Banks should be doing more to ensure a smoother probate process as new search identifies long waits, lost documents, mistakes and miscommunication impacting bereaved families and estate professionals.
Research by consumer website Which? has found poor practice amongst banks when it comes to dealing with the accounts of deceased customers. In one case, a funeral invoice wasn’t paid because it didn’t match the name on the account after the bank had removed the deceased’s name from the joint account when she died.
According to Which? HSBC, Barclays, Lloyds and NatWest left more than a third of respondents dissatisfied with the way in which the probate process was dealt with. Santander topped the list with a satisfaction rating of 80%, with Nationwide (72%) and Halifax (66%) making up the top three.
One in five respondents to a survey of Which? members circulated in April of this year described the process of settling the deceased’s finances with their bank as ‘difficult’. The same number found advisors’ skill and understanding wanting, with a lack of knowledge of policies and process resulting in customers being given incorrect information. Bereavement teams in banks were ‘heard to reach’ and in 40% of cases it took more than three months to settle the deceased’s finances.
| Provider | Proportion of executors satisfied with service |
|---|---|
| Santander | 80% |
| Nationwide Building Society | 72% |
| Halifax | 66% |
| NatWest | 63% |
| Lloyds Bank | 63% |
| Barclays Bank | 62% |
| HSBC | 56% |
Source: Which?
