In April I learned that the First Bank of Clayton, Missouri, was to continue to charge my father's trust fund $2,500 per year (charged monthly) to "administer" the account. At that point the monies were over $14,400. I called the bank and was told by Melissa (the trust contact), "Oh, I was supposed to call you." I said I wanted to withdraw the money (which they had held — in very secure holdings like bank CDs — since my father's death in 1995).
She told me it would have to be done by their lawyer and it would cost me "about $2,000." I asked her what paperwork I needed, got my own lawyer, was charged $190 (which went up to $240 because of the First Banks' repeated delays), got the paperwork signed and returned.By this time the fund, of which I receive $500 a month, had dwindled considerably.
Numerous phone calls were answered rudely and/or ignored.
Last week — the third week in August — I got more paperwork from them. First Bank was charging me over $750 for their lawyer (for the one page document I had to sign), another fee of over $500 and one more dose for over $200. My final amount in the check (of which I have yet to receive) will be just over $9,400.
Melissa, the trust contact, was very rude to me throughout this process and I'm afraid this is the bank's policy, not hers. But how those funds could dwindle (through swindle I assume) by $5,000 in four months — when I was paid only $2,000 in my $500 monthly stipend on which I depend to live — is beyond me. I just wanted to pass this information along to anyone who is considering putting money into a trust fund with this organization. Don't do it. I'm sure my father is turning in his grave.
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