October 2016 by Susan G.
I believe Peapack Gladstone Bank took advantage of my elderly uncle. When he was 88 years old, they convinced him to sign a Revocable Trust document appointing the bank as Trustee of all his investment assets. No family members, witnesses, or impartial notaries were present at the signing to evaluate his understanding of the documents before he signed them. In fact, the document was notarized 3 days after my uncle signed it, in another state, and without my uncle present. He also signed a fee agreement, which he later told his attorney he did not understand. The Trust had no benefit to my uncle or his estate, but greatly benefited Peapack Gladstone Bank by appointing the bank as sole Trustee, giving them total control over his assets, and providing regular monthly fees to the bank. After my uncle's death, the bank used their authority to hire lawyers to administer the trust distribution and paid them from the trust (totaling more than $19,000), while they continued to take their full Trustee fee of approximately $3500 per month over the course of the trust administration and distribution. Additionally, and most shockingly, the fee agreement that my uncle signed when they executed the Revocable Trust document allowed for a termination fee to be charged upon my uncle's death! The termination fee totaled just shy of $100,000. My uncle and his wife were customers of the bank for over 35 years. The bank's actions may not be illegal, but what they did is morally and ethically wrong. It is my hope that this bank never takes advantage of another elderly client again. If anyone wishes to contact me regarding this review, please email me at fsgmystic at gmail.com.
