What to do in the event of an account holder's death
How to withdraw funds and close a Chip account when an account holder dies
First, please accept our sincere condolences during this difficult time. We understand that dealing with the financial affairs of a loved one can be challenging, and we are here to guide you through the process of closing the Chip account.
If you’re not sure you have all of the correct documents, we advise that you seek the help of a professional adviser, such as a lawyer with expertise in Wills and estates, to help you with this.
How to inform us and what information we'll need
To handle the closure of the account and arrange the withdrawal of any funds, the executor of the estate or a solicitor should contact us directly via email at hello@getchip.uk.
We are committed to making this process as straightforward as possible, but we must ensure all legal due process is followed. To do this, we'll need you to provide the following essential information and documents:
- The deceased member's Chip account details (full name, email address, and phone number).
- A copy of the Death Certificate.
- A copy of the Will or Letters of Administration.
- Proof of ID and proof of address for the executor contacting us.
- Probate or a Letter of Administration (if the total holdings across all accounts exceed £10,000).
Important to note: If you are unsure about the documentation required, we recommend seeking advice from a professional adviser, such as a solicitor with expertise in Wills and estates.
If a solicitor is contacting us
If a solicitor is handling the notification on behalf of the estate, we will need the documents listed above, plus their Law Society ID or their SRA (Solicitors Regulation Authority) number.
The next steps we take
Once you inform us of a member's passing, we will:
- Immediately restrict the account. This means we'll stop any further deposits or withdrawals from being made.
- If the member was on the ChipX plan, we'll also halt the monthly ChipX membership fee.
What if the deceased member held Chip shares?
If the member was a Chip shareholder, please note that we can only facilitate the transfer of their shares to the beneficiary or to the estate. We can't facilitate the sale or exchange of these shares.
To start the share transfer process:
Please reach out to our support team directly at hello@getchip.uk. When you contact us, we will explain the specific process and guide you through the necessary paperwork to complete the share transfer.
Further support for dealing with bereavement
For further support, you can visit the following sites:
- Survivors of Bereavement by Suicide: https://uksobs.org/
- Bereaved through Alcohol and Drugs: https://www.beadproject.org.uk/
Need further help?
If you have any further questions, get in touch with our support team using the in-app chat (this can be found in the Contact Us section on the Profile tab) or by email at hello@getchip.uk for further help.
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