Online Executor Bank Accounts?

beabu

Can anyone recommend an executor bank account that can be opened entirely online or by mobile app? Is there such a thing? I've been appointed co-executor of my aunt's estate but two other executors are Covid-shielding or living in a household that is Covid-shielding. So they can't visit a branch easily to open one. The three of us all also want to avoid giving our personal financial details in a joint interview in-branch as you usually have to with an ordinary joint account, because the fourth executor is difficult to deal with (see my other thread!). Is there any way we can open an executor account without going into a branch, or at least without having to share our personal details with the fourth executor?

p00hsticks

Not that I'm aware of, no. Not that many banks now offer them. 
If you are an existing Natwest customer you can start the process online, but that only opens a second personal account. To add additional non-Natwest customer executors and/or convert it into an executor account (which I think you can only do when you have the grant of probate)  you then need to go into a branch with the relevant paperwork and ID.   

Flugelhorn

I managed to open an RBS account - admittedly in the branch (which has now shut) - this was within 10 days of the death so no probate - I think it was basically an extra current account for me, just labelled as an exec account. There was only me so not particularly helpful for the OP who has to keep everyone else happy.

If 2 execs can't come out would it be better if they reserved powers? Might leave you dealing with the problematic one, but at least it is only one - they shouldn't ask you anything too personal when opening the account

Spendless

Covid shielding till when? AFAIK there's little to no restrictions nowadays if you actually test positive for covid. If this is a choice they're making rather than something that's  compulsory then I can't see the banks would have any rules to take this into account. What does your Aunt's will say, does it allow you to act alone as executor or not (forget the legal term but it's something like jointly or severly)  

Savvy_Sue

If there happened to be one bank where the three of you already held accounts, it might be possible. Otherwise, unlikely - although when I've been changing signatories on business / charity accounts, people have been able to supply information without actually going into the bank, and everything's been checked remotely. 

beabu

p00hsticks said:

Not that I'm aware of, no. Not that many banks now offer them. 
If you are an existing Natwest customer you can start the process online, but that only opens a second personal account. To add additional non-Natwest customer executors and/or convert it into an executor account (which I think you can only do when you have the grant of probate)  you then need to go into a branch with the relevant paperwork and ID.   

Thanks for this, it's very helpful. Do you know if you have to go into the branch jointly or can you just do it individually?

beabu

Flugelhorn said:

I managed to open an RBS account - admittedly in the branch (which has now shut) - this was within 10 days of the death so no probate - I think it was basically an extra current account for me, just labelled as an exec account. There was only me so not particularly helpful for the OP who has to keep everyone else happy.

If 2 execs can't come out would it be better if they reserved powers? Might leave you dealing with the problematic one, but at least it is only one - they shouldn't ask you anything too personal when opening the account

Executor 4 was an executor when a previous family member died. He notified their bank, set up an ordinary current account and got some of the closed accounts paid into it. Only after that he invited his fellow executor to be a joint account holder. It was Halifax, so even though it says on the website they still allow more than 2 holders on a joint account, they actually don't. The other executor went in branch with him, but even though they both already had Halifax current accounts of their own they were extensively questioned about their personal details. The dodgy executor has since taken advantage of this private information and the other executor has been left rather shaken and humiliated by it all.

Executor 4 has followed the same tactics this time, but three of my aunt's financial products can only be released into an executor account. The rest of us really don't want to have our personal or financial information abused in this way and we're concerned we'll have to go through the same process for an executor account.

beabu

Spendless said:

Covid shielding till when? AFAIK there's little to no restrictions nowadays if you actually test positive for covid. If this is a choice they're making rather than something that's  compulsory then I can't see the banks would have any rules to take this into account. What does your Aunt's will say, does it allow you to act alone as executor or not (forget the legal term but it's something like jointly or severly)  

My aunt's will wants us to work together, so I don't think we can bow out. Executor 4 would happily act by himself but will nevr agree to one of us doing it instead.

Covid-shielders usually have health issues that mean they simply cannot allow themselves to get Covid. It's odd that when so many are Covid-shielding or are differently-abled anyway, that banks aren't getting real about providing better access to services for people who can't go in branch easily.

beabu

Savvy_Sue said:

If there happened to be one bank where the three of you already held accounts, it might be possible. Otherwise, unlikely - although when I've been changing signatories on business / charity accounts, people have been able to supply information without actually going into the bank, and everything's been checked remotely. 

I hope that could be true, but in a previous situation Executor 4 and the other executor had current accounts with Halifax but Halifax still insisted on a branch appointment and an extensive interview as with many joint accounts.

Spendless

beabu said:

Flugelhorn said:

I managed to open an RBS account - admittedly in the branch (which has now shut) - this was within 10 days of the death so no probate - I think it was basically an extra current account for me, just labelled as an exec account. There was only me so not particularly helpful for the OP who has to keep everyone else happy.

If 2 execs can't come out would it be better if they reserved powers? Might leave you dealing with the problematic one, but at least it is only one - they shouldn't ask you anything too personal when opening the account

Executor 4 was an executor when a previous family member died. He notified their bank, set up an ordinary current account and got some of the closed accounts paid into it. Only after that he invited his fellow executor to be a joint account holder. It was Halifax, so even though it says on the website they still allow more than 2 holders on a joint account, they actually don't. The other executor went in branch with him, but even though they both already had Halifax current accounts of their own they were extensively questioned about their personal details. The dodgy executor has since taken advantage of this private information and the other executor has been left rather shaken and humiliated by it all.

Executor 4 has followed the same tactics this time, but three of my aunt's financial products can only be released into an executor account. The rest of us really don't want to have our personal or financial information abused in this way and we're concerned we'll have to go through the same process for an executor account.

What sort of details? What details did they ask that was over and above any that  be asked when opening a joint account? 

tetrarch

The NatWest process should work for you. There is no need for any kind of interview or provision of financial details whatsoever. The only requirements are those of customer ID, which can be done online.

As has been said above, the NatWest process should be is:

Open sole account (online)
Add joint account holder(s) - (online)
Change account to Executor - (in-branch, by ONE account holder) 

This should suit you perfectly - no?

Regards

Tet