What happens to a bank account in case of death?

As soon as the bank becomes aware of the death, it blocking the various accounts opened (current account, booklet account or savings account) of which the deceased was sole holder. These may include:

• Current account
• Current account
• Booklet A
• Sustainable development and solidarity passbook savings account (LDDS) or former Codevi (Industrial Development Account)
• Popular savings passbook (LEP)
• Young booklet
• Housing savings plan (PEL).

The bank no longer records any deposit or withdrawal transactions.

Despite account blocking, these operations can still take place:

• Transfers from third parties (e.g. retirement pension where the paying agency has not yet been informed of the death)
• Direct debit transactions corresponding to the various expenses incurred (by credit card, check or transfer, etc.) by the account holder before his death. These withdrawals are made within the limits of the funds available in the accounts on the day of death.

After death, the accounts may be unlocked for the settlement of certain expenses. They may be paid by direct debit within the limits of the funds available in the accounts on the day of death and within the limit of €5,965.

These are the following:

• Funeral expenses
• Costs of care provided to the deceased during his last illness
• Taxes due by the deceased.

The balance (positive or negative) of the account is settled at the same time as the succession.

The account is closed after settlement of the estate.

If the account balance is less than €5,965 and since the estate does not include real estate, an heir can close the account alone. Otherwise, one act of notoriety must be established by a notary and sent to the bank to close the account.

The bank may charge you fees for the steps it takes in connection with the succession (inventory of funds, verification of the powers and identity of the heirs, transfer of money to the heirs...).)

The amount of the fee is capped at 1% the total balance of the accounts and savings products of the deceased. This amount cannot exceed €857.

The account agreement predicts what happens to the bank account.

In principle, the following two provisions are provided for:

• The account remains open except opposition by the heirs of the deceased joint proprietor
• The account continues to be the account of the surviving co-holders (or automatically becomes an individual bank account, if there is only one surviving co-holder).

In the case of a positive balance on the day of death, the share belonging to the deceased shall be determined at the time of settlement of the estate.

In the event of a negative balance, the bank may ask the surviving holder(s) to pay all the corresponding sums.

As soon as the bank is informed of the death of a joint holder (by relatives or by a notary), it automatically blocks the undivided account.

It no longer records any deposit or withdrawal transactions.

The balance (positive or negative) of the undivided account is settled at the same time as the entire estate.

As soon as the bank becomes aware of the death (by relatives or by a notary), it blocks the portfolios of securities of the deceased.

In principle, the bank can no longer buy or sell securities. It will only be able to do so if all the heirs agree.

As soon as the bank becomes aware of the death (by relatives or by a notary), it blocks access to the safe rented by the deceased. The powers of attorney which had been granted on the chest end at the time of death.

If the safe is linked to a joint account, it is not blocked. However, it is recommended to request the blocking and to have an inventory carried out in the presence of the heirs and the co-owner of the safe to safeguard the interests of each.