• What to do when someone dies?
• What identification do I need to open an account?

What to do when someone dies?

Write to the Society to inform us of the death. Including either:

• Original death certificate or Interim Death Certificate
• Certified Copy of the Death certificate or Interim Death Certificate
• Death Certificate Verification Form - This form is completed by a Solicitor using the information given on the Original Death Certificate
• Passbook(s) will also need to be sent

Who can certify a document?

• A Member of Parliament
• Justice of the Peace
• Commissioner of Oaths
• Officer of the Armed Services
• A person registered with or approved by the FSA
• Police Officer
• A member of a nationally recognised professional body (e.g. a Solicitor, Barrister, Accountant, Doctor, Nurse (SEN or SRN), Chemist, Optician, Banker, Surveyor or Valuer)

Please note that the photocopy must be certified by writing “I certify that this is a true copy of the original”, and then signed and dated by the certifier. In addition we will require the certifier to print their name, status, professional body they belong to and contact details.

What happens if the deceased held a savings account with Stroud & Swindon?

The deceased's account(s) will continue to accrue interest. However any instructions to transfer interest to a bank account will be cancelled and the interest will be added back on to the account.

What happens on a joint account?

In the case of joint accounts, the balance will be transferred to the other named account holder. The deceased's name will be removed from the account once we have evidence of death (please refer to the section "What to do when someone dies"). Please note the terms and conditions of the account will remain unchanged. 

What happens on a sole account?

In the case of a single account holder, his or her personal representatives may close the account (after providing evidence of their authority to do so) by withdrawing all the money, together with any interest earned. Alternatively the balance of the account can be transferred in to another Stroud & Swindon account.

If the sum due to the estate is more than £10,000.00 we will require sight of the original or a certified copy of Grant of Probate or Letters of Administration. If the sum due to the estate is less than £10,000.00 we may pay the money to the person entitled without a formal Grant of Probate or Letters of Administration, instead we will need a completed Statutory Declaration form which can be obtained from one of our branches or by calling us on 08457 025 24 23.

What is a Statutory Declaration?

A declaration made in a prescribed form before a justice of the peace, notary public or person authorised to administer an oath (e.g. a solicitor). Statutory declarations are equivalent to declarations made on oath and are regulated by the Statutory Declarations Act 1835. The Pejury Act 1911 makes it a criminal offence to knowingly and wilfully make a false statement in a statutory declaration.

What is a Grant of Probate?

The document received from the Probate office on submitting the Oath for Executors. The Grant of Probate is issued if the deceased has made a will.

What are Letters of Administration?

These are similar to Grant of Probate but they are issued (from the probate office) if the deceased has not left a will.

What happens to an ISA on the death of an investor?

If the deceased held an ISA (Individual Savings Account), under HM Revenue & Custom regulations the account will no longer be allowed to receive gross interest. Once we have received evidence of the death the money will be transferred into a new or existing net interest paying account.

Can the account still be operated once the death has been registered?

No, the account is frozen although it does continue to accrue interest. The Society does not offer a Will Trust or discretionary trust accounts so no further investments are permitted.

What bills or fees can be paid from the deceased's estate?

The following fees prior to receipt of Probate or Statutory Declaration form can be withdrawn from the deceased customer's savings account.

Funeral Expenses - We will require sight of the invoice from the Funeral Director. The cheque must be made payable to the Funeral Director.

Probate Fees - We will require sight of the invoice. The cheque must be made payable to HM Paymaster General along with the reference number.

Inheritance Tax - We will require sight of the Invoice. Cheques must be made payable to the Inland Revenue along with the reference number. This can also be paid by BACS, if this is required please forward to us the completed IHT form.

What happens if the account is registered to receive Gross interest?

If the deceased customer was registered as a non tax payer then they will be deregistered as per HM Revenue & Customs regulations as soon as the death is registered. The interest will be paid net from the date of the last interest payment and not from the date of death. This can be reclaimed from the local tax office. (This does not apply to ISA accounts).

What happens if there is a Power of Attorney on an account?

If the account is operated by a Power of Attorney or a Court of Protection, this will cease on the death of the account holder.

What happens when a trustee on an account passes away?

The Executor of the deceased's estate can either appoint a new trustee to operate the account or can take on the trusteeship themselves. We would require sight of the death certificate etc (please refer to the section "What to do when someone dies")