What happens if the account holder passes away?

In the event of the death of the account holder, the executor or administrator will be the only person recognised by us.

An executor is the person appointed to handle the wishes and instructions set out in a will, and the administrator is a person appointed by the court to manage and take charge of the assets and liabilities of a deceased person without a valid will.

The executor or administrator will need to produce a grant of probate or letters of administration before the account can be liquidated to a designated account as instructed by him or her.

If there is no will, then an administrator will be appointed by the Court and she/he will have to produce letters of administration before the account can be liquidated to a designated account as instructed by him/her.