While you may be able to access some funds for funeral costs, the length of time it takes for the rest of the funds to be released from a Deceased Account varies between customers.
When the total value of funds held with PTSB is less than €30,000 the money in the account can be released by filling out a Small Balance Claim Form (SBCF). You can collect this form at your local PTSB branch or you can download the Small Balance Claim Form (SBCF) (pdf, 352KB).
The SBCF needs to be filled out by the executor if there is a will. If there is no will, the SBCF needs to be filled out by all the next of kin for the deceased.
There is an indemnity within the SBCF. This means the person claiming the balance from the Deceased Account legally indemnifies PTSB should someone else have a legal right to claim the accounts of the deceased.
When the total value of funds held with PTSB is greater than €30,000, the money within the account can only be released on providing an Irish Grant of Representation. A solicitor can advise you on how to apply for this. Alternatively, you may contact the Probate Office directly.
On receipt of a Grant of Probate or Letters of Administration, where no solicitor has been appointed, we will issue funds via a bank draft made payable to you as Executor(s) or Administrator(s). An Executor or Administrator account in the names of all those mentioned in the Grant of Probate or Letters of Administration will need to be opened in order to lodge the funds. Where a solicitor has been appointed we will pay the funds directly to them.
In order to open an Executor/Administrator account, please visit any bank branch when the Grant of Probate/Letters of Administration has issued and they will provide you with the requirements.
An Executor/Administrator account is not required if you are not extracting a Grant of Probate/ Letters of Administration or have appointed a solicitors to distribute the estate.
Generally, joint accounts can be transferred into the sole name of the surviving account holder. This can be carried out once we have received a certified copy of the death certificate and a request to amend the name on the account.
If the money in a joint deposit account held by the deceased and any other person is more than €50,000 the survivors of the joint account will be required to provide an IT8 Tax Clearance Certificate in order to withdraw any money from the account. You can learn more about this certificate on Revenue's website.
This does not apply with respect to deposit accounts held between spouses or civil partners. You will be required to provide a certified copy of a marriage cert or a civil partnership cert.
Funerals can be a large and unexpected expense. It is possible to have funds released from the deceased's account prior to the completion of their estate's formal administration.
Learn more about releasing funds for funeral costs.
There may be certain exceptions when dealing with deceased accounts. Should this occur, our Bereavement Services team will be in touch. Above all, should you have any questions please contact our dedicated Bereavement Services Team.
