Faisal Ali Addabi

Summary of the Problem: there was a joint account held by three persons. The accountholders were husband, wife and their adult son. The son died and the husband and his wife notified the bank of their son’s death. The bank blocked all amounts available in the joint account and prevented the husband and wife from withdrawing any amount from the joint account until the son’s heirs provide the bank with all the required formal documents. as a result of this procedure, the husband and his wife faced a big financial crisis. The husband and his wife protested against blocking all amounts in the joint account, filed a complaint to the bank, requested the bank to allow them to withdraw their money from the joint account and threaten to sue the bank if the bank refused to do so.
The important question is: How can we help the husband and his wife and the bank to solve this problem?

Summary of the Solution: The husband and his wife and the bank can take the requested legal and banking procedures to solve this problem on their own if they can do so; otherwise, they can appoint a lawyer or financial consultant as the case may be to take such procedures, we can help the husband and his wife and the bank with providing a solution to the problem through clarifying the requested legal and banking procedures applicable in many countries as follows:

The bank shall take the following corrective banking and legal procedures:

Firstly: The bank shall only block the deceased partner’s share in the joint account after changing name of the share from the deceased’s name to his legal heirs’ name, the deceased partner’s share can be determined by reviewing the joint account opening application, if the deceased partner’s share is determined therein, then, the late partner’s share shall be blocked, if the late partner’s share is not mentioned therein , then, it can be inferred by dividing all amounts available in the joint account by three and the late son’s share shall be blocked thereafter .

Secondly: The bank shall unblock the shares belonging to the husband and his wife in the joint account and allow them to withdraw funds from their shares in the joint account.

Thirdly: Blocking of the late son’s share in the joint account shall continue and his share shall not be unblocked until his heirs provide the bank with the required formal documents, namely, valid IDs and passports of all heirs, death certificate, certificate of succession and valid power of attorney if there are multiple heirs, the bank shall return the originals of the said formal documents to the heirs after retaining copies thereof for evidential and record purposes.

Accordingly, the two clients’ problem and the bank’s problem will be solved, all the parties will take a deep breath at end of the day and their spokesman will say: the best solution in the air is better than any medicine or healthcare!!