Highly described, inheritance bank charges sometimes hide a mechanism with several drawers. Processing costs on the one hand… but also external transfer costs, on the account of the beneficiaries, on the other hand. A system that also allows some banks to reduce a tariff line … to better increase the other.
Bank charges levied on the occasion of a succession are indeed not regulated, recognizes Bercy, while threatening to pass by law if the banks do not moderate these rates applied during painful periods for families. MoneyVox publishes as every year around All Saints Day a barometer of this unknown tariff line. Following the controversy caused last June by the invoicing of the closing of a Livret A for an 8-year-old child, and following the pressure exerted by Bercy, the banks reduced their prices by 4%, according to our annual statement. But among the 127 establishments studied, less than one in two has reduced the fees applied in the event of the death of the account holder.
EXCLUSIVE. Inheritance costs: when the bank seals your death
Transfer fees hidden behind deliberately vague formulations
In the absence of regulations, banks apply various and varied mechanisms to charge for the management of account termination. And these mechanisms hide amazing lines. If the processing fees can indeed be justified by the administrative burden of certain successions, about twenty establishments provide an additional line: the estate final transfer fee.
Clearly: the bank charges the transfer of money from closed accounts to the accounts of heirs, at least if these beneficiaries are customers of another bank. This tariff line is therefore synonymous with double invoicing for the closing of an account. Worse: it is very often concealed behind sufficiently vague formulations to avoid being spotted. These external transfer fees terminating the succession are thus called liquidation of assets at CIC and most Crdits Mutuels, or funds transfer fees at Crdit Agricole Center Loire or Crdit Agricole Sud Mditerrane.
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Less than 5 euros for a bank transfer in normal times
Or in normal times a bank transfer, even in a competing establishment, is almost always free when it is carried out by Internet, and invoiced 4,40euros on average by transfer if it is carried out in agency. In the twenty or so establishments that charge for this transfer to the accounts of rights holdersthe cost of the external transfer finalizing the succession will multiply this average rate… For a typical estate of 15,000 eurosthe vast majority of federations Mutual CreditMonabanq and CIC will charge for this transfer 150 euros, applying a rate of 1% of the amount paid to the heirs. Last year, this rate was only 0.92%: these establishments are therefore among the few that increase their costs levied in the event of death.
Another novelty for 2022: the Credit Agricole Sud Mditerrane invoices this external transfer at a fixed price of 185 euros, a change that compensates for the significant drop in its processing costs. Other examples of fees applied in the event of a payment going to a competing banking network? The Crdit Agricole Nord Midi-Pyrnes applies a flat rate of 68.55 euros for the transfer finalizing a succession, the Crdit Agricole Centre-Ouest a flat rate of 120 euros, the Crdit Agricole Center Loire 94.35 euros. Finally, the Crdit Agricole Corse invoices this transfer at 4.50 euros, which in this case remains much closer to the fees applied for a simple transfer, between living customers.
How much are inheritance costs
in your bank?
Bank of the deceased
Amount of estate assets: €
Bank charges for estate management will be…
€*
More details on inheritance costs
* Calculations made for the estate of a deceased adult quickly brought to term (less than one year); the bank account of the beneficiary of the funds is domiciled in a different establishment than that of the deceased. “-” if calculation impossible: lack of data, too complex tariff structure…
© 2022
The scandal of inheritance fees charged by banks for deceased children revived?