Devon Bank Trust Department - Schedule of Fees

Sally Griffin lied to me and Ludwig again. (I know that doesn't shock anyone.) I found this schedule of fees when I was copying all their court files downtown (which makes it public record). I'm taking it upon myself to tell you the truth since that bank isn't very forthcoming with their clients.

When Ludwig and I met Sally the first time, I asked her how much Devon Bank would charge Ludwig to manage his estate. She whispered, 'Less than one percent of the first $500,000 and even less if the amount is more than that.' Then she whispered, 'We don't really like to talk about this.' I said, 'Is that all?' She said yes.

Obviously, that was ANOTHER lie. 

Devon Bank misrepresented themselves to Ludwig and I hope they're not charging him that 'base fee.'  Just because Sally thinks he's a nitwit that's hard of hearing, doesn't make it true.  He heard her and we discussed the fees after she left.

The “extraordinary services” that are “outside Devon Bank’s scope” are tax preparation and reviewing tax documents. You’ll be charged $650 to file taxes every year, $400 if they read a letter sent by the IRS. Around $2500 when they notify the IRS after they force you into guardianship. Personally, I think it would be easier if they just walked those documents over to H&R Block where those services are inside their scope and performed every day. The letter reading might even be a free service that H&R Block provides for their clients who get their taxes done. (Of course, if they did walk those documents over to a tax preparer, I'm sure a Senior Officer would take them and walk really slow.)

I have reviewed other banks trust accounts and so far, I haven’t found one that charges a “letter reading fee” but I’ll keep you posted.  The fees for filing taxes are around $200 for other banks (names withheld to protect the innocent).

*****

I found another fee.  After Devon Bank hires the most expensive caregiving agency in the city to "care" for you, they're going to run out of money and have to research putting a reverse mortgage on your property held in a Land Trust.   This proves to be quite costly.  Then, after their client passes away, the property looked like it went straight into foreclosure, honestly.  Wouldn't it be easier just to cut expenses and stop throwing all the money out the door?  (I'll tell you later why they don't do this.)

*****

$375 to remove your gun out of your house and get it appraised.  They say this has to be done by a Senior Officer which is understandable.  They didn't do this when they found Ludwig's gun though. 

So, you can kiss your entire estate good-bye compliments of Devon Bank.

*****

I think I have discovered why the Texas Ratio is so important http://josephludwigziarnik.blogspot.com/2011/01/devon-bank-complaint-department.html

The lower the ratio, the higher the bank fees.  Also, if a bank has a low ratio then they can't offer a competitive salary to their employees.