New account name-DW wants to use different name

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
Topic Author
mrmass
Posts: 345
Joined: Thu Jul 26, 2018 6:35 pm

New account name-DW wants to use different name

Post by mrmass »

DW has a BofA account in her "American name". She wants to open a Capital One MM move all the money from BofA. The wrinkle is that she wants to use the name listed on her passport.

American name is something like Grace Won
Her passport name is listed like Bin Yun Grace Won

If she opens up Cap One with her passport name then sets up an ACH to pull all the cash from BofA will it fail?
Also would she close the account after all the cash leaves BofA? (I haven't closed a bank account in 20 years)

Thanks
PFInterest
Posts: 2684
Joined: Sun Jan 08, 2017 12:25 pm

Re: New account name-DW wants to use different name

Post by PFInterest »

no one will care. my spouse moves money from my name to theirs all the time and no one notices.....
once the accounts are linked, it moves.
i would close the BofA account (dislike heavily).

sounds like shes getting ready to move on...../s
Last edited by PFInterest on Fri Nov 23, 2018 9:19 am, edited 1 time in total.
Topic Author
mrmass
Posts: 345
Joined: Thu Jul 26, 2018 6:35 pm

Re: New account name-DW wants to use different name

Post by mrmass »

BTW this will be in her name only-I'll be a TOD/POD
Topic Author
mrmass
Posts: 345
Joined: Thu Jul 26, 2018 6:35 pm

Re: New account name-DW wants to use different name

Post by mrmass »

PFInterest wrote: Fri Nov 23, 2018 9:19 am no one will care. my spouse moves money from my name to theirs all the time and no one notices.....
once the accounts are linked, it moves.
i would close the BofA account (dislike heavily).

sounds like shes getting ready to move on...../s
Thank you.
terran
Posts: 1702
Joined: Sat Jan 10, 2015 10:50 pm

Re: New account name-DW wants to use different name

Post by terran »

PFInterest wrote: Fri Nov 23, 2018 9:19 am no one will care. my spouse moves money from my name to theirs all the time and no one notices.....
once the accounts are linked, it moves.
i would close the BofA account (dislike heavily).

sounds like shes getting ready to move on...../s
As a counterpoint to this, I've had issues linking Ally bank (Joint account in both my and my wife's name) to an account in my wife's name when logged in as my username. We had to log in using her username for the accounts to link successfully despite her name being on both accounts. I could see there being a similar issue here, although if the social security numbers match it might work out.
User avatar
ResearchMed
Posts: 10681
Joined: Fri Dec 26, 2008 11:25 pm

Re: New account name-DW wants to use different name

Post by ResearchMed »

mrmass wrote: Fri Nov 23, 2018 9:16 am DW has a BofA account in her "American name". She wants to open a Capital One MM move all the money from BofA. The wrinkle is that she wants to use the name listed on her passport.

American name is something like Grace Won
Her passport name is listed like Bin Yun Grace Won

If she opens up Cap One with her passport name then sets up an ACH to pull all the cash from BofA will it fail?
Also would she close the account after all the cash leaves BofA? (I haven't closed a bank account in 20 years)

Thanks
Is this a USA-issued Passport?

If so, has she considered getting the Passport reissued as "Name A aka Name B"?
aka = "also known as"
Then she'd be "recognized" legally either way.

It seems that is the actual situation.

RM
This signature is a placebo. You are in the control group.
littlebird
Posts: 1647
Joined: Sat Apr 10, 2010 6:05 pm
Location: Valley of the Sun, AZ

Re: New account name-DW wants to use different name

Post by littlebird »

PFInterest wrote: Fri Nov 23, 2018 9:19 am no one will care. my spouse moves money from my name to theirs all the time and no one notices.....
once the accounts are linked, it moves.
i would close the BofA account (dislike heavily).

sounds like shes getting ready to move on...../s
Don’t try this with Vanguard. They wouldn’t move my spouse’s RMDs from “John Littlebird” to “The John & Mary Littlebird Trust, Mary Littlebird Trustee”.
User avatar
RickBoglehead
Posts: 5608
Joined: Wed Feb 14, 2018 9:10 am
Location: In a house

Re: New account name-DW wants to use different name

Post by RickBoglehead »

I'd recommend that your spouse setup the new account with the same name, setup the bank links, and do the transfer. Then, submit whatever forms are required to name change the new account.

Most banks and mutual fund companies don't like it when names don't match. Some require Medallion signatures on forms.
Avid user of forums on variety of interests-financial, home brewing, F-150, PHEV, home repair, etc. Enjoy learning & passing on knowledge. It's PRINCIPAL, not PRINCIPLE. I ADVISE you to seek ADVICE.
User avatar
HueyLD
Posts: 7737
Joined: Mon Jan 14, 2008 10:30 am

Re: New account name-DW wants to use different name

Post by HueyLD »

mrmass wrote: Fri Nov 23, 2018 9:16 am DW has a BofA account in her "American name". She wants to open a Capital One MM move all the money from BofA. The wrinkle is that she wants to use the name listed on her passport.

American name is something like Grace Won
Her passport name is listed like Bin Yun Grace Won

If she opens up Cap One with her passport name then sets up an ACH to pull all the cash from BofA will it fail?
Also would she close the account after all the cash leaves BofA? (I haven't closed a bank account in 20 years)

Thanks
I think your wife should make sure that her name on all things of value is the same across the board.

Otherwise, it is almost a guarantee of trouble down the road and problems may arise when she can least afford to deal with them.
Topic Author
mrmass
Posts: 345
Joined: Thu Jul 26, 2018 6:35 pm

Re: New account name-DW wants to use different name

Post by mrmass »

ResearchMed wrote: Fri Nov 23, 2018 10:41 am
mrmass wrote: Fri Nov 23, 2018 9:16 am DW has a BofA account in her "American name". She wants to open a Capital One MM move all the money from BofA. The wrinkle is that she wants to use the name listed on her passport.

American name is something like Grace Won
Her passport name is listed like Bin Yun Grace Won

If she opens up Cap One with her passport name then sets up an ACH to pull all the cash from BofA will it fail?
Also would she close the account after all the cash leaves BofA? (I haven't closed a bank account in 20 years)

Thanks
Is this a USA-issued Passport?

If so, has she considered getting the Passport reissued as "Name A aka Name B"?
aka = "also known as"
Then she'd be "recognized" legally either way.

It seems that is the actual situation.

RM
Thanks for the repy-Yes USA Passport. That avenue seems like a good way to tidy this up. Thank you.
User avatar
celia
Posts: 11403
Joined: Sun Mar 09, 2008 6:32 am
Location: SoCal

Re: New account name-DW wants to use different name

Post by celia »

I think the bigger issue to consider is how the IRS computers would see two different names using the same SS. It is usually suggested that you pick one name and use it consistently.
User avatar
ResearchMed
Posts: 10681
Joined: Fri Dec 26, 2008 11:25 pm

Re: New account name-DW wants to use different name

Post by ResearchMed »

mrmass wrote: Fri Nov 23, 2018 3:05 pm
ResearchMed wrote: Fri Nov 23, 2018 10:41 am
mrmass wrote: Fri Nov 23, 2018 9:16 am DW has a BofA account in her "American name". She wants to open a Capital One MM move all the money from BofA. The wrinkle is that she wants to use the name listed on her passport.

American name is something like Grace Won
Her passport name is listed like Bin Yun Grace Won

If she opens up Cap One with her passport name then sets up an ACH to pull all the cash from BofA will it fail?
Also would she close the account after all the cash leaves BofA? (I haven't closed a bank account in 20 years)

Thanks
Is this a USA-issued Passport?

If so, has she considered getting the Passport reissued as "Name A aka Name B"?
aka = "also known as"
Then she'd be "recognized" legally either way.

It seems that is the actual situation.

RM
Thanks for the repy-Yes USA Passport. That avenue seems like a good way to tidy this up. Thank you.
She'll need to provide copies of things that show she IS "know as" both names for the "aka" type, which is her situation, as I understand it.
(My experience helping two family members was with the "ka" version, which is trickier, as the person is claiming that no one now knows them by the old name, and they don't even use it.)

And they might request one (or two?) letters from people like a physician, teacher, religious officiant, etc., that they know you or you use one name and also for the other.
ETA: No one person needs to know you by both names. That wasn't clear; sorry!
That could also be a copy of a drivers license or student ID card, etc.
A cover page from the bank statement should do (without balance).

They (Passport office) will tell you what is needed.

We found it surprisingly easy, once we understood what was needed.
In our case, the two people needed to get slightly different letters, from teachers and physicians (in this case) stating that they ONLY knew them as "new name" since (year) and never, ever knew them as "old name", along with affidavits that they no longer used the old name (since whenever).
That seemed to do it.
But more people are familiar with the "aka" version, which is not that uncommon, given the number of people who have different professional names vs. their personal (usually birth certificate) name.

Good luck.

RM
This signature is a placebo. You are in the control group.
Topic Author
mrmass
Posts: 345
Joined: Thu Jul 26, 2018 6:35 pm

Re: New account name-DW wants to use different name

Post by mrmass »

ResearchMed wrote: Fri Nov 23, 2018 3:18 pm
mrmass wrote: Fri Nov 23, 2018 3:05 pm
ResearchMed wrote: Fri Nov 23, 2018 10:41 am
mrmass wrote: Fri Nov 23, 2018 9:16 am DW has a BofA account in her "American name". She wants to open a Capital One MM move all the money from BofA. The wrinkle is that she wants to use the name listed on her passport.

American name is something like Grace Won
Her passport name is listed like Bin Yun Grace Won

If she opens up Cap One with her passport name then sets up an ACH to pull all the cash from BofA will it fail?
Also would she close the account after all the cash leaves BofA? (I haven't closed a bank account in 20 years)

Thanks
Is this a USA-issued Passport?

If so, has she considered getting the Passport reissued as "Name A aka Name B"?
aka = "also known as"
Then she'd be "recognized" legally either way.

It seems that is the actual situation.

RM
Thanks for the repy-Yes USA Passport. That avenue seems like a good way to tidy this up. Thank you.
She'll need to provide copies of things that show she IS "know as" both names for the "aka" type, which is her situation, as I understand it.
(My experience helping two family members was with the "ka" version, which is trickier, as the person is claiming that no one now knows them by the old name, and they don't even use it.)

And they might request one (or two?) letters from people like a physician, teacher, religious officiant, etc., that they know you or you use one name and also for the other.
ETA: No one person needs to know you by both names. That wasn't clear; sorry!
That could also be a copy of a drivers license or student ID card, etc.
A cover page from the bank statement should do (without balance).

They (Passport office) will tell you what is needed.

We found it surprisingly easy, once we understood what was needed.
In our case, the two people needed to get slightly different letters, from teachers and physicians (in this case) stating that they ONLY knew them as "new name" since (year) and never, ever knew them as "old name", along with affidavits that they no longer used the old name (since whenever).
That seemed to do it.
But more people are familiar with the "aka" version, which is not that uncommon, given the number of people who have different professional names vs. their personal (usually birth certificate) name.

Good luck.

RM
Thank you for the detailed reply. She's going to start to straighten things out Monday. Thanks everyone else for your input.
Post Reply