Deceased estates
Losing a loved one is a stressful time
While you’re grieving your loss we’re here to help you manage the banking side of things.
Let us know
It's important that you, or your nominated representative, contact us as soon as possible.
What happens next?
We will begin the process to finalise the Member’s account/s, supporting and guiding you through this process.
What does it all mean?
A guide to help you understand key terms you will hear throughout this process.
Let us know
While you’re dealing with your loss, banking will be the last thing on your mind. However, it’s important that you, or your nominated representative, contact us as soon as possible.
If your loved one or you have a solicitor, you should also contact them.
The process
What happens to the Member's account?
Account type | Process |
|---|---|
Cards | All card access to the account will be cancelled. |
Individual loans, Credit Cards or Overdrafts | Any available credit may be used to clear any outstanding debt on credit card and/or overdraft facility. |
Joint loans, Credit Cards or Overdrafts | Joint personal loan and mortgage loans will continue to operate unchanged, if this is likely to result in any ongoing hardship issues, please contact us. We will talk you through any changes to your joint credit card and/or overdraft facilities (we may be able to convert these facilities into the surviving account holder’s). |
Cheque facility | Cheque facility will be cancelled. |
Insurance | Please contact the deceased’s insurance provider to ensure coverage for their assets remains in place. |
Direct Debits | These will be cancelled and a message returned to the debiting company notifying them that the account is frozen. |
What does it all mean?
A guide to help you understand key terms you will hear throughout this process.
This means following the terms of a deceased person’s Will to ensure their intentions are followed in finalising their estate.
This is a regulated process and can include transferring assets or gifts to beneficiaries, converting assets into cash, closing bank accounts, transferring shares, selling a house, transferring interest in business etc.
The administration of a deceased estate is governed by legislation in each state.
This is the person (or people) named in the Will who will receive assets from the deceased estate.
If the deceased person did not leave a Will, the beneficiaries may be determined in accordance with the legislation in the relevant state.
Frequently asked questions
You may have questions along the way. We have summarised the most frequently asked questions with responses.
If your question isn’t listed and you need help or if you are having difficulty with any part of this process, please don’t hesitate to contact our team on 1300 654 822.
Funds can be transferred into an Estate Account or a solicitor acting on behalf of the Estate. In order to open an Estate Account with Bank First, a Grant of Probate is required.
Additional resources
There are many different services available to support you through the loss of a loved one.
This information does not take into account your objectives, financial situation or needs. Therefore, you should firstly consider the appropriateness of this information and refer to the Terms and Conditions or the relevant Product Disclosure Statement (PDS) before acquiring a product.
