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What happens when BankSA
are notified of a bereavement?

Once we have everything we need,we’ll begin finalising the accounts as soon as possible.

We’ll do all we can to help

We inform all parts of BankSA and Westpac Group, and we will let you know if you need to take any further action regarding specific accounts.

No proof of death documents?

You can still notify us without any proof of death documents which will result in an immediate temporary hold applied to the transaction account (sole accounts only – not joint accounts) of the deceased for 48 hours after notification.

Have a proof of death document?

If you notify us with at least one of the proof of death documents then a permanent hold will be placed on the transaction account. This means:

  • No money can be taken out of the accounts
  • Credit continues to be credited to any deceased estate accounts
  • Direct Debits are stopped from being debited – including utility bills, mortgage or loan payments.

 The only exception to this is home insurance, which we may continue to pay if you ask us to and credit funds are available.

Alternative arrangements may need to be made if these accounts are solely in the name of the deceased, and the sole source of funds for others. Speak to us if you or someone else still requires access to this account. We’ll provide you with a full list of information to assist with this task – see Step 3 for more information.

Joint accounts

For joint account holders, the joint holder will still have access to the account (credits and debits) as per normal (except for term deposits and if joint holder is a secondary holder of the product). Joint accounts will be transferred into the name of the surviving joint account holder(s) once we have received a certified copy of the Death Certificate, in accordance with the products terms and conditions.

What happens next?

You will receive a ‘Letter of Requirement’ as part of the statement of position within 7 to 10 business days. This will include a reference number to quote when contacting us and a list of any further information we need.

Depending on the value of the Estate, we may also ask for documents such as the Will, Probate, Probate Bond or Letters of Administration.

All Power of attorneys, Guardianships and authorised signatories cease once a person is deceased. Only the next of kin or Executor/ Administrator/Legal representative will be able to engage with the bank regarding the deceased’s accounts after their passing.

Once all the necessary documentation has been received, we’ll begin settling the accounts and releasing funds to the Executor(s), Administrator(s) or Solicitor acting for the Estate.

Term deposits

In some cases we’re able to release funds prior to the maturity of the term deposit once we’ve received the required documentation. All fees and charges will be waived, and interest accrued up until the date of closure will be paid.

Credit Cards

Where possible, we will offset the credit card debt using the funds available from any savings and transaction account, in accordance with the products terms and conditions. You’ll need to cancel any existing direct debits being deducted from the card.

Home Loans

You will need to continue paying your loan and interest will still accrue on the account until the loan is finalised by the estate. The Estate Management team will assist you with this process. If you require the deceased’s name to be removed from the title deeds contact your local or preferred solicitor for more information on how to do this. If you are unable to meet your regular loan repayments, you may contact BankSA Assist on 1800 679 461.

Funeral or life insurance

Call us on 1300 553 764 and tell us what has happened to prompt your claim. We are here Monday to Friday from 8.00am to 6.30pm (Sydney time). You will be assigned a Claims Consultant, who will help you every step of the way. We will mail you a Claims Kit, your claim will then be assessed and payment can then be arranged.

Superannuation

If there were no binding death benefit nominations or specific wishes mentioned in a Will then superannuation law sets out who is eligible to receive superannuation death benefits on the death of a member of a superannuation fund. You will be required to complete a Death Benefit Information Form (which we can give you), and provide a certified copy of the Death Certificate. In most cases you will also need to provide a certified copy of the Will and a Grant of Probate or Letters of Administration (where there is no Will).

Trust Accounts

If the Deceased held a trust account and you are a beneficiary, we recommend that you seek independent financial and/or legal advice. You will then need to visit a branch to make any changes to the trust account.

 

Requirements to finalise an Estate

Total value of accounts held in BankSA

Requirements

How

Below $15,000

Death Certificate

  • Notification/Indemnity Form signed by the Executor or the Administrator
  • Signed Notification/ Indemnity form from all next of kin

This can be done in the branch and straight away as long as you have all the documentation and the relevant authorisations.

Please note, if there are lending products, the branch will need to forward this request to the Estates Management Team who will go ahead and complete the request for you.

Between $15,000 and $100,000

Death Certificate

  • Notification/Indemnity Form signed by the Executor or the Administrator

And one (1) of the following:

  • Will with Grant of Probate
  • Letter of Administration
  • Probate Bond (if there is no lending products)

Or, if there is no Grant of Probate, Letter

of Administration or Probate Bond:

  • Signed Notification/ Indemnity form from all next of kin

This can still be initiated at the branch, but the staff there will forward all the documentation to the Estates Management team.

The team will then go ahead and process as requested on the Notification/Indemnity form.

 

In cases where there is no Grant of Probate or Letter of Administration, we will accept a written “Letter of Direction” if it is signed by all Next of Kin.

Over $100,000

Death Certificate

  • Notification/Indemnity Form signed by the Executor or the Administrator

And one (1) of the following:

  • Will with Grant of Probate
  • Letter of Administration
  • Probate Bond (if there is no lending products)

This can still be initiated at the branch, but the staff there will forward all the documentation to the Estates Management team.

The team will then go ahead and process as requested on the Notification/Indemnity form.

This form must be signed by the listed Executor, Administrator or the listed person on the Probate Bond.

Talk to us