How can my father check for his deceased brother’s unclaimed investment with a bank?

The long answer

Briefly.co.za says getting hold of unclaimed funds from a deceased person can be done by contacting the Association for Savings and Investment South Africa (ASISA). ASISA is a non-profit company that was set up to represent the savings, investment and insurance industry. 

ASISA says on its website that the members of ASISA, which are insurers and investment houses, follow the ASISA Standard on Unclaimed Assets, which is that "unpaid money in the majority of life insurance policies for funeral, death or disability, or the proceeds of an investment policy or collective investment scheme can be claimed at any time." In other words, the Prescription Act where an investment will prescribe (or expire) after three years, will not apply.

ASISA says, "If you believe that you are entitled to unclaimed benefits from a life insurance policy or that you are entitled to an investment that has not been cashed in (my emphasis), you need to contact the financial services company involved. ASISA adds that companies will require proof from the person making the enquiry that he or she ‘has a valid interest in the information about the policy or investment account." 

You can email ASISA at info@asisa.org.za.

If you know the name of the financial institution where your father’s deceased brother made his investment, you should contact the institution. 

The Fiduciary Institute of South Africa (FISA) has published a detailed account of the processes for each major South African bank when reporting a deceased estate for closure of accounts, bonds etc. on its website. I will paste one of the bank processes (for Capitec Bank) below to illustrate:

“If funds need to be transferred, the following documents are required:

• Death Certificate

• Deceased ID

• Letter of authority or Letter of executorship

• Appointed executors ID

• Appointed executors account confirmation letter from their bank or the estate late account confirmation letter which should be stamped by the bank and not be older than 3 months

• Power of Attorney (Only if the executor appoints someone else to administer the estate)

• Appointed Agent ID

• Company Cover letter

• Marriage certificate (if required)”

If you know the bank where the investment was made, your father should go and speak to them about what process must be followed.

Wishing you the best,
Athalie