I checked my account balance now; the figures I saw make me curious about what will happen to the money in my account if I die.
I opened this saving account with UBA 2011 when I started working. I opened it just to save some money so that I will be able to go to school. Yes I am going to school but I am still working. I think I and the bank are the only person that knows the details of my account balance.
These questions are just coming from nowhere.
As a common man and a common saving account owner: If I die, how will the bank know?
Does that mean that the money becomes bank's own if I die?
I can only remember filling the details of my next of kin (my mum) when registering the account: will they call if the bank noticed I have not been using the account because I have died?
Will my parents or relatives will able to claim the money if I die? (That's even if my mum knows that I have money in my bank account)

Bonus: is it even proper morally if my parents enquire about my account details from the bank? (What if na just like 10k dey dere?) coz I suppose it is the child that ought to collect his parent's wealth..

Please help me satistfy my this curious mind.. So that I will know if to, or not to give a tip to my mum about my bank account balance details. I am not ready yet o (neither am I prepared ornot scared) but I felt like death can come anytime.

Thanks for your contribution.

I am not a Banker.

But this should be one of the most intelligent questions i have read on Nairaland.

In the Society i live in, everything you have anywhere in that Society goes to your next of kin automatically, and in the failure of you not having one, it goes into your Estate.

Don't know how it works in Nigeria.

The Bankers should enlighten us.

op u are wise ooo...
but I think ur family members can go n claim it esp if dey r next of kin

If ur siblings knws abt ur acct n next of kin, den ur death certificate will be used to process d withdrawal but if not, d money belongs to d bank or some insider (bank staff) will withdraw it illegally.

Walk into the bank 1st thing tomorrow if you make it

Update your next of kin

Then

Tell the person you used him/her as next of kin

And leave instructions

Then

Wait till you die

my brother the heart of man is evil,thinking about what will happen to your account if you die is very annoying and devish.........please I advise you stop thinking towards that direction, you will live long and see your children children say Amen to that

Chio! Thank God I saw this. My next of kin is my girlfriend and the future of the relationship isn't guaranteed. First thing on Friday I will be going to replace it with ma dad.

Very interesting question I must say, and I will like to correct a wrong notion among average Nigerian with respect to the next of kin and how it relates to your assets, before I address your question based on my little experience in financial services.

Many people confuse next of kin to mean beneficiary. This is incorrect, although, your next of kin can also be your beneficiary. Next of kin is simply the person to reach out to in your absence, and as such, it should be an adult, preferably a close relation. And your beneficiary is the person you are giving the right to take over your assets when you're no more.

Now, back to how it relates to your bank account. The next of kin column you filled in your account opening form has nothing to do with handing over your assets. It's simply a record the bank keeps to reach to someone close when it's been impossible to reach you their client.
In the case of your demise, the bank can only release your funds to your beneficiary on the execution of your registered will or in the absence of a will, through a letter of administration to be obtained through the probate office. The later option means the asset will be liable to tax.

Note: this is based on my little experience in the financial services.

The learned fellows in the house can add or correct me if am wrong.

Johnrake69:

In the case of your demise, the bank can only release your funds to your beneficiary on the execution of your registered will or in the absence of a will, through a letter of administration to be obtained through the probate office. The later of option means the asset will be liable to tax.

Thanks for the tip man, at least now I know that one way or the other sha, my relatives can have access to my funds in case of my demise. And I find it weird to be writing about wills at this young age of mine.
And again, with without, children can take over their parent's asset at their death by default. Do that apply to his money in bank too?

darkenkach:
Chio! Thank God I saw this. My next of kin is my girlfriend and the future of the relationship isn't guaranteed. First thing on Friday I will be going to replace it with ma dad.

. Haha, what are you thinking in the first place. I am very sure that you only put her number there because you have memorized her number. If you do know your parent's number off hand, I trust you to use them as your next of kin.

kingsman66:
my brother the heart of man is evil,thinking about what will happen to your account if you die is very annoying and devish.........please I advise you stop thinking towards that direction, you will live long and see your children children say Amen to that

Amen to your prayer sir.. But I don't think my thinking is devilish. In stead, see me as a young man that is thinking of the wellness of his family in case he dies. If such thinking is annoying and devilish, then why do people write wills.

DY20:
Thanks for the tip man, at least now I know that one way or the other sha, my relatives can have access to my funds in case of my demise. And I find it weird to be writing about wills at this young age of mine.
And again, with without, children can take over their parent's asset at their death by default. Do that apply to his money in bank too?

We had a case like that in my firm, our client died without a will. Meanwhile, she had lots of money in her account with us. The children couldnt gain access to the funds until they provided a letter of administration among other requirements. Don't worry, it's simply responsible of you to be thinking of passing down all you own. It's nothing evil or to be ashamed of. Life is transient.

Johnrake69:



We had a case like that in my firm, our client died without a will. Meanwhile, she had lots of money in her account with us. The children couldnt gain access to the funds until they provided a letter of administration among other requirements. Don't worry, it's simply responsible of you to be thinking of passing down all you own. It's nothing evil or to be ashamed of. Life is transient.

Thanks.

lolz, ts for the bank jhor esp when You're the secretive type in which your relatives don't know Jack about Your account or assets

This your question eh
Imagine you die at a young age and single too, do you think the pain of your death will make your family remember your thousands of naira in the bank? Banks do have plenty of dormant accounts. Guess they are cases like this.


Kuku withdraw the money and put in your echolacc box at home, your younger bro can easily find the money there

It die after you

It goes to your next of kin or the family member that comes to claim it with a letter.

rats would eat it

No disrespect. ...just die first...

oga I hear say banks full dat side, die and continue ur banking, no xtra charges no wayo

Ok

E Get Some Kain Money Wey Go Enter Your Bank Account, To Cross Road Go Dey Fear You. You Go Dey Find Pedestrian Bridge Up And Down !!!!

It goes to your next of kin...

Weird thought bro. Very weird!

The Money goes to your next of kin. When am gone my Mama is my next of kin...

tolugar:
Work into the bank 1st thing tomorrow if you make it

Update your next of kin

Then

Tell the person you used him/her as next of kin

And leave instructions

Then

Wait till you die

Don't u know that the next of Kin could possibly kill the person. u know it happens

let me answer ur simple question.... Don't be decieve if no one else apart from you and the Bank knows nothing about u having an account with the Bank and peradventure u dies my guy sorry the money automatically becomes bank's own not by right but because no one knows about it.....
But if ur next of kin is aware then he/she can claim it by presenting the necessary documents like death certificate, the beneficiary means of identification, etc...

Die first

Maybe Next of Kin

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