Estate Settlement Process of Bank Account
Started by TEA ENG PENG
0 points
TEA ENG PENG
In Singapore, when a bank account holder dies, his bank account(s) will be frozen, and the legal representative of the deceased estate or the surviving joint account holder(s) needs to approach the bank to close the account(s). During the settlement period, no withdrawals, including GIRO deductions, will be allowed from the account(s).
The surviving joint account holder should provide the bank with a copy of the death certificate, and bring proof of identity (e.g. NRIC) to close the account. The bank will usually automatically give the account balance to the surviving account holder once the account is closed. This is provided the joint account is not pledged to a liability of the bank (e.g. overdraft, or business capital facility).
If there is more than one surviving joint account holder, the bank will usually proportionally allocate the balance. In this case, all parties must be present and provide the relevant documentation to close the account and withdraw the money. If there is any dispute over the allocation, the bank can freeze the account and advice the surviving account holders to seek a court order to settle the dispute.
0 points
TEA ENG PENG
In Singapore, when a bank account holder dies, his bank account(s) will be frozen, and the legal representative of the deceased estate or the surviving joint account holder(s) needs to approach the bank to close the account(s). During the settlement period, no withdrawals, including GIRO deductions, will be allowed from the account(s).
The surviving joint account holder should provide the bank with a copy of the death certificate, and bring proof of identity (e.g. NRIC) to close the account. The bank will usually automatically give the account balance to the surviving account holder once the account is closed. This is provided the joint account is not pledged to a liability of the bank (e.g. overdraft, or business capital facility).
If there is more than one surviving joint account holder, the bank will usually proportionally allocate the balance. In this case, all parties must be present and provide the relevant documentation to close the account and withdraw the money. If there is any dispute over the allocation, the bank can freeze the account and advice the surviving account holders to seek a court order to settle the dispute.