Banking · Joint Accounts
What is the operational status of a joint bank account with an 'Either or Survivor' mandate upon the death of one of the account holders?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The bank is legally required to freeze the account until a valid Succession Certificate is produced.
- 2The mandate automatically alters to 'Jointly' operational as soon as the bank receives notification of death.
- 3The surviving holder operates the account single-handedly and has full operational access to the funds.✓
- 4The bank requires the formal consent of all legal heirs of the deceased before allowing withdrawals.
Correct answer
The surviving holder operates the account single-handedly and has full operational access to the funds.
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