Contact the deceased’s bank.
The bank will freeze the deceased’s bank account to prevent anyone from fraudulently trying to withdraw funds from the bank account.
Why do the banks freeze the deceased’s bank account?
On notification of the deceased’s death, the banks will freeze all accounts belonging to the deceased, including the joint accounts of a couple married in community of property.
The banks are required by law to freeze the accounts because they form part of the deceased’s estate.
The banks also freeze the accounts to prevent fraud, as there is a high risk that someone may try to access the deceased’s account.
How to access funds from a frozen bank account.
Wrapping up a deceased estate can sometimes take months, or even years. This is always a difficult time for the surviving family members, as they may need funds to pay for living expenses such as groceries or school fees.
How to ensure you have enough funds to live on.
To access money from a frozen bank account, the banks will need the surviving family members to approach the Master of the Court, who will then issue a letter requesting the bank to release the agreed amount to help cover the funeral expenses of the deceased. This is usually carried out through the executor of the deceased’s estate.
This is another reason why it is always a good option to have adequate funeral and life cover in place.
Money Tip: In looking to the future, try to save a little money every month into a separate bank account to help cover the funeral and four month’s living expenses for you and your family.