AboutJim Meadows Expertise I can respond to most questions concerning consumer and business relationships with US financial institutions. My expertise touches on deposit and loan issues and particularly on strategies to navigate through bank policies personell and practices. I have a degree in Economics, attended law school, Graduate Shool of Banking, and Commercial Lending and Compliance Schools.
Experience I have twenty years experience as a bank CEO. Most of those years were spent operating a bank focused primarly on serving consumer/retail needs. I helped pioneer deposit and loan products for low/moderate income individuals. I currently serve on multiple bank boards and am Chairman of a Commercial Bank in Atlanta.
Question My great grandfather established a Trust with Mellon bank in 1933 for about $130,000. The last 2 generations recieved dividends. Of course the bank fees exceed all combined dividends.
Today it is worth $210,000. I did the math and at an average of 4% (which is low) it would be worth almost 3 million. Is there any recourse for their mismanagment. My father just passed and we are about to get final distribution.
Answer Linda, you might visit with an attorney. Your only recourse would be a law suit or the threat of same. You are dealing with a "deep pocket" potential defendant who will not admit any wrong doing. I agree with you, it's a miserable rate of return. Sorry I don't have better advice. Jim
