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DECEASED ESTATE Under 15K QUIZ
Question or Hint
Answer or Word
- What if I have been verbally notified that a customer has passed away, but there is no documentation? Check public death notice e.g. newspaper, online or by confirmation from a Funeral Home. (wrong answers: Try and call the account holder, Inform the person notifying you cannot help them without official documentation of death., Set deceased estate on the account and process any transactions required for funeral expenses etc)
- What do I do if a person has passed away and is a Joint Account holder of Deposit Accounts? You will need the Death Certificate or Medical Certificate to verify that the person is deceased. Remove the deceased person from the joint account. Additional documentation is not required as the surviving account holder can take full ownership. (wrong answers: Close the joint account & Open a new account for the surviving customer, Continue to operate the account as normal, Provide the Death Certificate and Medical Certificate to HO and let them take the neccessary steps to remove the deceased from the account)
- When and How can Funeral Expenses be paid? An invoice from a Funeral Director/Home must be provided. If cheque payment is required this MUST be made payable to the Funeral Director/Home. Funeral costs may also be paid by RTGS or over the counter EFT to an account number stated on a Funeral Invoice (wrong answers: Cash withdrawn from the deceased account before the funeral takes place., By Visa at the funeral , The payment of funeral expenses cannot be paid until the funds are dispersed to every person written into the will)
- Will Greater Bank authorise payment for the wake? Yes, where a reasonable amount is included in the funeral expenses included in the Funeral Director/Home invoice. (wrong answers: No, Greater Bank strictly approves funds only for funeral expenses, as it is challenging to determine what constitutes reasonable costs for a wake., Once death certificate is provided, the Next of Kin or Executor is free to do as they please with the funds remaining after funeral expenses are paid., Greater Bank will pay for the wake as a gesture of our condolences.)
- What other expenses can be paid? Insurances to protect assets of the estate, Land rates, Utilities such as electricity, water, gas (final account), Nursing home (final account), Chemist (final account) (wrong answers: Debts outstanding to family members., Solicitor fees of person contesting the Will. , Renovations on the deceased property for sale.)
- What website can you use to verify deaths? Ryerson Index (wrong answers: Google, Illawarra Mercury Website, Whoisdead.com )
- Can authorised costs be paid from a Term Investment Account? If the costs need to be withdrawn from a Term Investment account, a partial withdrawal can be processed without incurring fees or break costs. (wrong answers: Yes, However normal term investment breakout penalties will apply., No, a deceased customers term investment cannot be accessed until maturity., This is decided by the Bank Manager on a case by case basis.)
