A death leads to a lot of painful, tedious and expensive procedures for loved ones. However, little is said about those linked to the bank accounts of the deceased. Did you know that it will cost you on average 215 euros to close your financial portfolio?
Increasing costs
In 2015, an investigation by the association 60 Million consumers, based on the analysis of the rates of nine major banks, revealed that for a credit of 300 euros left on an account, the processing fees charged by the establishments ranged from 0 to 240 euros. The addition even reached 430 euros when there were more than 30,000 euros.
The online comparator Meilleurebanque.com, for its part, reviewed the prices charged by a hundred banks in 2018. At the time of the balance sheet, the specialized site noted differences in invoicing ranging from 75 to 450 euros. On average, 215 euros are debited for an estate of 15,000 euros (excluding life insurance) settled in less than six months. The platform has also noted a galloping increase in these types of fees - which are not capped by law - in recent years.
How to justify the invoice?
In its study, Meilleurebanque.com highlights the simplicity of the action to be carried out: "The only working difference between an internal succession and an external succession is the fact, for the bank, of making an outgoing transfer". However, the profession denies any opportunism.
When questioned, the French Banking Federation (FBF) replied that these costs - mentioned in the establishments' price list - actually cover several operations. And to quote "not only the treatment of the assets of the deceased (deposit account, savings products, life insurance ...), but also the necessary interventions, depending on the degree of complexity of the succession (the number of beneficiaries , for example) ". According to the FBF, the often delicate family situations (divorce, blended tribe) and the dispersal of siblings members increasingly complicate this type of procedure, knowing that the legislation “obliges banking establishments to carry out important investigations” .
What is the procedure ?
If you cannot escape the invoice, it is therefore better to know what to do so that the processing is as quick as possible. After having declared the death at the town hall, it is necessary to inform the bank of the deceased as soon as possible, so that his assets are frozen pending the settlement of the succession. It will then be necessary to provide him with the death certificate, the photocopy of the family book, the bank card and the checkbook of the deceased person and, if necessary, the contact details of the mandated notary.
For its part, the agency will transmit the file to a dedicated service which will have to gather all the financial elements that may be part of the estate, proceed to an accounting closing of the accounts on the date of death (which fixes the sums concerned) and inform the heirs and the tax authorities. When the succession has been settled, a notoriety will be requested indicating the distribution of funds between the heirs, or a simple certificate if the assets are less than 5,000 euros, in order to close the accounts and transfer the funds to designated persons.
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The case of savings accounts
Most of the regulated savings products, of the Livret A type, of sustainable development and other housing savings accounts are closed on the day of the holder's death. The sums are then transferred to the checking account of the deceased. On the other hand, in the case of unregulated products and term accounts, everything depends on what the contract provides for: the closing on the day of death or the blocking of funds until their distribution within the framework of the succession. As for securities accounts and savings plans in action (PEA), they are necessarily blocked until sharing and can then be kept in joint possession or sold, by unanimous decision of the beneficiaries.
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