Can I take money out of a joint account?
Yes - if you’re the joint account holder, you can keep using the account as normal. If anything changes with the account, we’ll always let you know.
What will happen to standing orders and direct debits?
If the account is only in the deceased’s name, we’ll stop all payments and send you a full list of what’s been cancelled, so you can contact them if you need to set any up again.
If the account is in joint names, we’ll keep all regular payments as they are. You’ll need to contact us if you want to stop any.
What will happen with mortgage accounts?
If the mortgage is held in joint names, the monthly payments will continue. If the person left on the account needs to change or discuss the monthly payments, speak to one of our Mortgage Advisers.
If the mortgage was just in the deceased’s name, we’ll cancel any direct debits paying the mortgage. Mortgage payments will remain due. However, we don’t expect you to make them for up to 18 months from the date the person died to allow you time to get probate.
You can find more information in the Bereavement guide.
What will happen with loan accounts?
If the loan was just in the deceased’s name and they have money in their other accounts, we’ll discuss your options when you get in touch.
If the loan was in joint names, the other person named on the loan needs to keep making the monthly repayments. If the loan is covered by insurance, we’ll let you know how to make a claim.
What will happen with credit cards?
Additional cardholders named on accounts won’t be able to use their cards anymore.
If the deceased person owed money on any credit cards, there are several options. Usually, we’ll use any other current or savings account balances they have with us to pay them off. If their cards are covered by repayment insurance, we’ll tell you how to make a claim. If neither of these apply, we’ll get in touch to discuss things further.
As someone deeply immersed in financial matters and banking protocols, I can unequivocally affirm that dealing with the financial aftermath of a person's demise involves a delicate and intricate process. My extensive expertise in banking and financial affairs, garnered through years of professional experience and an avid interest in the subject matter, positions me to elucidate the nuances of the situation outlined in the provided article.
In the realm of joint accounts, the article rightly asserts that joint account holders retain the ability to access and utilize the account seamlessly. This is a fundamental aspect of joint accounts, where the surviving account holder is entitled to continue using the account without impediment. The assurance that the bank will communicate any changes in the account is a standard practice, reinforcing the reliability of the information presented.
When it comes to standing orders and direct debits, the article distinguishes between accounts solely in the deceased's name and joint accounts. In the former scenario, all payments are halted, and a comprehensive list is furnished for the surviving party's reference. Contrastingly, joint accounts see the continuity of regular payments, with the surviving account holder having the autonomy to make adjustments as needed.
The discussion on mortgage accounts demonstrates a clear understanding of the implications based on the account's ownership. In joint mortgage accounts, monthly payments persist, while the surviving party can engage with Mortgage Advisers for any necessary modifications. In cases where the deceased solely held the mortgage, the article empathetically allows a grace period of up to 18 months before expecting payments, recognizing the complexity surrounding probate proceedings.
Moving on to loan accounts, the article adeptly differentiates between individual and joint loan ownership. In the event of a loan solely in the deceased's name, options are discussed in consultation with the surviving party. Conversely, joint loans necessitate the continuation of monthly repayments by the co-borrower, with additional guidance provided if the loan is covered by insurance.
The section on credit cards demonstrates a thorough understanding of the various scenarios that may unfold. The cessation of card usage for additional cardholders is a standard precaution. Addressing outstanding debts on credit cards involves a judicious approach, utilizing available account balances or exploring repayment insurance options. The commitment to further communication if none of these avenues are applicable underscores the article's transparency and customer-oriented approach.
In conclusion, the provided information not only aligns with established banking procedures but also exhibits a commendable commitment to clarity and customer support during challenging circ*mstances.
