A relative died with money in a Peruvian bank: what can the bank do before the heirs are declared?

The money already belongs to the heirs

When someone dies, their money in the bank does not go into limbo, and it does not pass to the bank. Article 660 of the Civil Code says:

“Desde el momento de la muerte de una persona, los bienes, derechos y obligaciones que constituyen la herencia se trasmiten a sus sucesores.”

(From the moment of death, the assets, rights and obligations that make up the estate pass to the successors.)

The account balance is part of the estate from that moment. The practical problem is not who owns the money but proving who the successors are. If there is a will, the will says so. If there is none, the estate goes to the legal heirs (article 815), which is established through an intestate succession (sucesión intestada). See who inherits when someone dies without a will.

Why no one can take the money on their own

With several heirs, the estate belongs to all of them. Article 844 says:

“Si hay varios herederos, cada uno de ellos es copropietario de los bienes de la herencia, en proporción a la cuota que tenga derecho a heredar.”

(If there are several heirs, each co-owns the estate in proportion to their share.)

Until the estate is divided, the co-ownership rules apply (article 845), and disposing of a co-owned asset requires unanimity (article 971, point 1). Withdrawing the money is disposing of it. That is why one sibling cannot take it alone, even with the card or the PIN.

What the bank can do

We found no rule setting out, step by step, what a bank must do when a customer dies. We searched Ley 26702 and the SBS market conduct regulation for a rule on paying heirs, on which documents a bank may require, or on small amounts without a declaration of heirs, and found none. This is what is written:

• It cannot give information to just anyone. Article 140 of Ley 26702 bars the bank from giving “cualquier información sobre las operaciones pasivas con sus clientes, a menos que medie autorización escrita de éstos” (any information on customers’ deposits, unless they authorize it in writing), save the exceptions the law lists. A relative with no documents is not the customer.
• It can collect what the deceased owed it. Article 132, point 11, of the same law gives the bank:

“El derecho de compensación de las empresas entre sus acreencias y los activos del deudor que mantenga en su poder, hasta por el monto de aquellas, devolviendo a la masa del deudor el exceso resultante, si hubiere. No serán objeto de compensación los activos legal o contractualmente declarados intangibles o excluidos de este derecho.”

(A right of set-off between the bank’s claims and the debtor’s assets it holds, up to the amount owed, returning any excess. Assets declared untouchable by law or contract are excluded.)

The article does not mention the customer’s death. But if the deceased had an unpaid loan or card with the same bank, the bank can apply the deposits to that debt and return the rest. Ask in writing for the details of any set-off.

• It cannot simply keep the money. What the law does provide is this: if a deposit sits for ten years with no activity “y sin que medie reclamación durante ese lapso” (and with no claim during that time), it becomes a resource of the Fondo (article 182). Claiming in time matters.

That the bank holds payment until the heirs are proven is not written in those words. It follows from the articles above: the bank does not know whom to pay and cannot inform just anyone.

How to find out which accounts they had

The SBS runs a free service, Herederos Informados:

“Si eres heredero, puedes acceder gratuitamente a información sobre depósitos, seguros (STCR, de vida y/o accidentes personales), situación crediticia y afiliación al Sistema Privado de Pensiones (SPP) de la persona fallecida.”

(Heirs can get free information on the deceased’s deposits, insurance, credit record and private pension membership.)

For the deposit certificate, the SBS asks for a copy of the death certificate and:

“Número de partida electrónica de la Sucesión Intestada inscrita en SUNARP, precisando la Oficina Registral; o copia simple de la “Ampliación de Testamento” inscrito en SUNARP.”

(The entry number of the intestate succession registered with Sunarp, or a copy of the registered will extension.)

The SBS says it answers within 12 business days at most, free of charge. These are the SBS’s requirements for giving you information. They are not a rule on what each bank must ask for before paying you, but they tell you which document you will need anyway. If you do not know whether there was a will, see the will registry.

Debts: the estate pays first

If the deceased had debts, the estate answers first. Article 871 says:

“Mientras la herencia permanece indivisa, la obligación de pagar las deudas del causante gravita sobre la masa hereditaria; pero hecha la partición, cada uno de los herederos responde de esas deudas en proporción a su cuota hereditaria.”

(While the estate is undivided, the deceased’s debts fall on the estate; after partition, each heir answers in proportion to their share.)

The deceased’s creditors are paid before the heirs’ own creditors (article 872). You do not answer with your own assets: article 661 limits your liability to “hasta donde alcancen los bienes” (as far as the estate’s assets reach). See do you inherit debt in Peru?.

Funeral costs have a special place: they are a charge on the estate and “se pagan preferentemente” (are paid first) (article 869). That helps whoever paid for the funeral recover the cost from the estate. It does not force the bank to release the money early.

Joint accounts

If the account had two or more holders, what happens depends on the contract. Article 1183 of the Civil Code says “la solidaridad no se presume. Sólo la ley o el título de la obligación la establecen en forma expresa” (joint and several liability is not presumed; only the law or the contract sets it expressly). The deceased’s share of the account is part of their estate (article 660). We found no rule saying whether the surviving holder may keep withdrawing. Ask the bank for the contract and a written answer.

If the bank does not answer

Put your request in writing and, if there is no answer or you disagree, file a complaint. Deadlines and where to go next are on bank complaints in Peru. Once the money is released, sharing it among heirs follows the partition rules.

What this page does not cover

We do not cover each bank’s own requirements, credit life insurance (seguro de desgravamen) or life insurance tied to accounts or loans, accounts at credit cooperatives, or a deceased person with accounts abroad. We did not review SBS or Indecopi decisions on payments to heirs. We also do not explain how an intestate succession is processed; see the intestate succession page.