Hi really sorry to dig up this thread but at least I did a search before opening new thread.
So my 90 yo mother while in the process of closing her OCBC account and reopening a joint account with her chosen beneficiary discovered that she has been receiving div into her old OCBC account so after some checking realize is fair price shares. I have helped her change the new account details in the membership portal, would like to understand what is the process in the event of her passing?
1. The number of shares are 1xxx , don't remember the exact number but based on above discussion should be 1000 initial and xxx bonus.
2. So I read that shares are not transferable is the value of the shares $1.00 x 1xxx?
3. Since bank account already changed, div will be credited there no prob but is the buy back in event of her passing auto upon informing the death via the official channel?
4. So in short the process would be inform of passing, shares will be liquidated, the liquidated amount + accrued dividend +whatever supermarket rebates will be credited to the bank account in record?
Thanks so much for your help.