Interest on deceased person's account

Bumpkin_Billionaire

My mum passed away last December and I've just got the grant of probate. I went into my mum's bank today and asked for a statement of her account, which paid monthly interest. The statement shows the bank stopped paying interest after I informed them of her death in December. Is this normal? They have had the benefit of her money all these months so I would have expected them to carry on crediting the monthly interest.

Thanks

HappyMJ

Bumpkin_Billionaire wrote: »

My mum passed away last December and I've just got the grant of probate. I went into my mum's bank today and asked for a statement of her account, which paid monthly interest. The statement shows the bank stopped paying interest after I informed them of her death in December. Is this normal? They have had the benefit of her money all these months so I would have expected them to carry on crediting the monthly interest.

Thanks

Yes it's normal. I know it looks like they get the benefit of the money for the last 6 months but banks and other creditors also freeze interest and charges on credit card and unsecured loans too so it should all balance out in the end. At least they should do. Mortgage interest is not frozen as they are secured against an asset and when the asset is sold the debt is repaid.

Yorkshireman99

Bumpkin_Billionaire wrote: »

My mum passed away last December and I've just got the grant of probate. I went into my mum's bank today and asked for a statement of her account, which paid monthly interest. The statement shows the bank stopped paying interest after I informed them of her death in December. Is this normal? They have had the benefit of her money all these months so I would have expected them to carry on crediting the monthly interest.

Thanks

Have you asked the bank?