take more that a few weeks once proof of death is established.  Note that like a life insurance policy, there is no need for a will nor the involvement of an Estate Executor if the beneficiary is named.

However my experience with Tangerine is that, though I provided them with a death certificate, they are refusing to name the beneficiaries, nor contact them in order that they can make their claim.  This is despite me having had full access to my deceased mother's accounts (until they ended access when I told them she was deceased), being a joint account holder, a beneficiary, power of attorney and co-resident.  Tangerine's ploy appears to be to see if there is an Estate Executor they are legally obliged to answer to, if not, they keep the money.  In my case, they want me to prove that I'm the Estate Executor so that they can tell me who the beneficiaries are.  I've told them a number of times that I don't need to know who the beneficiaries are, and to just send out the claimant forms.

They received the Death Certificate February 1st, 2016.  I refused to send them a copy of the will because it was none of their business what assets my mother had nor who would receive them.  Still waiting for those claimant forms.

I'm issuing this as a warning to all clients of Tangerine Bank and their possible beneficiaries, "friendly doesn't mean trustworthy".