Bank director who stopped responding
Hi Guys,
this is a feedback request.
Context
I have been involved for some time (two/three years) so far into helping some relatives get some assets (stocks, funds and money) that were bequeathed to them by another relative who died.
Initially, the bank where these assets are deposited started distributing the monies between the heirs and other successors. This took a long time and went on for two years, but things were slowly moving.
Now it's been since start of this year that the bank has changed tack, and decided that it is only the two "proper heirs" (whom I assist) that should be getting all the (remaining) assets, and then these heirs should be the ones to distribute the proceeds to each of the other successors.
While initially I was dealing with one bank employee, now the matter has been escalated to an area director.
I was not opposed to the new "method" the bank wanted to follow, since I could address the dangers of what the bank did - ie any shortfall or mistake so far by the bank - by asking for guarantees.
However, after I sent the area director an email, asking for several things to be granted and assured by the bank in light of what transpired so far, he stopped responding.
Namely, I had asked for a calculation by the bank of what each of the successors shoud now receive, since the bank already distributed many of the assets to the successsors directly, and only then changed tack.
I also asked to remove an indemnity clause from the liquidation request (so that if any of the successors wishes, he may sue the bank for the three-year delay, and for any mistake, in liquidating the assets).
After I asked for these things, I spoke with him on the phone, and he told me he would work on these.
Then I tried to contact him again after some time, and he didn't reply.
Emails I sent to the director that got no reply
These are the last emails I had sent him, that he never responded to:
In July:
Me: Dear Mr. ...,
I'd like to please speak with you on the phone about the above.
Some of the other successors have started to solicit the heirs for a rapid conclusion given the time that has passed so far.
I got no reply, but didn't push since August was about to come, and I wanted to let him have the holidays.
Then at the start of September:
Me: Dear Mr. ...,
I hope you are well.
Do you have news concerning the subject, and can we set an appointment to proceed with what is necessary for the liquidation?
Got no reply. Waited a week, then sent this:
Me: Good day Mr. ...,
can you please provide me with a reply?
What to do
First of all, I am happy to read if I made some strategic or power dynamics mistakes here above in how I wrote to him/dealt with this.
As to the future: my thinking is to now escalate the matter legally, since I am getting no reply and the bank owes my clients these assets.
So they can only stall so far.
However, before escalating legally, I am thinking of making one last push by sending something like this:
Me: Good day Mr. ...,
any news? I hope to receive an answer to be able to proceed with a friendly solution, satisying to all involved, to close this matter soon.
If not, I regret to inform you that I will be forced to bring the whole matter to the attention of the Central Bank, in any case reserving any claim toward the bank for the damages deriving from the delay.
Happy to read any thoughts on my handling of this whole ordeal.
Hello Bel,
I'd have written those emails differently.
But rather than the details, I think it's better for me to share the thinking process I'd go through:
- Area director = big shot
- Unless you're dealing with millions your matter is below his paygrade = I'd EXPECT him to ignore
- Extra work without WIIFT = I'd EXPECT people drag their feet
Approaches:
- I gotta make it easy for him to deal with this = think of a solution that you solve the issue in one go, with one transaction/email, or that someone else below him can do. First thing I thought: transfer those assets to the 2 heirs (but you know what's possible, I got no idea)
- I gotta add a possible "threat" to their business = the threat of moving everything to another bank in a way that they'd lose something. Of course you must not necessarily state this openly but more "hinted" (as a matter of fact, you shouldn't state it openly)
- Meet in person for the first time to solidify the bond, display power/warmth
- If true/possible, mention future possible work together
- Use some judge power moves and say that "so far you're very happy with X (and you may say so to your other customers as well)"
As for the last email, definitely send one before escalating.
Also try to call him once again, try to call his office, and say you tried in the email.
Also, I'd personally frame it as more "I'm forced by the customers/the delays" or whatever, blame-shift so that you don't come across as nasty (never want the other person to escalate just because they feel under attack by an ahole).
---
(Book a call) for personalized & private feedback
Hello Bel,
I would write a letter with signature before escalating (a letter that the recipient must acknowledge the reception). In this letter, I would write a summary of the situation, a lists of your requests you have and a reasonable delay (2 weeks to a month) for him to answer. I would also hint at a possible escalation with a slight threat: "I'm looking forward to your collaboration in the interest of all parties involved". Implying: "your interest is to collaborate as well" meaning: "if you don't collaborate you could be harming yourself."
I would also be polite and thank them for all the work so far at the beginning of the letter.
In the signature, I would remind them that you're a lawyer (citing your title with your name). That should be enough for him to act on it.
I would also recommend to these relatives another lawyer as "you're too busy now". I personally avoid these situations like hell. I personally don't mix work with friends/family/love as much as possible. We all have different styles though. A short advice, yes. A short prescription, yes. A short recommendation, yes. But nothing more than that. Otherwise they have to go see a doctor.
PS: I think Lucio's advice is golden of course.
Thank you so much, guys.
Thank you Lucio for the big picture.
Makes much sense. Although it wasn't my fault that the matter got escalated to this guy, we are still dealing with reality here.
I'll follow your suggestions and call him first, then send this:
Me: Good day Mr. ...,
I tried to reach on the phone without success on ...
I hope there are positive news on this to allow us to proceed with a friendly solution, satisying to all involved, to close this matter soon.
If not, I regret to inform you that I will be forced by the long delays, and by the fact that the other successors are pushing for an answer after all this time, to bring the whole matter to the attention of the Central Bank, in any case reserving any claim toward the bank for the damages deriving from the delay.
I am also happy to get any feedback on the main mistakes I made in my emails, if you wish to share.
It sounds fair to me. I would maybe change “central bank” to “a higher authority”. To keep it more vague but still clear.
Tried to reach him on the phone, no answer.
I have tweaked the email some more and implemented John's suggestion to refer to a "control authority" instead of central bank.
Also described the subject more directly in the email, so that I can use it as direct proof of negligence on the part of the bank.
I am going to wait some more days just in case, then send.
Then I'm going to wait a week and start the legal process.
Here the new email:
Good day Mr. ...,
I tried to reach you on the phone at ... the morning of ..., without success.
I hope there are positive news concerning the liquidation of the assets under the succession of ... still at the Bank, that may allow us to close this matter in a way satisfactory for all.
If not, I regret to inform you that I am forced by the long delays, and by the circumstance that the other successors press for an answer after all this time, to bring the entire matter to the attention of the control authority, in any case reserving any other direct action towards the bank both for the liquidation of the remaining assets and for the damage deriving from the delay (including interest on the unliquidated amounts at the current market rates), and for any additional damage.
Kind regards.
Reasoning under explicitly mentioning the additional interest I am going to ask:
he may have gotten the idea that my requests to him were "too much", and that if it went to a lawsuit the bank would pay the same.
By explicitly mentioning what I'm going to ask at lawsuit in addition to what I already asked, he may now realize the bank still can save money by liquidating the assets now.
Although, to be frank, I'm starting to believe if this goes to a lawsuit we only have to gain.
Hello Bel,
I hope there are positive news concerning the liquidation of the assets under the succession of ... still at the Bank, that may allow us to close this matter in a way satisfactory for all.
To me there is a power move here that could trigger his ego just because he's resisting the power move. I would personally change it to something more neutral in case you haven't sent it already. Something like this:
I'm writing to you concerning the liquidation of the assets under the succession of ... still at the Bank, that may allow us to close this matter in a way satisfactory for all.
On this:
If not, I regret to inform you that I am forced by the long delays, and by the circumstance that the other successors press for an answer after all this time, to bring the entire matter to the attention of the control authority, in any case reserving any other direct action towards the bank both for the liquidation of the remaining assets and for the damage deriving from the delay (including interest on the unliquidated amounts at the current market rates), and for any additional damage.
I would just remove it as you already talked about the long delay. It can feel like hitting on a man who's already on the ground (french expression).
If not, I regret to inform you that I am forced by the long delays, and by the circumstance that the other successors press for an answer, to bring the entire matter to the attention of the control authority, in any case reserving any other direct action towards the bank both for the liquidation of the remaining assets and for the damage deriving from the delay (including interest on the unliquidated amounts at the current market rates), and for any additional damage.
Otherwise I think it's a solid email: assertive, explicit, high-power. Regarding the warmth I think it's appropriate I would not add nor make it "drier".
Although, to be frank, I'm starting to believe if this goes to a lawsuit we only have to gain.
I see it like you from my limited knowledge.
I am going to wait some more days just in case, then send.
Then I'm going to wait a week and start the legal process.
Boom! I personally love to read this. To me this shows determination and I find it powerful!
Thank you John,
I agree with all you wrote and already made the changes to the draft.