Unfortunately, no. Once a person is deceased all Power of Attorney/s, Guardianships and authorised signatories are void. The only person/s that can engage with QBANK regarding the deceased Members’ account will be executor/s, administrator/s, legal representative/s, or any joint account holder/s.
It is a legal requirement for QBANK to identify you. Under the Anti-Money Laundering and Counter-Terrorism Act 2006, executor/s, administrator/s, legal representative/s must be identified if instructing a financial institution about a Deceased Estate’s funds before such monies can be released.
As you can appreciate, individual circumstances vary. This means that the time taken to settle accounts also varies depending on the matter. The earlier we receive all required documentation, the quicker the request can be processed.
Bills
Requests can be made to QBANK for Estate invoices to be paid. These will be considered by relevant teams.
Funeral Expenses
The funeral bill may be paid from the Estate. We require the original tax invoice from the funeral director. If you would like to claim for funeral costs already paid, we require the original receipt in addition to the tax invoice to reimburse you.
Yes, there is a $20,000 limit on probate. This means if the value of the accounts held by QBANK is $20,000 or greater we will require the Executor/s to provide Probate.
You will continue to receive statements until the balance is nil after which one further, final statement is issued. If you continue to receive the Estate’s mail beyond this point, please contact our Estates team on 13 77 28 or estateadmin@qbank.com.au
Our team will send you a letter advising you of the details of any outstanding debts and our requirements for closing the account. Where possible, we will offset the credit card debt using the funds available from any savings and transaction accounts in accordance with the product's terms and conditions.
Please note all credit cards associated with the account will be closed. This includes credit cards where there is an additional cardholder.
The Term Deposit can remain invested until the date of maturity. At this point, QBANK will follow instructions that have been provided by the executor/s, administrator/s, legal representative/s, or any joint account holder.
Alternatively, funds can be released prior to the maturity of the Term Deposit once we have received all the required documentation. There may be interest reduction penalties to release a term deposit early.
Please refer to the Schedule of Fees and Charges and General Information Terms and Conditions for requirements and fees related to early redemption.
