If you have recently lost a loved one, we’re truly sorry for your loss. At GMCU, we know this can be an overwhelming time, and sorting out banking is often the last thing you feel like doing. We’re here to help you through it, step by step.
When someone passes away, there are usually a lot of practical tasks to manage and decisions to make. Our role is to make the banking side as simple and clear as we can, and to give you one place to come with questions.
We can help by:
The time it takes to finalise an estate can vary. Some estates can be completed in a few weeks, while others can take several months. This depends on the size and complexity of the estate, and on whether documents such as a Will or Grant of Probate are required. We may also need information or instructions from several people involved in the estate (for example, the executor, solicitor, or other beneficiaries).
Below we’ve outlined what you can expect, and what you may need to do.
The first step is to tell us that a GMCU member has passed away.
You can:
When you contact us, it’s helpful (but not essential) if you can provide:
Once you notify us, our team will create an estate file and start putting the right protections around the accounts.
We’ll let you know which documents we need based on the circumstances of the estate. These may include:
For smaller or less complex estates, we may be able to release funds without Probate or Letters of Administration, in line with GMCU’s internal thresholds and policies. Our team will talk with you about what applies in your situation and what options are available.
We may request originals or certified copies in some cases. If you’re unsure how to certify a document, please contact us and we’ll guide you through it.
As soon as we’ve been notified of the death, we’ll review the accounts held in the member’s name and apply the appropriate controls.
This usually includes:
For joint accounts, the way we treat the account will depend on the type of account and the terms and conditions. In many cases, the surviving account holder can continue to operate the account. We’ll explain how this applies for each account.
We understand that some payments (such as funeral expenses) may need to be made from the deceased member’s account. In many cases, GMCU can release funds directly to the funeral director on receipt of a tax invoice and the necessary documentation. Please talk to us so we can explain what’s possible in your situation.
GMCU will work closely with the person or people legally responsible for managing the estate. This may be:
We’ll verify their authority and capture their contact details and preferences, so we know who to take instructions from and how they’d like to receive updates.
Once we’ve received the required documents and confirmed who is authorised to act, we will:
1. Confirm the member’s position with GMCU, including:
2. Apply any required set‑off in line with the law and GMCU policy (for example, using funds in deposit accounts to reduce outstanding debts).
3. Calculate the net amount payable from or to the estate.
4. Act on valid instructions from the executor/administrator or solicitor on how the funds should be distributed. This may include:
5. Close or update accounts once estate matters with GMCU are finalised, and issue any final statements or letters confirming what has been done.
For more complex estates, or where there are disputes, we may need to place a temporary hold on some actions until the matter is resolved. We’ll always explain what we’re doing and why.
Every estate is different. Some can be finalised relatively quickly once we receive all required documents and instructions. Others can take longer, especially if:
As a guide:
We’ll keep in touch with the authorised representative, and you’re always welcome to contact us for an update.
Managing a loved one’s banking after they pass away can feel daunting, but you don’t have to do it alone. Our team works with deceased estates regularly and understands both the practical steps and the emotions involved.
If you’d like to talk to someone about what to do next:
Let us know where you’re up to and what you already have (for example, a Death Certificate or Will), and we’ll help you with the next steps from there.
The following Australian government website contains many useful links and guidance on death and bereavement:
