Losing a loved one
Deceased Estates
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Supporting you during a challenging time.
The loss of a family member or friend can be an incredibly difficult and emotional time and dealing with their finances can feel confusing and overwhelming. We are here to support you during this time by making the process of finalising their banking as easy and simple as possible.
On this page you’ll find an overview of how we can help you with their banking arrangements, what steps you may need to take and what you may expect from us to finalise these arrangements.
On this page we’ll refer to a ‘Representative’. This means a representative who is entitled by law to deal with the deceased estate, such as an Executor, Administrator, or Next of kin.
On this page you’ll find an overview of how we can help you with their banking arrangements, what steps you may need to take and what you may expect from us to finalise these arrangements.
On this page we’ll refer to a ‘Representative’. This means a representative who is entitled by law to deal with the deceased estate, such as an Executor, Administrator, or Next of kin.
What do I need to do?
What do I need to provide?
When you notify us of the passing of your loved one, we will need some documents from you.
We will ask you to provide certified copies of Proof of Death documents such as:
- Death certificate
- Medical certificate
- Solicitor or coroner's letter
- Police report.
Anyone can notify us of the loss of a loved one. However, before we can share information about your loved one’s accounts, you will need to be an authorised representative of their estate.
We will ask you to provide certified copies of:
- a signed Will naming you as the executor; or
- if there is no Will a death certificate naming you as the next of kin.
Unless you are already a bank customer, we will need to identify you and will need acceptable photo identification such as:
- Australian driver's licence
- Passport
- Proof of age card.
If there are several Representatives, for example, joint executors appointed in a Will, then we will need to identify both executors.
We may also ask for certified copies of:
- Grant of Probate
- Letters of Administration.
At any point in time, you can appoint a legal representative to act on your behalf. Your legal representative will need to provide us with the documents outlined above.
What happens after you notify us?
To prevent unauthorised activity and to keep your loved one’s account(s) secure, we will promptly take action on accounts and services held in the sole name of your loved one. This will include:
Online and Mobile Banking
Removing online and mobile app banking access.
Transaction and Savings Accounts
Placing a hold on all accounts, which will restrict debit and credit payments, removing signatory access to these accounts, cancelling all direct debits and transfer orders and cancelling visa/debit card access.
Any credit payments to the account, after the hold is placed on the account, will be returned to the sender.
Any interest on savings accounts will still be paid until the account is closed.
We can provide the Representative with a list of all the recurring payments and direct debits for each transaction and savings account.
If the account has any recurring payments on a Debit card (such as subscription services, utility bills, mobile phone bills), you will need to contact the merchant or service provider to cancel these payments or make alternative payment arrangements.
If your loved one holds other accounts with BOQ Group (BOQ, BOQ Specialist, BOQ Finance or Virgin Money Australia), then we will support you in identifying and managing these accounts.
We will also let you know what the next steps are before we release funds held in the accounts.
Any credit payments to the account, after the hold is placed on the account, will be returned to the sender.
Any interest on savings accounts will still be paid until the account is closed.
We can provide the Representative with a list of all the recurring payments and direct debits for each transaction and savings account.
If the account has any recurring payments on a Debit card (such as subscription services, utility bills, mobile phone bills), you will need to contact the merchant or service provider to cancel these payments or make alternative payment arrangements.
If your loved one holds other accounts with BOQ Group (BOQ, BOQ Specialist, BOQ Finance or Virgin Money Australia), then we will support you in identifying and managing these accounts.
We will also let you know what the next steps are before we release funds held in the accounts.
Joint Accounts
The joint account holder can continue to operate joint transaction and savings accounts if the other account holder has passed away. We will transfer the joint accounts into the name of the surviving joint account holder(s) once we obtain a certified copy of a Proof of Death document.
Term Deposits
Term Deposits held solely in the name of your loved one can be closed and the funds released prior to the Term Deposit maturity date or can continue until the maturity date.
We will waive any fees and charges for early withdrawal. Interest will accrue and will be paid until the date the Term Deposit is closed.
We will waive any fees and charges for early withdrawal. Interest will accrue and will be paid until the date the Term Deposit is closed.
Personal Lending Facilities
Home Loans and Personal Loans
If your loved one held a Home Loan or Personal Loan in their sole name, then we will remove any redraw access available to these accounts. Interest on the loan will continue to accrue until the loan is paid out.
You can contact the Deceased Estates Team on 1300 406 372 to discuss options to pay out and close the loans.
Joint Home Loans and Personal Loans
The other joint borrower(s) or the Estate will need to continue making loan repayments. Interest on the loan will continue to accrue until the loan is paid out.
You can contact the Deceased Estates Team on 1300 406 372 to discuss your options such as paying out and closing the loan or refinancing/restructuring the loans.
If you are worried you can't pay what you owe, won't be able to manage your upcoming repayments, or if you are having difficulty meeting your repayments – we are here to help. For more information on how to apply for Financial Difficulty Assistance, visit https://www.mebank.com.au/support/financial-hardship
If your loved one held a Home Loan or Personal Loan in their sole name, then we will remove any redraw access available to these accounts. Interest on the loan will continue to accrue until the loan is paid out.
You can contact the Deceased Estates Team on 1300 406 372 to discuss options to pay out and close the loans.
Joint Home Loans and Personal Loans
The other joint borrower(s) or the Estate will need to continue making loan repayments. Interest on the loan will continue to accrue until the loan is paid out.
You can contact the Deceased Estates Team on 1300 406 372 to discuss your options such as paying out and closing the loan or refinancing/restructuring the loans.
If you are worried you can't pay what you owe, won't be able to manage your upcoming repayments, or if you are having difficulty meeting your repayments – we are here to help. For more information on how to apply for Financial Difficulty Assistance, visit https://www.mebank.com.au/support/financial-hardship
Credit Cards
If your loved one held a Credit Card account in their name then we will cancel the primary and additional credit cards that have been issued.
If the account has any recurring payments (such as subscription services, utility bills, mobile phone bills), you will need to contact the merchant or service provider to cancel these payments or make alternative payment arrangements.
For more information, please see the Frequently Asked Questions or get in touch with us.
If the account has any recurring payments (such as subscription services, utility bills, mobile phone bills), you will need to contact the merchant or service provider to cancel these payments or make alternative payment arrangements.
For more information, please see the Frequently Asked Questions or get in touch with us.
Business Accounts
If your loved one was a partner of a partnership, officeholder of an association, company director or trustee of a trust, we recommend you seek independent legal and/or financial advice.
Who can access account information and provide instructions?
There are a range of authorised representatives who can access your loved one’s account information and provide us with instructions. Keep in mind, if you are an authorised representative listed below, you can appoint a legal representative at any time to act on your behalf.
Authorised representatives who can obtain account information from us:
- Executor, named in a Will
- Administrator, named under Letters of Administration
- Next of Kin
- Solicitor/Lawyer
- Public Trustees acting on behalf of the Deceased Estate.
Authorised representatives who can provide instructions to us:
- Executor, named in a Will. Where the combined total value of funds held in the account(s) with us is $75,000 or greater, we will require a certified copy of Grant of Probate.
- Administrator, named under Letters of Administration. If the combined total value of funds held in the account(s) with us is $15,000 or greater and there is no Will, then we will require a certified copy of Letters of Administration.
- Next of Kin. If the combined total value of funds held in the account(s) with us is $15,000 or less, then the Next of Kin named in a Death Certificate will be the Estate Representative who is able to provide us with instructions.
- Solicitor/Lawyer.
- Public Trustees acting on behalf of the Deceased Estate.
Funeral and estate expenses
You can ask us to pay funeral and Estate related expenses from your loved one’s accounts if there are sufficient funds available in the accounts.
These expenses may include funeral costs, government payments and costs to protect the Estate (e.g. insurance).
To arrange for the release of funds, you can contact the Deceased Estates Team on 1300 406 372. You will need to provide a copy of the original invoice in the name of your loved one or in the name of the Estate of the late and a completed Release of assets for a funeral form.
If you are a Representative and want us to reimburse you for expenses you have paid, then we will need a copy of the original tax receipt/s.
If the account has insufficient funds for the full payment of the expenses, then the balance in the account/s can be used as a part payment of the bill. The accounts will then be closed once the payment is made.
These expenses may include funeral costs, government payments and costs to protect the Estate (e.g. insurance).
To arrange for the release of funds, you can contact the Deceased Estates Team on 1300 406 372. You will need to provide a copy of the original invoice in the name of your loved one or in the name of the Estate of the late and a completed Release of assets for a funeral form.
If you are a Representative and want us to reimburse you for expenses you have paid, then we will need a copy of the original tax receipt/s.
If the account has insufficient funds for the full payment of the expenses, then the balance in the account/s can be used as a part payment of the bill. The accounts will then be closed once the payment is made.
Finalising the estate
If there are credit funds available in the Estate, we will require a completed Release of Assets form and if the Estate is valued at less than $75,000, we will require a completed Indemnity form.
Once we receive all the necessary documents (including completed forms as required), instructions from the Representative and once any loans held by your loved one have been paid out, we will then close all personal accounts held in your loved one's sole name and release the funds.
Once we receive all the necessary documents (including completed forms as required), instructions from the Representative and once any loans held by your loved one have been paid out, we will then close all personal accounts held in your loved one's sole name and release the funds.
Key Documents and Terms
Other organisations that can provide assistance and support
Losing a love one can be incredibly difficult and there is external support available to help. We have provided a list of support available to you during this difficult time.
FAQs and Glossary Terms
What is an Estate of the Late Account?
An Estate of the Late Account is a bank account that can be opened by Executors or Administrators. It is used to manage the financial affairs of the estate including receiving and holding funds related to the estate. This account allows the Executors or Administrators to distribute the estate assets and manage any estate related expenses.
What if I am an attorney appointed under a Power of Attorney for a person who passed away?
A Power of Attorney is no longer valid, and we can no longer provide you with information or access to their accounts and services unless you are an identified Estate representative. This will also apply if you were a signatory on their account or acted as a financial administrator for the person who passed away.
What happens if government payments have been received after the death of a loved one?
Occasionally, payments from a government department (e.g. Centrelink, the Department of Veteran's Affairs) are credited to your loved one's accounts after the date of death. We are obliged to return these payments to the specific department if requested by that department.
What needs to happen to the loans and debts in the name of the person who has passed away?
It is important to understand that when a person passes away, the Representative is responsible for paying any debts the person has from any money or property they leave behind (their Estate). We can work with you and support you in the steps to complete this.
How long will Estate funds take to be released when instructed?
Depending on the accounts held by your loved one, the time required to release the Estate funds will vary. We will send you a letter confirming payments and account closures once this has been completed.
What happens to the credit card facility after the cards have been cancelled?
If possible under the account's terms and conditions, we will try to offset the outstanding credit card debt from any transaction and savings accounts before the Estate is finalised.
Glossary of Terms
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