Release of money from banks following Grant of Probate

Misha96

Following my uncle’s death I informed all banks and building societies in which he held money. As is usual, the accounts were frozen.  When Grant of Probate was obtained I followed the procedure outlined by each bank in order to close accounts and transfer the money. I have just finished this work. How long does it usually take before money is transferred?

Thanks,

Misha

Toucan13

I did this earlier in the year - NSI took 28 days from the date I sent the Grant to monies received, Nationwide a little longer as there was something they wanted to query on their form, and another building society took less than a week.  So it depends but I was surprised it was as straightforward once I'd got all the correct forms

Misha96

Thanks for your helpful reply.

Jowwie

Two weeks for me for Halifax. Four weeks for a pension fund. Still waiting after seven weeks for another pension fund. It varies.

Misha96

Is the release of funds quicker when the executor has an account at the same bank? 

Thanks, Misha

tetrarch

Misha96 said:

Is the release of funds quicker when the executor has an account at the same bank? 

Thanks, Misha

I believe that the general answer to your question is no. However...

It may be that the Customer ID process may be swifter as you are already known to the bank

It may be that the final payment can be expedited more swiftly (because the payment won't have to go through BACS)

Regards

Tet

Gers

Misha96 said:

Is the release of funds quicker when the executor has an account at the same bank? 

Thanks, Misha

In my experience - yes.  Mum's bank sent me her funds once I'd uploaded her death certificate, it went straight into my own account with them.  NS&I also didn't require confirmation (equ. to probate) to send me her £26,500 in premium bonds only the death certificate.  My only caveat to this information is that I held POA for Mum well beforehand.

I did require confirmation for selling her property but not otherwise.

Misha96

Gers said:

Misha96 said:

Is the release of funds quicker when the executor has an account at the same bank? 

Thanks, Misha

In my experience - yes.  Mum's bank sent me her funds once I'd uploaded her death certificate, it went straight into my own account with them.  NS&I also didn't require confirmation (equ. to probate) to send me her £26,500 in premium bonds only the death certificate.  My only caveat to this information is that I held POA for Mum well beforehand.

I did require confirmation for selling her property but not otherwise.

I also held POA for my uncle but only in the last year of his life. Funds held in his other banks came through quickly. I think one was only three working days. It’s NSI I’m waiting for now. It’s only been nine working days since I posted everything off but they returned the Grant of Probate by return. Another forum user said they waited twenty-eight days for NSI to release money. Whilst waiting for probate I opened an NSI  Direct Saver and gave them that account number.  I’m slightly worried. I’ve never managed to reach NSI by phone in recent months.

Misha

 

poppystar

I think it was probably quicker in my case too. I had a joint account with my father and Lloyds simply emptied all his other accounts within their banking group (ie, including Halifax accounts) into that account which was changed into my sole name. This happened in days and included the ISAs I wanted to remain open to get the interest continuing during probate - just got some compensation for that thankfully. I was surprised at how quickly it all happened. Other institutions where I had no account took much longer. 

Misha96

poppystar said:

I think it was probably quicker in my case too. I had a joint account with my father and Lloyds simply emptied all his other accounts within their banking group (ie, including Halifax accounts) into that account which was changed into my sole name. This happened in days and included the ISAs I wanted to remain open to get the interest continuing during probate - just got some compensation for that thankfully. I was surprised at how quickly it all happened. Other institutions where I had no account took much longer. 

That you held a joint account with the deceased probably made a difference in your case. There were/are no joint accounts in my case. 

Newly_retired

I have just started this process as executor for my husband’s estate.
i hold an account with his main bank so ID was easy. I opened a new account with this bank for the purpose of holding money for the estate.  It took about three weeks to receive a transfer in, after uploading the death certificate. 

Other banks will require probate. They all have their own rules.