If you've lost a loved one

If you’ve recently experienced a loss, we understand that this is a difficult time for you and want to help where we can. We’ve created this guide to make the process in releasing assets that Bank of Sydney is holding on behalf of the deceased as easy as possible.

Let us know

Contact us as soon as possible to let us know when a loved one has passed away. You can speak to our team at your local branch or call us on 13 95 00.

We'll need original documents

You’ll need to provide us with original documentation or certified copies in order for us to begin the process. Our branch staff will require:

  • a Death Certificate (if you are having difficulty obtaining a death certificate, alternative documents may be acceptable as an interim measure, for example, a Medical Death Certificate;
  • If you require payment/reimbursement for the funeral, please bring the funeral account/receipt for verification (see below more information);
  • If there’s a Will, we’ll also need an original version or a certified copy of this document.
  • Proof of Identification of the person notifying the Bank of the death of the individual; and
  • Proof of identification of the Deceased Estate Representative such as the Executor or the Administrator.

Our staff will take copies of any original documents and return them to you straight away.

You’ll need to fill out our Notice of Deceased Customer Form.

A Deceased Estate Representative can appoint a legal representative (lawyer) at any time to act on their behalf. Your legal representative will need to provide us with information to enable us to identify the estate that they are representing.

We may require additional documentation to the documents listed above. If you cannot produce the documents referred to above, please contact us to discuss.

Details of the accounts

Following notification of the customer’s death, we will search for all accounts held by the deceased and we will take reasonable steps to promptly secure any accounts in the sole name of the deceased by:

  1. Removing the deceased customer’s internet and app banking login credentials; and
  2. Restricting the types of debit transactions that can be performed on the account. Certain transactions may still be processed, for example, paying/reimbursing permissible expenses such as funeral expenses or court filing fees for Grant of Probate or Letters of Administration (subject to receiving proof of invoice or receipt).

For any accounts in the sole name of the deceased, we will also:

  1. Promptly identify and stop charging any fees that are for Banking Services that can no longer be provided, or will not be provided to the deceased’s estate; and
  2. If any fees above have already been charged since the customer’s death, we will refund those fees.

Fees for Banking Services that will continue to be provided to a deceased’s estate may continue to be charged (for example, account keeping fees).

Once we’ve identified the accounts, we’ll write to the Deceased Estate Representative and notify if a Grant of Probate/Letters of Administration would be required to accept instructions to finalise the estate.

If we have received a verified copy of a Grant of Probate or Letters of Administration (whichever is relevant), we will act on a valid Deceased Estate Representative instruction concerning a deceased’s accounts within 14 business days of receipt of that instruction.

If we do not require a Grant of Probate or Letters of Administration, we will tell the  Deceased Estate Representative how they can finalise the estate. We will act on a valid Deceased Estate Representative instructions concerning a deceased’s accounts within 14 business days of receiving valid and complete instructions.

If there are multiple Deceased Estate Representatives, we may require valid instruction from each Deceased Estate Representative.

More Information

Funeral Expenses

If you need funds from the estate to pay or be reimbursed for funeral expenses, you’ll need to indicate this on the Notice of Deceased Customer form. For reimbursements, we’ll need an original receipt marked ‘paid’ which should also include the name of the person who paid the account. You’ll also need to complete a claim form.

If the funeral expenses have not yet been paid for, we’ll need a funeral invoice which we’ll make copies of.

Once all information and identification has been verified and appropriate instructions have been obtained from the Deceased Estate Representative, such as the Executor/Administrator, we’ll transfer funds to the nominated bank account

Loan Accounts

Once the Bank becomes aware of the death of a loan customer, a new loan contract will be entered into with the surviving mortgagor (if there is one). Note, no redraws or other new advances will be permitted until a new loan contract is drawn up.

  • Individual accounts -  Once we’ve been notified, we’ll arrange for all accounts in the deceased’s name to be blocked and no further transactions will be allowed after the date of notification. Before the Estate is finalised, we may release the amount of any funeral expenses incurred and, in all circumstances, the Bank will consider special requests for further release of funds on a case by case basis.
  • Joint accounts - Upon notification of the death of an owner of a joint account, all authorities for operating the account will be cancelled for the deceased customer and the surviving party can continue to operate the account subject to the terms and conditions of the account.
  • Company directors - We will require a copy of the company’s constitution detailing the protocol of the company in relation to a deceased director. A certified copy of the company minutes must be obtained confirming the death and appointment of a replacement director or procedure to be adopted by the company in relation to company assets.
  • Companies with only one director - Upon notification of the death, the company account will be immediately blocked and no further transactions are allowed until a replacement director is appointed and relevant documents are provided to the bank.
  • Partnerships - Upon notification of the death of a partner, the Bank will block the accounts and no further transactions will be allowed. If there is a Partnership Agreement that allows non-dissolution of partnership in the event of the death of one of the partners, this will need to be provided to the bank.

We're here to help

Visit our friendly staff at one of our branches

Find a branch near you

Talk to one of our friendly staff Mon-Fri (Excluding Public Holidays).

Call 13 95 00

Secure message via Internet Banking

Login

Administrator – The party(s) appointed by the Supreme Court to deal with the Estate of the deceased when he or she dies intestate (without a will).

Certified Copy – A document which has been certified as a true copy of the original. Please note, certification requirements allowing people to certify documents will vary depending on the State or Territory.

Death Certificate – a certificate issued by the Registry of Births, Deaths and Marriages, giving the date, place and cause of death along with other relevant information.

Deceased Estate Account– An account that’s opened to receive a deposit of funds owing to a deceased person’s estate after the date of death. A Deceased Estate Representative may apply to open a deceased estate account in the name of the estate of the deceased customer.

Executor – Party(s) appointed by the deceased in the Will, whose responsibility it is to carry out the deceased’s wishes as expressed in the Will.

Grant of Probate – A Grant of Probate is a legal document that authorises an executor (or executors) to manage the estate of a deceased person in accordance with the provisions of the deceased’s will. A Grant of Probate is issued by the applicable states Supreme Court. 

Letters of Administration – A document granted by the Supreme Court that appoints a party to administer the Estate, in the instance that the deceased did not leave a valid will.

Medical Death Certificate – A certificate issued by the attending physician, giving cause of death.

Next of Kin – The closest living relative of the deceased.

Solicitor/Lawyer – A solicitor/lawyer can assist you in the administration of the deceased Estate.

Will – A legal document outlining the deceased’s directions for the distribution of the Estate and appointing a party(s) to carry out those wishes.