Note: The following information is for general guidance only and should not be interpreted as a legally binding document or should not be construed as a legal interpretation of your situation. Please contact your personal banker to discuss in detail your changing circumstances.
People may go through different situations throughout their lives, situations that may or may not have a positive impact on them. We would like to help you with some useful information on the actions to be taken in order to arrange the situation related to your bank relationship. Below is a general guide you can refer to, if you find it necessary.
1. Obligation to notify the Bank:
After marriage, the spouses the spouses may decide to change their surname by taking the surname of the respective spouse. This change is reflected in the Marriage Act and identification documents such as ID or passport.
Once the identification document has been renewed at the relevant institutions, individuals are required to submit it to the Bank.
Why is this important?
The difficulties are avoided during identification process at the time you may be presented at the Bank to perform a specific transaction.
You will have no obstacles in obtaining banking products or services once you have submitted your updated identification document to the Bank
What happens to Banking products or services?
Account and/or deposit
You will remain the sole owner of your personal accounts and deposits opened before the marriage.
You will remain the sole responsible for repaying the debt toward the bank, in the case you have been financed with an Overdraft, Credit, Card or other loan product in your name.
Note: In the case of a pre-marriage agreement, there is specified the marital property regime that the spouses wish to apply for their property, unlike what the law provides.
If you are interested to know more on the Marriage, please refer to the Family Code
Dissolution of marriage
Obligation to notify the bank
If you and your spouse are going through a divorce process, you may have common assets and / or liabilities such as loans, bank accounts, savings accounts that will be affected by your status change. In this case you will need to contact the bank to let you know about changes in your circumstances and the consequences that follow.
2. What happens to banking products or services?
Account and/or deposit
In the case of joint accounts or deposits, the spouses may decide to close the joint product and open a personal one. But until then, funds in the current account / savings account / deposit can be used / spent by each of the spouses if the “OR” condition is selected when the account / deposit is opened. The term “OR” means separate signatures, so that one of the holders is sufficient to carry out the deposit operation, without the presence of another holder.
If the “AND” condition is selected when the account / deposit is opened, this means joint signatures. Therefore, all deposit holders must be present to perform deposit operations. No transaction can be executed without the consent of all the holders.
If you have a loan in joint names, you will both remain equally responsible for meeting the monthly payments.
Even in the case of a property sharing agreement where the spouses can agree to have one of them undertake to repay the loan outstanding, this cannot be done without the consent of the Bank. In such conditions, the Bank remakes an analysis of the financial situation under the new conditions and depending on it, the bank may or may not give the consent for changing the debtor.
3. Freezing bank account
You cannot ask to the bank to freeze your joint accounts/deposits if you are planning to get divorced from your partner. This can be done only after presenting the legal document that legitimates the action (ex. a court decision, bailiff’s order, etc.).
If you are interested to know more on the Dissolution of Marriage, please refer to the Family Code
Inability to manage your bank accounts
You may be unable to manage your bank account if for example:
You have to go abroad for a considerable period of time
It is physically impossible for you to take care of your bank accounts because of an illness
Or you simply don’t have enough time to do it
It is the case when you may give access and the right to operate with your bank accounts to another person. In order to be eligible to be selected as your legal representative, he / she must be an adult with full legal capacity to act and understand his / her actions.
It is the Power of Attorney the mean that gives to another person the authority to perform legal actions on your behalf. He can be a friend / a relative/ or a legal representative.
Power of Attorney is general when you give to the representative the right to perform a variety of legal actions involving a set of rights.
The Power of Attorney is special when you give to the representative the right to perform one or more specific legal actions, which are characterized by a common purpose.
To read more about the Power of Attorney, please click here
Losing a relative
Losing a person close to you is enough difficult to bear and along with this, you will have to think for reporting the death to the authorities, arranging the funeral, issuance of Inheritance Testimony etc.
Before coming to the bank, you should go through the following steps:
Declare/notify the death at The Registry Office near the Municipality
Once you have taken the Death Certificate, you should present it to the Notary Office, along with all certificates of the other family members of the deceased person.
It is the duty of the notary to make all the necessary verifications according to the rules set in the Civil Code and the law on “Notary”. After verifying the validity of the documentation and the relevant legal conditions, the notary releases The Inheritance Testimony.
Every interested family member of the deceased person, can have a notarized copy of the Certificate of Inheritance
The Inheritance Testimony is the document that should be provided to the Bank, in order for you to be able to retrieve your belonging part of the hereditary estate, if you result in the heirs’ circle according to the Inheritance Testimony.
You cannot ask for information on the deceased accounts without being identified at the Bank as a legal inheritor.
You cannot possess the deceased funds without being identified at the Bank as a legal inheritor.
To read more about the Heredity, please click here
Note: This material has been prepared in two languages, Albanian and English. In case of discrepancies between the two versions, the Albanian version prevails.