Losing a loved One (Deceased Estates)

Notify us if you have recently suffered the loss of a family member or friend, we are here to help

Speak to our caring team on 1300 855 675 or email [email protected]

If you’ve engaged a solicitor to handle the settlement of the estate, mail correspondence to us here: 

First Option Bank
P.O Box 7063
Melbourne VIC 3004

General information

Understanding account access. Keeping your loved one’s account safe and preventing unauthorized access is our priority. It’s also important to consider the following:

1. A freeze is placed on Accounts held solely by the deceased. Cards are cancelled to prevent further transactions. Internet Banking access ceases, including recurring payments and direct debits (e.g. utility bills). Direct credits can still be received until the account is closed.

2. Credit Card Facility – Any credit cards held by the deceased will be cancelled, including card for any additional cardholders.

3. Personal and Home Loans - We will stop all access and activity if the loan is held solely by the deceased and we may also place stops on any available redraw.

4. Joint accounts – continue as normal, the surviving joint account holder will continue to have full access to their accounts and are responsible to continue repayments if any loans are held in joint names.

5. Account signatories & Power of Attorney – access is no longer available. All signatories will become null and void

Funeral expenses

 Funds can be paid for funeral costs on production of an invoice with the name of the deceased.


Following notification, a confirmation letter will be sent to the person handling the estate within 14 days, outlining the next steps.

Documents required: 

1. Certified copy of the Death Certificate

2. Certified copy of the Last Will and Testimony (if available)

3. Forms/Statutory Declarations (if applicable)

4. Probate/Letter of administration (if applicable)

5. Payment Instructions (release funds & close accounts) from the authorized representative.

Above documents are to be posted to First Option Bank, PO Box 7063, Melbourne VIC 3004