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Hudson United BankScam


My 84 year old mother was a customer of Hudson United Bank for many, many years. When she passed away in the fall of 2005, she left me as the beneficiary of her IRAs.

After doing extensive research with a CPA, investment specialist and the IRS on non-spousal IRA beneficiaries, I decided to do a trustee to trustee transfer to another financial institution, which had much better IRA CD rates than Hudson United Bank.

I had three conversations with Liz Brown from the Cherry Hill branch of Hudson United Bank, prior to her sending paperwork, to inform her of my wishes. She indicated she would also check with the bank’s IRA department to make sure it was handled properly.

Because of the way the transfer needed to take place, due to IRS rules regarding non-spousal IRA beneficiaries, I had a representative of the new bank call Liz Brown to ensure all was done properly. Ms. Brown never returned the call but did send me paperwork to complete, along with a copy of the appropriate IRS publication (590), which had been faxed to her from her IRA department (as noted on the top).

Ms. Brown highlighted the IRS publication with the same yellow marker she used in highlighting the paperwork. Anyone receiving this paperwork in this way from a bank expert would obviously presume this was the appropriate paperwork needed to do the trustee to trustee transfer for a non-spousal beneficiary IRA, avoiding a big and unnecessary tax hit.

Following Ms. Brown’s instructions completely, I returned the paperwork to Hudson United Bank. I received a check in the mail that was dated 11-25-2005. When I took it to my bank, they indicated it was not made out properly. I checked with the IRA department of this bank and two other banks just to be certain (Hudson United was the only bank that would not allow me to talk directly with someone from the IRA department).

I spoke with Betsy Camishion, manager of the Cherry Hill branch, to inform her that the check was made out improperly. She indicated there was nothing she could do as the account was closed. After calling an agent from the IRS, the agent indicated that I was okay since I hadn’t cashed the check. The agent informed me to send the check back to the bank and have it done properly which I did. I called Ms. Camishion back and she indicated she was fine with that and there was nothing to have me believe it wouldn’t be handled properly.

To my surprise, I received a phone call from Cindy Doyle of the Cherry Hill branch three days later to indicate Hudson ’s IRA department said the bank couldn’t do anything. To my further surprise, Cindy made the comment in a way I didn’t appreciate “well you had the chance to just keep it here.” This comment triggered the thought: did they deliberately send the wrong paperwork? She would not provide a phone number for me to speak with another bank representative.

I spoke with and sent a written summary to several bank officials but they cannot be bothered. They said that this is what Liz said I wanted and that was good enough for them.

Hudson United Bank Lies

It defies all logic, after doing extensive research that I would want to be hit with a huge tax bill when it could be completely avoided. Liz Brown knew it was NEVER my intention to do a withdrawal from the IRA that was subject to a significant tax hit and could not be held in its same form. She should NEVER have sent any paperwork on anything that was so counter to our conversations. Everything I completed was in response to bank instructions, as Hudson United representative Brown knew exactly what I was looking to accomplish.

Hudson United Bank Doesn’t Care

The legacy of my mother with this bank, where she did all of her banking for as long as I can remember, is this transaction and this absolutely awful customer service. Anyone who knows my mother knows she would have been even more persistent than I am in righting this wrong.

Hudson United Bank Can't Be Bothered

The IRS says it’s a simple situation to correct. For Hudson United Bank, it’s 15 minutes of paperwork to correct their error. For me, it’s a significant avoidance of a big and unnecessary tax hit to have the transaction done properly.


  • De
    dereks_dad Feb 03, 2010

    dont banks keep recorded phone calls and cant they pull urs up? in sure the crap out of them.. have a lawyer contact them and see if they change there additude

    0 Votes

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