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Question
My mother recently had a heart attack, as a result of this she became afraid that if she died no one could get access to her bank accounts so she very quickly added me to them. Is there any financial risk to me because of this?
if she added you as a beneficiary, no, if she added you as a signer, if the account were to become overdrawn or something of that nature, you are equally as responsible as she is. Also, if they are interst bearing accounts, if you are a signer, the IRS could consider the interest paid on her accounts as interest you earn as well. Again, if you are just a beneficiary, then no.
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Answers by Expert:
Shane
Expertise
Hello, my name is Shane. I currently work at a financial institution in customer service and sales. I am able to answer most questions you have regarding banking products and services, how to use them, and what products may benefit you best. I can also help you to weigh the risks of various types of savings vehicles such as questions pertaining to CDS, money market accounts, etc. Feel free to ask and I promise I will do the best I can to answer.
Experience
Customer Service and Sales call center experience. Assists in training new hires for customer service. Well versed with FDIC policies, banking compliance laws, and a wide variety of product knowledge.
Organizations
American Association of Medical Assistants
Education/Credentials
High School Graduate and Medical Assisting Diploma
Awards and Honors
Significantly exceeds expectations annual review from the bank I presently work at
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