Where can I find information on Deceased Estates?

Where can I find information on Deceased Estates?

How do I notify the bank of the death of a loved one? 

To see the steps on how to notify the bank, please see Deceased Estate - Losing a loved one

What happens to the accounts?

Upon notification all accounts in the deceased’s sole name will be frozen to prevent unauthorised access. All facilities such as cards, cheque books and internet banking access will be cancelled.

Any account in joint names will not be frozen and existing direct debits and credits on joint accounts will continue. These accounts will be transferred into the name of the surviving joint account holder once we have received the required documentation.

Credit Cards will be cancelled and any additional cardholder will be removed.

Once all documentation is received, Term Deposits will be released after 31 days as part of the estate settlement. Any fees and charges for early withdrawal are waived and interest paid up until account closure date. 

With loan products, circumstances vary from case to case. Loans in joint names are treated differently from those in sole names. In each case, we will advise the executor, legal personal representative and/or surviving borrower what our requirements are. 

Safe custody packet agreements will be cancelled and contents can be collected by the Executor or legal representative.

Can I use the funds from the deceased’s Estate to pay for the funeral or memorial?

We can assist with paying for the cost of the funeral or memorial from the deceased’s account. This is subject to there being funds available. Send us the original tax invoice and we can make the payment on your behalf.

What happens to any existing authorities on a deceased account?

Upon notification of death any current Power of Attorney, Guardianship or Authority to Operate will cease. We can only share account information with the identified executor, administrator, or legal representative.

Where can I get more information?

The following Australian government website contains many useful links and guidance on death and bereavement.