How to manage a loved one's bank account online after their death?
Following the death of one of the two incumbents :
- The joint bank account remains open unless the heirs of the deceased co-owner object to its continuation;
- This account automatically becomes an individual account if only one of the two co-owners remains.
With regard to the management of the account balance, it is necessary to follow the settlement of the estate to determine what happens to the share belonging to the deceased holder. It should be added that if the balance is negative, then the bank is entitled to ask the remaining account holder to regularize the situation.
Undivided account
An " undivided or joint account is a collective account that operates with the agreement of all its co-holders 1".
In the case of the death of one of the co-owners, the bank blocks the account as soon as it becomes aware of this event. In the same way as for an individual account, no deposit or withdrawal operations are then recorded.
The balance, whether positive or negative, is settled at the same time as the rest of the deceased's estate.
How to manage an online bank account?
Online banking accounts at Revolut, Qonto or N26 are individual accounts. Therefore, how they are managed after the death of a loved one falls into the first category we looked at above.
To manage such a bank account, it is necessary to follow several steps.
Inform the bank of the death
The first thing to do, of course, is to contact the online bank to inform them of the situation. This way, you can share the owner's demise and find out more about the specific procedures that the institution might offer.
In any case, these companies must respect the French legislation. Thus, Revolut in its general terms of sale states the following:
"In the event of death, monies held in the account by Revolut will be frozen as soon as the death is made known to us by official act, subject to any pending transactions2."
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1 Public Service, Undivided Bank Account, May 3, 2022
2 Revolut, 33. death of customer in Termsand Conditions, accessed February 2023
N26 Bank, meanwhile, states, " As soon as we learn of the death of one of our customers, cards and associated online transactions and all access to the app will be blocked3. "
These two banks are therefore in compliance with the articles of the law concerning such a situation.
Obtain all necessary documents
In order for the institution to respond favorably to your request, it is essential to provide the necessary documents.
These can be:
- Death Certificate;
- The Will;
- Documents proving your status as executor or legal representative.
Identify direct debits and payments
To ensure that the closing of the online bank account goes as smoothly as possible, identify recurring direct debits and payments. This will allow you to ensure that they are cancelled or, if they require the balance of a receivable, transferred to another bank account.
Close the account and/or transfer the funds
Once you have informed the bank of the situation and have managed the remaining transactions if your status allows, you can close the account concerned.
Anticipate your succession today
To avoid putting your heirs in a problematic situation, the best thing to do is to prepare your succession in advance and anticipate the transfer of your digital assets, and therefore your estate. Specialized solutions are available to manage these assets.
SOLAL TECH allows you to identify, centralize and bequeath all your digital assets. This includes access to your online bank accounts. In addition, the platform offers you the possibility of naming :
- Heirs for each of your property or digital assets;
- A guardian, responsible for ensuring that your wishes are carried out.
By using such a solution, you secure your estate, because you decide what will happen to your property. Throughout this procedure, you are not alone and are accompanied by a notary. The notary authenticates your will and ensures that your last wishes respect French law and the regulations of each bank or online platform.
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3 N26 Support, What happens to an N26 account if the account holder dies? inDeathand Succession, accessed February 2023
In addition, SOLAL TECH centralizes all your needs related to the transmission of your digital assets. In addition to helping you manage the succession of your online bank accounts in advance, the platform also allows you to decide what will happen to your social network accounts, your cryptocurrency wallets, but also access to all your electronic devices.
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