Accounts & Deposit Boxes
Accounts & Deposit Boxes
Because banks are subject to both provincial and federal regulations, procedures can vary greatly from bank to bank and province to province. Some provinces have been known to automatically freeze joint bank accounts when one of the joint owners dies. To avoid problems, contact your bank directly, to determine the amount of money accessible and learn the procedures for releasing these funds, and to establish a new account for funds received after the death. At least one joint chequing or savings account should be left open for at least six months. This will allow you to deposit any cheques that you are entitled to but are in the deceased's name.
If the safety deposit box is in the sole ownership of the deceased. Banks will require a Proof of Death Certificate and Letters of Administration to gain access to the contents. On co-owned safety deposit boxes, the rules vary from province to province. Call your attorney or bank for their requirements.