The death of a relative is a sad and difficult time for the bereaved. There are also many organizational matters that need to be dealt with. The financial aspects also play a role here: did the deceased have accounts or securities deposits? Where might these be located? Here you can find out what those affected can do, what an investigation procedure is and which offices you can contact.
What is the investigation procedure?
It is estimated that the accounts of deceased persons in Germany contain around 2 to 9 billion euros lie. Banks often do not know where potential heirs are located. The reverse is also possible: people who could receive an inheritance are often unaware of the existence of possible accounts.
When money is invested in such so-called "dormant" accounts is stored, it does not expire. It is stored until the rightful heirs come forward and decide what to do with it. Even after decades, banks are obliged to pay out this money. A so-called investigation procedure can help to locate such accounts.
Some banks have started to transfer the money to a custody account after ten years without any movements in the account (no more deposits or withdrawals). Nevertheless, the banks are still obliged to pay out the money. If a bank refuses to do so, those affected can contact the ombudsmen of the banking association or contact a lawyer.
Death in the family: How do I initiate an investigation?
If there is no evidence of possible accounts after the death of a relative, heirs can apply for an investigation procedure. This can be done, for example, at the Association of German Banks (BdB). This association can only help if it is one of the member institutions. Here you can check which banks are included in the association and whether your suspected bank is also a member.
In order to be able to initiate such proceedings, the association requires a Copy of a certificate of inheritance or a will with a court opening note. In addition, the corresponding Application be submitted in writing.
The association also requires the last address of the deceased and the address of the beneficiaries. The relevant documents can be forwarded to the following e-mail address: nachforschung@bdb.de. This procedure is normally free of charge.
Once the documents have been checked, the association can make enquiries in up to three federal states where there is a possibility that the deceased had an account. The data of all member banks is searched for this purpose.
- In such cases, the association searches for securities deposits, accounts and safe deposit boxes
- Only current accounts are searched for. Accounts that have already been closed can no longer be found in this way
- If a bank finds what you are looking for, it will contact you
Such official offices can also be found at other banks. If accounts are held in other countries, for example in the Switzerland suspected, there is a central office: the Swiss Banking Ombudsman.
Tips for your own research
Initial information about whether the deceased may have left any accounts can be found in letters from the relevant bank, old Bank statements or other Documents. The deceased may have collected the most important documents so that no investigation is necessary.
If the deceased had a connection to a particular country, there may also be accounts here. Search for the foreign banking associationsto contact them and initiate an investigation. If you find any accounts here, please contact your Tax office. Even if the money was found after many years, it is Tax relevant.
In principle, it is a great help for beneficiaries if persons during their lifetime meet. If you want to make it easier for your loved ones, remember the following:
- Collect important documents in an organized manner and keep them in one place
- Create a list of your assets: What can surviving dependants find at which banks? Describe account details, safe deposit box contracts, corresponding keys and securities accounts here
Conclusion: initiate investigation proceedings and locate dormant accounts
If you can find organized documents after the death of a relative, it is quite easy to find the accounts quickly and contact the relevant bank. However, relatives have not always made provisions and prepared important data. It becomes more complicated if you suspect accounts but don't know which bank they might be with.
In such cases, a so-called investigation procedure can be initiated. Many agencies help those affected and carry out a free search procedure through. Particularly helpful here are Banking associationsthat have a Large number of banks at the same time.
One example is the Association of German Banks, which counts a large number of private banks among its members. Here you can find a published list of member banks search. Banks that are not included must be contacted separately.
If you suspect accounts abroad, the corresponding foreign banking associations to contact us. If Switzerland is an option, the search is easier. The Swiss Banking Ombudsman is the central point of contact.