Closing Bank Accounts
When someone dies their bank account may become part of the deceased estate.
Once the bank(s) are notified of a death their bereavement team will contact you to guide you through their process (the process for each bank may differ).
If accounts are held in joint names and the joint owner is still alive then in most circumstances assets and liabilities will pass to the other surviving owner.
If the account(s) are held only in the name of the deceased it is the job of the executor or administrator to manage and understand the value of all accounts, the total value of liabilities (loans, mortgages etc), stop direct debits and automatic transfers, and freeze accounts.
Steps to closing a bank account
Each bank has a slightly different process for closing accounts of deceased people - contact each bank to get the specific processes and forms required for closing a bank account.
The following steps are a guide to the common process:
Step 1: Stop using secondary credit cards that are linked to the account immediately.
Step 2: Provide the bank with a certified copy of the death certificate and executor, person applying for letters of administration or next of kin’s contact details.
Step 3: Move any jointly held accounts to the surviving owner.
Step 4: Place a temporary hold on all accounts held solely in the deceased’s name.
Step 5: Submit the invoice for funeral expenses for payment from the deceased person’s bank account.
Step 6: Request balances for all accounts held by the deceased person.
Step 7: When probate or letters of administration have been granted complete the banks identification process and complete required release information to release the funds to the estate.
Step 8: Close accounts held solely in the name of the deceased person.
Contact information for major banks
ANZ Bank Bereavement Services
Commonwealth Bank Bereavement Services
National Australia Bank Bereavement Services
Westpac Bereavement Services
People’s Choice Deceased Estate Services
Bank SA Deceased Estate Services
Beyond Bank Deceased Estates
Disclaimer: All estate management information provided in this document is general in nature and may not apply to your specific circumstances. Please seek independent, specific legal advice from Your Estate Lawyer for your unique situation.