Deceased Accounts FAQs
Everything you need to know about dealing with a loved ones bank accounts.
Everything you need to know about dealing with the bank accounts of a loved one.
Dealing with a the bank account of a loved one who has passed away can be a difficult time. Here at LCU, we can help you work through each step and advise you what you need to do and who you need to contact.
Initial Contact
Please contact us when a loved one passes away who you believe holds an account with us, as soon as practically possible, so we can discuss the actions which need to be taken. You can call us, email or visit us in branch.
If you have made contact with a solicitor who will be assisting with the estate, please ask the solicitor to provide us with a Letter of Representation to act on behalf of you and the estate.
After Notification
Once you have notified us, it is important for you to understand the actions we are required to take regarding the account of your deceased loved one.
Bank Accounts:
- Any individual account/s held in the name of the deceased person will require to be frozen.
- Joint accounts will remain fully operational to any surviving holders.
- Services held in the individuals name will be cancelled, such as Internet Banking Access and Visa Debit card.
- Third-party authorisations to any individual account/s, such as Authority to Operate and Power of Attorney, are no longer applicable to the account/s.
Home Loans, Personal Loans or Car Loans:
- We will advise our Lending team of any affected Loans held with us and they will contact you to talk about your options.
Fixed Term Deposits:
- Fixed Term deposits will stay lodged within the fixed term.
- Full interest is payable to a term if redeemed before the maturity date, there are no early withdrawal fees.
- An Authorised Representative can request to renew, redeem or change the maturity instructions on a fixed term deposit.
Other payments & services:
- Funeral Invoices can be paid directly from the account. We will require you to provide us with the original invoice and confirm the payment details by phone call.
- Regular payments for direct debits will be honoured on individual accounts for:
- Insurance payments for car and home
- Council rates & water rates
- and some government expenses such as an Australian taxation office direct debit.
- Regular payments for direct debits on Joint Accounts will remain unaffected.
- If there is a safe custody packet or held documents that you may require, an authorised representative can request for these documents.
- If you find you may require financial assistance, you can talk to our team about financial hardship to see how we can assist you.
Our dedicated team will help you through this tough time and advise you what we require, working with you each step of the way.
Documents we will require
When your loved one has passed away, we will ask that you provide us with:
Death certificate:
- A certified copy of their death certificate at your earliest convenience if being sent electronically; we understand this can take approximately 6-8 weeks to be sent to you.
- Or, the original death certificate provided in branch at your earliest convenience.
Last Will:
- A certified copy of their last Will if being sent electronically.
- Or, the original last Will provided in branch.
Grant of Probate:
- A certified copy of the Grant of Probate if being sent electronically.
- If electronic via your State or Territory Court Portal, this will need to be shown to staff in branch.
- Or, original Grant of Probate provided in branch.
Letters of Administration:
- A certified copy of the Letters of Administration if being sent electronically.
- If electronic via your State or Territory Court Portal, this will need to be shown to staff in branch.
- Or, original Letters of Administration provided in branch.
Identification & Certification:
- Certified identification:
- Is required to be provided to us for any Executor, including those who hold Grant of Probate or Letters of Administration.
- Should be two forms of identification - one primary and one secondary.
- Who can certify all of these documents:
- A Justice of the Peace.
- A Solicitor.
- Or, an acceptable person who can sign based on your State/Territory requirements.