[PDF] Our commitment to you - NatWest

What happens if a party to a jointaccount dies?The balance on your joint account usually passesautomatically to the remaining joint account holder(s).The name of the deceased party is removed and theremaining party(ies) can continue to operate theaccount normally. If there is an overdraft on the jointaccount, when one of you dies, we may insist that theborrowing is paid from the other parties’ assets andthat the account is closed.When can the Bank ‘freeze’ yourjoint account?We may ‘freeze’ your account if we have a validreason for doing so. We set out below some examplesof cases in which we may find it necessary to do this:■ When we receive a request to convert the jointaccount into a sole account and we do not haveyour joint agreement as to how the money in thejoint account is to be divided between you.If the joint account is overdrawn, the bank maydecide not to let you convert it to a sole accountunless you both remain responsible for the debt.■ Following notification of bankruptcy of the jointaccount holders. We will have to return chequesdrawn on the account, even if the account is incredit.■ Where we know of a dispute between the accountholders. You should tell us immediately if you areunhappy about the way your partner is using theaccount, or are worried about how it may be usedin future.■ If the relationship between the account holders hasended, e.g. divorce, all account holders mustcontact us to arrange for the joint account to beclosed and new sole accounts to be opened. We willneed you to give us joint instructions about how tohandle existing Standing Orders or Direct Debitsand how the money in the account is to be splitbetween you. We will need you to confirm yourarrangements for repayment of any borrowing withus. Until you cancel the joint account instructions,all parties will continue to be liable for newpayments and any overdraft and charges thatresult. If any cheques are supported by a chequeguarantee card, we may have to pay them.22