Finalising a Deceased Estate

We can pay funeral expenses from the deceased member's account if there is are sufficient funds available.
This can be arranged in two ways:

• If you have not paid the funeral expenses, provide us with a copy of the funeral invoice and we will pay the funeral director.
• If payment of the funeral expenses has already been made, provide a copy of the receipt of the payment together with the invoice and we will reimburse you for this expense.

A Power of Attorney or Authority to Operate automatically ceases on the death of the member.

Any joint transaction or savings accounts held by the deceased with another individual can continue to be used by the surviving party. Once we have received an original certified copy of the death certificate we will transfer the accounts into the name of the surviving party.
(Note: This is not applicable for personal loans, home and investment loans or flexi credit facilities)

Once we have been notified of the death, the account will effectively be frozen immediately and all access to the account will be stopped, including card access, the use of any cheque books, direct debits, internet banking and phone banking. Direct credits will continue to be accepted.

Funds from the deceased’s saving or investment accounts may be applied to an outstanding loan under account combination. A joint loan should continue to be repaid by the surviving joint debtor and the insurance kept up to date. A loan held solely in the deceased’s name will need to be paid out from the deceased’s estate and the insurance needs to be kept up to date until the loan is paid out. 

Funds from the deceased’s saving or investment accounts may be applied to an outstanding loan under account combination. An outstanding overdraft held solely in the deceased’s name will need to be paid out from the deceased’s estate, and the insurance kept up to date until the overdraft is paid out. If a joint overdraft was held by the deceased, the overdraft amount will be reduced to the balance of the account or removed completely.  If the surviving party requires the overdraft, an a new credit application and assessment will be required.