EDWARDSVILLE — The beneficiaries of certificates of deposits held by Busey Bank are suing over the bank's refusal to provide information on the accounts and give them access to the funds.
Ken Froncheck, Richard Stockley and Wanda Stockley filed a complaint July 14 in the Madison County Circuit Court against The Bank of Edwardsville, now known as Busey Bank, seeking a declaratory judgement.
According to the complaint, the plaintiffs are named as POD beneficiaries in certificates of deposit held by Joseph Froncheck Sr., who died in 2019. The plaintiffs claim Froncheck's estate has "been fully administered 2019-P-02" and that despite their attorney's efforts, Busey Bank will not provide proof that the accounts in question are now held in their names.
The plaintiffs allege Busey Bank claims "a third party lien" has been placed on the certificate of deposits but will not show evidence of the liens. The plaintiffs also allege Busey Bank is in violation of Illinois' Payable on Death Act. They claim they are entitled to receive proof of their status as account holders and information on the funds in the accounts, the suit states.
The plaintiffs seek a judgment in their favor and all other proper relief. They are represented by Attorney Jack Cranley in Glen Carbon.
Madison County Circuit Court case number 20-L-974