The Bank of Spain confirms that when one of the holders of a joint account passes away, the survivor cannot access the money without the consent of all the heirs of the deceased.
Thousands of couples and families manage their household finances through a shared bank account. It is practical, convenient, and avoids constant transfers. But when the routine is disrupted by a death, this everyday tool turns into an unexpected legal and financial problem.
The Bank of Spain has published a clarification that addresses a recurring question: can the surviving holder continue to use the money from the joint account? The answer is clear and has direct consequences for those affected.
Joint account: automatic blocking of funds
According to the banking supervisor, when one of the holders of a joint account passes away, “the others will not be able to access the money in it, unless they have the express consent of all the heirs of the deceased holder.” In other words, access to the funds is not maintained automatically.
The surviving holder needs unanimous agreement from the heirs to withdraw cash, pay by card, or transfer money. If that consensus is not reached, the balance remains frozen until the inheritance is resolved.
“The others will not be able to access the money in it, unless they have the express consent of all the heirs of the deceased holder,” states the Bank of Spain.
This rule strictly applies to joint accounts, where the authorization of all holders is required for any transaction. The logic is that the money belongs to the deceased's estate and cannot be used without the agreement of their heirs.
The exception of the indistinct account and bills
The situation is different if the account is indistinct, a type where any of the holders can operate without the need for the other's consent. In that case, the Bank of Spain explains, “the money can still be accessed after the death of one of the holders.”
The key difference between the two types of accounts is operational: in the indistinct account, there is a greater risk that one holder may access the money without the other, while in the joint account, both approvals are needed. Therefore, when one passes away, the indistinct account allows the survivor to continue using the funds.
However, even in a joint account, there is a loophole for daily life: “only the bills for previously ordered supplies can be charged, as long as there is no formal opposition.” This means that payments for electricity, water, or gas that are set up can continue to be charged, but nothing more.
“Only the bills for previously ordered supplies can be charged, as long as there is no formal opposition,” clarifies the supervisor.
For the remaining holder, the consequence is severe: if there is no agreement with the heirs, they will not be able to access or withdraw cash. Their savings remain trapped until the succession is opened and the assets are distributed.
Practical advice to avoid blockage
In light of this scenario, experts recommend reviewing the type of account contracted. If the intention is for the survivor to access the money without hindrance, an indistinct account is appropriate, not a joint one.
It is also advisable to leave clear instructions in the will or, at the very least, inform the heirs about the existence and use of the shared account. The smoother the communication, the less risk of blockage.
In practice, the Bank of Spain reminds that the consent of the heirs must be express, not tacit. A simple silence or lack of opposition is not enough for the survivor to operate normally.
For those already in this situation, the first step is to contact the heirs of the deceased and seek a written agreement. If this is not possible, one will have to wait for the liquidation of the inheritance, a process that can take months.
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