by sammy227 » Wed Jun 16, 2010 02:06 am
My friend told me that her and her brother finally got a check from their dad's life insurance. This is the one where there was no one listed as she claimed. She said that this did not go into his estate and the half sister's attorney fedex her check. She said she and her brother deposited the check into their accounts and it's been 3 weeks and she said it still hasn't cleared. Is this possible that it takes that long? The checks were for 50k each. I thought it only took a few days to clear? I hate to say this, but is there is possibility that she's just saying this? Why would there be such a long wait?
Posted: Thu Jun 17, 2010 08:51 am Post Subject:
If it takes time, you may ask the insurer to fax or email any information that they might need. I'd also make sure that there's no possibility of someone else producing the death certificate and trying to contest a legitimate claim. You must know the reason for this hold-up.
Posted: Thu Jun 17, 2010 11:03 am Post Subject:
it's been 3 weeks and she said it still hasn't cleared. Is this possible that it takes that long
Nope, way too long, even for a draft...something is a miss here...does she owe you money by chance?Posted: Thu Jun 17, 2010 01:35 pm Post Subject:
Federal banking rules establish the time limit within which a bank must clear a check. If it has been three weeks, the bank is violating federal law.
Posted: Thu Jun 17, 2010 05:46 pm Post Subject:
She only owes me $100. When her dad died, he did not have a will. I just find her story hard to believe because from what I've read, if no beneficarary was listed on the life insurance, it went into the estate. She swears that it didn't. I just find her story to be really fishy.
Posted: Fri Jun 18, 2010 10:33 am Post Subject:
I agree...if it looks like a duck, walks like a duck, quacks like a duck..honey, it's a DUCK..
Posted: Sun Jun 20, 2010 03:35 am Post Subject:
Ummm, usually life insurance companies don't send checks. They create an account, deposit the money into the account, and give the beneficiary a checkbook to draw checks against the cash in the account.
But yes, this is way too long for the check to clear, something isn't right.
Posted: Sun Jun 20, 2010 04:08 pm Post Subject: insurance
BNTRS.....that's information I didn't know. Life Insurance company deposits the money into an account? If the Life Insurance is a large sum of money, I can 'see' that. Is this 'procedure' done if you receive the 'cash value' from a Life Insurance policy, as well?..when you barrow aqainst your Life Insurance?
Posted: Tue Jun 22, 2010 02:22 am Post Subject:
Is this 'procedure' done if you receive the 'cash value' from a Life Insurance policy, as well?..when you barrow aqainst your Life Insurance?
No, if taking a loan against a life policy or taking a straight distribution the insurance company generally sends a check, or can make a direct deposit (sometimes wire transfers are available as well, but requires the recipient to pay wiring fees).
Posted: Tue Jun 22, 2010 03:26 pm Post Subject: insurance
Well.......I appriciate the answer. Thanks.
Posted: Tue Jun 22, 2010 10:35 pm Post Subject:
If you want a check, they'll send you a check. It's often good to leave the company with the insurance company because they'll pay competitive interest while you decide what to do with it.
Add your comment