Please advise; My son inherited a large sum of money upon the death of his father. Although my son was 18 (legal age) at the time; I did not feel he was mature enough to 'manage' a large sum like this. He authorised a Power of Attorney in my name at the same time as he opened a money market account. ( I have the legal document in my possession) Even though he was of 'legal' age according to the bank, it has taken him 5 years to clean out this account. ( yes, his doing. )
However, I am devastated to say the least, surely there should be some form of accountability from the bank who should have demanded the 2 signatures required by FICA regulations? Over the 5 year period I signed acceptance on only 2 withdrawals. We live almost 2 thousand km apart so thought the bank could be trusted.???
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