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N26. Bereavement of account holder

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  • 30-06-2024 9:13am
    #1
    Lostinspace
    Registered Users Posts: 234 ✭✭


    Hi,

    Has anyone had this situation with a family member where the main account holder of an N26 account passes away? How does a loved one (i.e. husband or wife) get access to the funds in the deceased person'saccount?

    I spoke to N26 yesterday and it's all a bit vague with them.

    Has anyone any thoughts?



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    #2
    zell12
    Registered Users Posts: 25,268 ✭✭✭✭zell12


    ..

    https://support.n26.com/en-it/account-and-personal-details/personal-information-and-data/bereavement-and-probate



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    #3
    Lostinspace
    Registered Users Posts: 234 ✭✭Lostinspace


    Thanks, i had read that previously.

    "We will notify the beneficiaries in any case which exact documents they need to provide in order to settle the deceased’s account with N26."

    I'm just wondering if anyone is aware of exactly what those documents are? Living in Ireland.

    I presume a death certificate, proof of identity of the person seeking the funds, proof of relationship (i.e. marriage certificate) and a will or a grant of probate from a solicitor?

    The reason I'm asking is that I'm trying to convince my 85 yr old Dad to go digital with N26 and start earning interest in his savings, which he's currently earning zero on with AIB. The "what if something happens to me" question comes up, which is a legitimate concern at his age. How can my mum get access to the funds?

    Best for him to speak to his solicitor?



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    #4
    The Continental Op
    Registered Users Posts: 6,856 ✭✭✭The Continental Op


    That seems a very strange thing to want to do. His money leave him to do what he's happy with.

    Wake me up when it's all over.



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    #5
    blackbox
    Registered Users Posts: 4,338 ✭✭✭blackbox


    Unless it's a joint account, every bank will hold the funds until probate is granted apart from a small amount that they may release to cover funeral expenses.



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    #6
    Lostinspace
    Registered Users Posts: 234 ✭✭Lostinspace


    Well it was initiated in his side on the back of this article. He knows I'm an N26 customer for years. https://www.rte.ie/news/business/2024/0313/1437735-n26-offers-irish-savers-instant-access-deposit-rate-of-4/



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    #7
    JVince
    Registered Users Posts: 1,170 ✭✭✭JVince


    Will he know what to do if the account is compromised?

    He's 85, let him have his final years without the hassle of codes, fingerprints and crap customer service.

    Irish banks have higher interest options now. For the sake of 0.5% or so, just don't put him to the hassle of something new.



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    #8
    SteelyDanJalapeno
    Registered Users Posts: 14,322 ✭✭✭✭SteelyDanJalapeno


    Agreed, maybe take a look at the state savings bonds? There's 1, 2, 5 & 10 year options with decent interest rates and all can be done in the post office with a teller.

    A digital bank for an 85 year old would be quite stressful I'd imagine.

    https://www.statesavings.ie/our-products



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    #9
    pakb1ue
    Registered Users Posts: 179 ✭✭pakb1ue


    I had a similar conversation with my own father. As I already know all of his account details and passwords etc I said if anything was to ever happen to him I would transfer the money back to his Irish bank account. So I now have a sizeable amount of his savings sitting in his Trade Republic account.



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    #10
    The Continental Op
    Registered Users Posts: 6,856 ✭✭✭The Continental Op


    https://www.boards.ie/discussion/comment/122320674#Comment_122320674

    Thats OK when he's alive but would be illegal when he's dead.

    Wake me up when it's all over.



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    #11
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,306 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/comment/122320425#Comment_122320425

    Give him a couple of articles to read on online fraud etc…. At that age the couple of extra percent is not going to make much difference but being scammed out of it will.



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    #12
    coylemj
    Registered Users Posts: 25,455 ✭✭✭✭coylemj


    When an account holder dies, the executor would typically advise any banks where the deceased had an account and ask them to freeze the account. The executor then applies for probate and when the Grant of Probate is issued, the executor can ask the banks to remit the balance to him/her.

    As advised above, some banks will relase money to pay the funeral bill. Undertakers are aware of this and will provide good advice on how to approach them.

    The best way to make money in your savings account quickly available to your next of kin when you pass is to have an account in a credit union and make a nomination in favour of someone by filling in a form which the CU will supply. When the account holder dies, the nominee can go to the credit union with the death cert. and the CU will typically issue a cheque pretty quickly, if not there and then. The maximum amount which they can pay out under a nomination has gone up over the years, it was raised to €27,000 by ministerial order in Feb. last.

    A CU nomination cannot be varied by anything the deceased said in their will and is not subject to probate. Which is why the CU can pay the money with the minimum of formality.



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