Paul Reed Enterprises, Inc.

The account related to the above-referenced complaint is an irrevocable trust that holds some cash and investments for the benefit of the complainantMutualBank is the trustee.On June 3, the trust administrator received an email from *** *** with an invoice dated June for tuition due on
June in the amount of $There was sufficient liquidity in the account and the bill was paid on June 5.On June a second email was received from *** *** for an additional amountBecause there had been conflicting information on *** *** bills in the past, a staff member was asked to research the matter to ensure the school was not overpaid.On June the administrator told the complainant that the second amount would be paid as soon as possibleThe AO did, in fact, go on vacation June which caused a minor delay as we contacted the administrator to ensure we could go ahead with the paymentBecause investments had to be liquidated to raise sufficient cash to pay the bill, the second invoice was not paid until June 17, five business days after the bill was received.While we understand the complainant’s frustration, to our knowledge this is the first, and only, time there has been an issue with this accountAdditionally, it is an irrevocable trust and not a checking account from which funds can be immediately demanded.The bill referenced has been paid and, if the complainant would like to seek a new trustee, MutualBank would be willing to resign
Sincerely
*** *** ***, CTFA
Vice President, Fiduciary Compliance and Risk Management
Phone (574-273-7611)
***@bankwithmutual.com