Doctors said mom is no longer able to make her own decisions and although my brother is Trustee and my mom still Trustor, the Credit Union withdrew from my mom's deposit account, paid off her credit card my brother was making payments on and closed the card with no one's permission. Isn't this against Reg Z rules? My mom was sole owner of Credit Card.
Have you been able to look into this? Curious in what they said. It could help us if we find ourselves in same predicament.
Please don't compare a Credit Union to a Bank. They are not run the same way.
I had POA for my mother. When I took over her finances, etc, due to dementia, I had NO doctor letter, just the POA. I was able to change the mailing address, secure another ATM/debit card in my name (two of us were also on the account) and use/pay as needed. The only CC mom had was Discover. They were a bit of a PITA, but the balance was paid every month, so that wasn't an issue. When she moved to MC, I left the card open for a bit, but kept it with me, unused. At some point I had them "freeze" the account and months later just closed it.
I don't understand why ANY banking institution would get access to a person's medical info nor why they would think it best to do what they did, unless the rules say so, but again, HOW would they know? If payments were made every month, I would be calling them to understand why it was done and ask where is it in the rules. Even if you go delinquent on CCs, usually the card is cancelled (seni-closed), but you keep getting statements and interest accrues until you pay it all off, then it's officially closed.
Are you certain bro was making payments?
Since CC is closed you might as well close out all accounts with them.
Looks like they could take out of her acct to pay the Credit Card but it says "payment". Really don't think it was right to pay off the credit card though.
I also read that if you have a car loan with them and miss a payment, they can deduct it from your acct too.