Bank charges on death ¶
What are the rates charged by banks to close a bank account on the death of a person?
According to the UFC-Que Choisir, the bank charges to close the account of a deceased person are “opaque” and “confiscatory”, to use their words. Indeed, the death requires the closure of the deceased’s bank accounts and the transfer of assets to their heirs.
The bank then invoices ” the processing of administrative operations until the transfer of assets to the heirs (mainly the receipt of the death certificate, the inventory of funds and the management of post-mortem movements on the account) », Indicates the UFC.
This is a study made public by the consumer association UFC-Que Choisir which highlights the importance of bank charges linked to an inheritance.
We are talking about 150 million euros.
The study by the consumer association covers 21 banking establishments, and concerns the fees applied at the time of inheritance.
“The price brochures of banking establishments do not always allow consumers to easily identify the costs which their descendants will necessarily face,” points out the UFC-Que Choisir.
All this has a cost, a figure: 233 € on average.
For the same service, this average shows disparities between establishments, since prices vary from € 120 to € 527.
Added to this is a 28% price increase since 2012.
Elsewhere in Europe ¶
They are twice lower in Belgium (107 €), or in Italy (112 €).
And three times lower in Spain with 80 €.
Germany for its part does not apply this type of charge which it considers illegal.
A quarter of banks charge transfers to the accounts of heirs, when they are in competition. The bill reaches 145 € on average.
The basis for calculating the study relates to a typical inheritance of € 20,000 (” knowing that 66% of inheritances in France are less than 30,000 euros “, Says the association relying on data from INSEE).
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