Probably some of you knowledgeable contributors already know this but for those who don’t here goes. We have recently discovered that if your joint account is titled “blah blah ET blah” then when one dies the account is frozen except for the continued payment of direct debits. To change it to a single titleholder or cancel it there are a number of hoops to jump through. However if it is titled “blah blah OU blah” the process is straight forward and easy.
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That is really good to know, I’m sure mine is under ‘ou’, I will check!
That’s the sort of info you don’t understand the importance when they ask you setting up the account. In the first case you’d need the death certificate and notaires act. Effectively the money gets blocked until the state gets any monies due. And in my personal experience these things take time…
yep… we were advised to make it thus, when we opened our first account with Credit Agricole…
It’s amazing how many folk have NOT done this… and it’s not just Brits…
Absolutely I know my neighbour was blocked for something like 9 months!
Isn’t it exactly the same with UK joint accounts?
Just checked and ours is OU but good to know.
We don’t have a joint account so that is a different can of worms to open when needs must…