Death Taxes and FNB

The old saying goes that nothing is certain except death and taxes in life. With the aforementioned where others see sadness and grief, FNB and FNB Deceased Estates see opportunity.

At the time when the family needs funds the most, FNB would rather keep “your money” but by doing this keep you “protected”.

Here is what you may expect after the death of a loved one as an FNB Client.

You and the appointed have completed countless hurdles and barely survived getting a Letter of Executorship from your local Master’s Office.

Relief passes you over as you and your Executor finally can approach your bank with all the necessary documentation to get the much-needed funds. You feel assured you have everything. The deceased bank account with another bank is already open using the same documentation.

The morning of you both are well received. The documentation is all there and in order. They commiserate with your loss until they realise their loss. The funds will be transferred to another bank. Commiserations increase with sincerity as sympathy becomes empathy.

The tone slightly changes. You publicly reprimanded that you should not ask questions. Only the Executor next to you may do so. It is embarrassing but accepted as you wish to get the funds. However, there seems to be a problem.

The legitimate Letter of Executorship with a unique QR code has to be authenticated. How long does that take? Oh, at least thirty business days but for your protection.

You wish to debate the matter. You are reminded you do not get to speak, only the Executor. Unfortunately, he is no longer liked either. You leave. The wait begins… The wait never ends.

Every authority accepts the Letter of Executorship as Legitimate. No one has any concerns but the Bank that is protecting you. You keep waiting…and waiting. Surely, FNB cannot take longer to Authenticate the Letter of Executorship than the local Master took to issue it. However, you have underestimated your Guardian's insistence on protecting you from your funds.

You can contact the call centre and complaints office. You feel better. They listened. They are going to help … Your Guardian. You realise you have just asked the help of your Guardian’s Guardian. You feel defeated.

You write this review hoping to help others. You know it will not help. However, the executor has a client base of over 4,000 clients and contacts with other firms with many more. He tells the story over and over daily as the wait continues.