Question 1

What happens with deposits to the deceased member’s accounts?

Accepted Answer

Deposits will continue to be accepted into the account until the account is closed.

Question 2

What happens with direct debits and other scheduled payments from the deceased’s accounts?

Accepted Answer

These are cancelled unless the Estate Representative request that they continue to protect the Estate (e.g. insurance).

Question 3

Can I use the funds of the deceased member to pay for other bills?

Accepted Answer

Probate filing fees and other bills such as electricity, gas, water, council rates, home and/or contents insurance etc. may be able to be paid from the account of the deceased if they are from around the time of the member’s death and the member’s name appears on the bill. We may pay these bills directly to the providers if we receive:

· A copy of the bill notice

· Identification of the person presenting the bill.

·      A copy of the bill notice

·      Identification of the person presenting the bill.

Question 4

Can I use the funds of the deceased member’s account to for funeral expenses?

Accepted Answer

We may be able to assist with paying the costs of the funeral from the accounts of the deceased. This is subject to there being funds available. If there are not enough funds, we may make a part payment with the funds available. If the funeral expenses have not been paid, provide us with the original tax invoice (or original certified copy) and we will make the payment on your behalf.

If you would like to claim for funeral expenses already paid, provide us with the original tax invoice and receipt, with the payee’s name clearly stated, and we may reimburse the payee directly.

Question 5

Can I deposit cheques made payable to the deceased?

Accepted Answer

You can deposit cheques made payable to the deceased member until their account is closed. Any cheques made payable to the “Estate of” must be deposited to an“Estate of” account.

Question 6

Other Information

Accepted Answer

Below is some more practical information which may help you through this difficult time.

LawAccess NSW – Information regarding what to do after someone dies.

ASIC Moneysmart – Losing your partner

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Question 7

My question has not been answered here and I need to discuss this with someone. Who do I call?

Accepted Answer

You can contact IMB on 133 462 between 8:00am and 8:00pm Monday to Friday and between 9:00am and 4:00pm on Saturday.

Question 8

Can I deposit cheques made payable to the deceased?

Accepted Answer

You can deposit cheques made payable to the deceased member until their account is closed. Any cheques made payable to the “Estate of “ must be deposited to an “Estate of” account

Question 9

What happens with Direct Debits and other scheduled payments from the deceased’s accounts?

Accepted Answer

These are cancelled unless the Estate Representative request that they continue to protect the Estate (e.g. insurance).

Question 10

What happens with Deposits to the deceased member’s accounts?

Accepted Answer

Deposits will continue to be accepted into the account until the account is closed.

Question 11

What bills can be paid from the deceased’s available funds?

Accepted Answer

Funeral Expenses

We may be able to assist with paying the costs of the funeral from the accounts of the deceased. This is subject to there being funds available. If there are not enough funds, we may make a part payment with the funds available.

If the funeral expenses have not been paid, provide us with the original tax invoice (or original certified copy) and we will make a payment on your behalf.

If you would like to claim for funeral expenses already paid, provide us with the original tax invoice and receipt, with the payee’s name clearly stated and we may reimburse the payee directly for these expenses.

You can provide these documents to any IMB branch or post them to:

Deceased Estates

IMB Ltd,
PO Box 2077,
WOLLONGONG NSW 2500

Other bills

Probate filing fees and other bills such as electricity, gas, water, council rates, home and/or contents insurance etc. may be able to be paid from the account of the deceased if they are from around the time of the member’s death and the member’s name appears on the bill. We may pay these bills directly to the providers if we receive:

· A copy of the bill notice

· Identification of the person presenting the bill.

A copy of the bill notice
Identification of the person presenting the bill

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Question 12

What if I have Power of Attorney (POA) or I am an authorised signatory (ATO) on their accounts?

Accepted Answer

As at the date of death, all signing authorities on accounts cease to apply.

At the time we are advised of the member’s passing, any ATOs or POAs on the deceased member’s accounts will no longer have access to the account(s). If you have a card linked to the deceased person’s account then this will be cancelled.

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Question 13

What if I can’t continue to make repayments following the passing of a loved one?

Accepted Answer

If you’re having difficulty making loan repayments, we encourage you to contact us as soon as possible to discuss your options. You can visit any IMB branch or call us on 133 462, 8.00am to 8.00pm Monday to Friday and 9.00am to 4.00pm on Saturdays.

Question 14

What happens to any outstanding Home Loans?

Accepted Answer

The loan repayments must continue to be made and interest will continue to accrue until the loan is finalised.

Any home loans in the name of the deceased member will be considered in the finalisation of the Estate. Unfortunately, we cannot change the names listed on the loan or title without specific legal documentation.

For assistance, please contact our Securities department by:

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writing to: Securities Department IMB Ltd

emailing: imbsecurities@imb.com.au

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Question 15

What happens to any outstanding personal Loans or Personal Lines of Credit?

Accepted Answer

For any amounts owing on overdrawn accounts, personal lines of credit or personal loans, IMB reserves the right to combine the balances of two or more of the deceased member’s accounts. For example, funds from a transaction account or term deposit may be used to clear overdrawn accounts, personal lines of credit or personal loans of the deceased member. This is explained in Section 16 of IMB’s Product Disclosure Statement.

If there are insufficient funds available to cover the amounts owing on overdrawn accounts, personal lines of credit or personal loans, the Estate may be liable for the monies owing. We will contact the Estate Representative directly about these accounts and any additional requirements to finalise them.

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Question 16

Does interest continue to accrue on their accounts until the release of funds?

Accepted Answer

Yes. Interest bearing accounts will continue to accrue interest until the release of funds.

Question 17

What happens to term deposits in the deceased person’s name only?

Accepted Answer

The account will continue to accrue interest and rollover if it reaches maturity.

Once all the required documents are provided for the Estate, the account will be closed. All interest accrued up to the closure date will be paid and no fees or penalties will be charged for early redemption.

Question 18

What happens to Visa Debit Cards or Cashcards in the deceased person’s name?

Accepted Answer

All Visa Debit Cards and Cashcards for IMB accounts held by the deceased person, or held by those with authority to operate on the deceased person’s accounts (e.g. ATO or POA), will be stopped and should be provided to IMB or securely destroyed (i.e. ensure you cut through the chip).

Question 19

What happens to accounts in the deceased person’s name only?

Accepted Answer

Once we have been notified that a member has passed away, we will place a freeze on any accounts held solely in the deceased member’s name and not allow any further withdrawal transactions. Costs associated with the Estate i.e.funeral costs, may be paid on request. Deposits will continue to be accepted into the accounts, however any cheques to be deposited must be payable to the deceased.

Generally, we will also cancel any authorities that allowed a third party access to the account.

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Generally, we will also cancel any authorities that allowed a third party access to the account.

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Question 20

What happens to joint savings and transaction accounts?

Accepted Answer

If the deceased person is an account holder of a joint account, the funds in the account will generally not form part of the Deceased Estate. We will treat the balance of the account/s as belonging to the surviving account holder(s) , under what is known at law as the right of survivorship.

These accounts continue to operate as normal and can continue to be used by the surviving account holder(s). The deceased person’s name will be removed from the account once the Death Certificate issued by the Registry of Births, Deaths and Marriages is provided.

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Question 21

How do I open an “Estate of” account?

Accepted Answer

All Estate Representative(s) should visit an IMB branch with the Will & Death Certificate OR Grant of Probate OR Letters of Administration and advise the staff that they wish to open an ‘Estate of’ Trust account.

Question 22

What is an “Estate of” account?

Accepted Answer

An “Estate of“ account works as a normal transactional account. Such an account is generally used to manage the financial affairs of the Deceased Estate after the date of death. It is opened by those managing the Estate so that the funds from the Estate can be deposited, required payments made and any remaining funds paid to the beneficiaries.

Question 23

How long does it take for the funds to be released to the Estate?

Accepted Answer

The time it takes for the funds to be released to the Estate depends on the number, complexity and value of the deceased person’s accounts and the provision of the required documentation. The circumstances of each member vary and so too the time it takes to settle each Estate. However, the earlier we receive all the required documentation, the quicker we will be able to finalise the Estate. Until all the documentation is received, we cannot process the finalisation of the Estate.

If a grant of probate is required then the process will take longer.

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If a grant of probate is required then the process will take longer.

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Question 24

Will I need to provide identification?

Accepted Answer

We will need to identify you if you are managing the financial affairs of one of our late members and you are not an IMB member. It is important that we do this, because we need to protect the privacy of the deceased person and ensure that we are dealing with the right person regarding their affairs.

As part of the Anti-Money Laundering & Counter Terrorism Financing Act 2006, the Government requires all financial institutions to verify the identity of all authorised persons acting on an account and so we require satisfactory identification documents be provided by all the Estate Representatives.

If the Estate Representative/s are already IMB member/s then this requirement may have already been satisfied. If not, the simplest way to complete this is to visit any IMB branch with the appropriate identification documents otherwise you will need to complete the Individual Certification Form – Deceased Estates Administration  and provide it to us with original certified copies of your identification documents (as listed on the form).

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Question 25

Will I need Probate or Letters of Administration?

Accepted Answer

We assess the circumstances of each Estate and in some cases, we may require Probate or Letters of Administration to be granted in order to release the funds. The Estate Representative will be advised of our requirements by letter when we have completed this assessment.

Question 26

Can the requirement for a Grant of Probate/Letters of Administration be waived?

Accepted Answer

To protect the financial affairs of the deceased person and the beneficiaries of the Estate, we do not have to release funds in the Estate without a Grant of Probate/Letters of Administration being provided, regardless of the value of the Estate.

We carefully review each individual Estate. In some cases, we will require a Grant of Probate or Letters of Administration.

A Grant of Probate or Letters of Administration may not be required if the assets of the Estate are minimal. In certain circumstances, we can waive the requirement for Probate or Administration. The Estate Representative/s should apply in writing to IMB outlining the reasons why they are requesting the Probate or Administration requirements be waived and once reviewed, we will advise them of the outcome.

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Question 27

What if there is no Will?

Accepted Answer

If your loved one did not leave a valid Will, they are said to have “died intestate”. In these cases, the Next of Kin will need to act on behalf of the Estate and complete the documentation needed to finalise their accounts with us. The Death Certificate will confirm who the Next of Kin is. Depending on the value of the Estate, they may need an Administrator to be appointed by the Supreme Court (i.e. via a Grant of Letters of Administration) in the State/Territory where the assets are held.

Letters of Administration is a court order made by the Supreme Court which allows the Administrator (the person who is appointed by the court) to distribute the assets of the deceased who died without a valid Will. The Estate is to be distributed according to a pre-determined formula as per the rules of intestacy in their State/Territory.

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Question 28

Who can certify documents?

Accepted Answer

The following is a list of acceptable certifiers

Justice of the Peace
Police Officer
Legal Practitioner
Notary Public
Registrar of a Court
Diplomatic Officer
Deputy Registrar of a Court
Judge
CEO of a federal Court
Magistrate
Australian Consular Official
Accountant

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Question 29

Do I need a certified copy of a document and how do I get one?

Accepted Answer

If you bring the original or original certified copy of the documents to any IMB branch, we will copy them and return the originals to you.

If you cannot attend an IMB branch then you will need to provide original certified copies of the documents.

To obtain a certified copy you will need to take the original document and a photocopy of it to a Certifier who will confirm that the copy is a true and accurate copy of the original. They will need to certify the copy with the following words:

‘I certify this to be a true copy of the document shown and reported to me as the original.’

This certification must be printed on the copy either using a stamp or handwriting in ink and followed with their handwritten details:

Signature
Date
Full name
Title
Registration number (if any).

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Question 30

What is a certified copy of a document?

Accepted Answer

A 'certified copy' is a copy of an original document such as a Death Certificate or Will that has been certified by a prescribed person as being a true copy of the original document. Examples of a prescribed person are a Justice of the Peace or a Solicitor.

Question 31

Where do I get the Death Certificate?

Accepted Answer

Where do I get the Death Certificate?The Death Certificate can be obtained from the Registry of Births, Deaths and Marriages in your State/Territory. The funeral home usually assists with registering the death.

Question 32

Who can we provide financial information to?

Accepted Answer

IMB is only able to provide financial information relating to a deceased member’s accounts to the Estate Representative acting on behalf of the Estate.

Question 33

Who is the Estate Representative?

Accepted Answer

If there is a Will then the Estate Representative/s will be the Executor/s appointed in the Will.

If there is no Will, then the Estate Representative will be the Next of Kin unless Letters of Administration is required whereupon the Supreme Court will appoint an Administrator.

Note: If a Solicitor has been appointed, all communication will be via the Solicitor.

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Question 34

Who do I notify if the deceased held an IMB Mastercard?

Accepted Answer

Please contact Card Services:

By Phone

1300 135 538 (+61 2 8225 0620 if calling from outside Australia)

In writing

Card Service
Customer Service Team
GPO Box 204
Sydney NSW 2001

If you are an additional cardholder on the account your card will also be cancelled.

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Question 35

Do I have to notify IMB Financial Planning?

Accepted Answer

If your loved one was a client of IMB Financial Planning, we will pass this information on to IMB Financial Planning once you have notified us of their passing.

Question 36

My loved one has recently passed away. What do I need to do?

Accepted Answer

We understand that this is a difficult and emotional time. Our Deceased Estates Guide should assist you understand the steps that need to be taken to finalise your loved one’s accounts.

Please notify us as soon as possible so we can assist you through this process.

You can notify us by:

visiting one of our branches
calling us on 133462 (8:00am to 8:00 pm Monday to Friday, 9:00am to 4:00 Saturday)
completing the Deceased Estates Notification Form and sending it to:

Deceased Estates
IMB Ltd,
PO Box 2077,
WOLLONGONG NSW 2500

For your IMB Credit Card, you will need to get in touch with Card Services. For the information, please visit cardservicesdirect.com.au/DeceasedEstate

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Loss of a loved one

We’re here to guide you through

Frequently asked questions

Need support?

Contact us

Locate us

Loss of a loved one

We’re here to guide you through

Step 1 – Notify us

Step 2 – Provide the necessary documents and information to us

Step 3 – IMB reviews the Estate and determines any additional requirements

Step 4 – Complete any additional requirements

Step 5 – IMB releases the Funds held in the Estate

Glossary of Terms

Frequently asked questions

What happens with deposits to the deceased member’s accounts?

What happens with direct debits and other scheduled payments from the deceased’s accounts?

Can I use the funds of the deceased member to pay for other bills?

Can I use the funds of the deceased member’s account to for funeral expenses?

Can I deposit cheques made payable to the deceased?

Other Information

My question has not been answered here and I need to discuss this with someone. Who do I call?

Can I deposit cheques made payable to the deceased?

What happens with Direct Debits and other scheduled payments from the deceased’s accounts?

What happens with Deposits to the deceased member’s accounts?

What bills can be paid from the deceased’s available funds?

What if I have Power of Attorney (POA) or I am an authorised signatory (ATO) on their accounts?

What if I can’t continue to make repayments following the passing of a loved one?

What happens to any outstanding Home Loans?

What happens to any outstanding personal Loans or Personal Lines of Credit?

Does interest continue to accrue on their accounts until the release of funds?

What happens to term deposits in the deceased person’s name only?

What happens to Visa Debit Cards or Cashcards in the deceased person’s name?

What happens to accounts in the deceased person’s name only?

What happens to joint savings and transaction accounts?

How do I open an “Estate of” account?

What is an “Estate of” account?

How long does it take for the funds to be released to the Estate?

Will I need to provide identification?

Will I need Probate or Letters of Administration?

Can the requirement for a Grant of Probate/Letters of Administration be waived?

What if there is no Will?

Who can certify documents?

Do I need a certified copy of a document and how do I get one?

What is a certified copy of a document?

Where do I get the Death Certificate?

Who can we provide financial information to?

Who is the Estate Representative?

Who do I notify if the deceased held an IMB Mastercard?

Do I have to notify IMB Financial Planning?

My loved one has recently passed away. What do I need to do?

Need support?

Contact us

Locate us