ikorodureporta:

Part of the objectives of the policy, according to the CBN, is to ensure that dormant account funds are identified and channelled through appropriate institutions to make them more productive to the economy and eliminate the possibility of banks converting dormant account balances to income.

Creamish:


It shuldn't be on the 1st withdrawal. Go thru ur statement properly. U have a right as a customer to contest it as it is against the CBN policy.

Kx:


I spoke from what I have personally experienced with gtb atm over the last 3days.

Rajjah:
Pls also help me beg cbn to help me beg Ecobank to stop sendin me mssgs. I aint bankin wit dem

Optimisticgondy:
Please someone should tell me what I don't know o. A sister is abroad and
I went to deposit money into her GTB account but she couldn't withdraw this money thru ATM as her balance was showing 0 naira. I went to make complaint at her bank only to be told that her account had become dormant. Up till now, she's still abroad and we believe the money will be in the account. Are you telling me this money I went to deposit when her account was dormant won't be credited to her account?

Someone pls explain to me o.

Creamish:


Hi,

If the money is not in her account, there is a warehouse where it will be kept pending when the account is reactivated. Your money is not lost. I want to believe that you still have your copy of the deposit slip you used to make the deposit? There are 2 options u may want to explore here:

1. Request for a refund of your deposit since it is yet to be posted. Go along with ur valid ID and your copy of the deposit slip. When refunded, credit any active account she has (hoping she has a mastercard linked to that account).

2. There must be a way for the account to be reactivated even while she is abroad. It can be routed through the bank's contact center. A copy of the reactivation docs will be forwarded to her to be filled and signed and the account will be reactivated (if all other reqs are made available..depending on the type of account nwayz)

U need to engage the Manager on this. No need to panic. .

12ema:


Dormant accounts can be tricky. To GTB, it is same as the account being closed. Your sister needs to physically show up at the bank to re open the account. I hope that helps. What confuses me is the amount you deposited should not have been accepted in the first place.

boofydon:
Are you a banker? Your moniker looks familiar, have we met?

Creamish:


Ul be surprised. Some run into hundreds of millions.

Optimisticgondy:
Thanks Sister.. Its over a year now and i still have the teller with me; the money was sent when she first entered and needed some change. There's no GTB branch in the country she is.

whizqueen:

Question for the gods

boofydon:

That's rude madam. My question was asked with a benign mind. I'm not ready to engage you in any e-war madam

whizqueen:

boade lemmie alone oooooo

tola9ja:
[size=19pt]jonathan the real sponsor of boko haram [/size]

evidence-: presidential media

journalist-: did you think the abducted chibok girls will return alive

jonathan-: of course we'll recover them alive [size=19pt]THERE IS NO PLAN TO KILL THE GIRLS[/size]

HE MISTAKENLY REVEAL THE PLAN THEY MAKE SECRETLY




https://www.youtube.com/watch?v=PpZmGtSvbLk

boofydon:
so its u BB . I no know na Make sure we see under the mango tree today

Ebubeslym:
Make I kukuma run go withdraw the remaining N2000 wey I leave for one yeye bank account before this pipo turn am to bank money.

ikorodureporta:
The Central Bank of Nigeria has introduced new guidelines for the treatment and management of dormant account balances by deposit-taking financial institutions.

Part of the objectives of the policy, according to the CBN, is to ensure that dormant account funds are identified and channelled through appropriate institutions to make them more productive to the economy and eliminate the possibility of banks converting dormant account balances to income.

The bank, in a circular released signed by its Director, Financial Policy and Regulation Department, Mr. Kevin Amugo, on Tuesday, stated that the absence of clear guidelines for the management of dormant accounts had resulted in the disproportionate treatment of such account balances by deposit-taking financial institutions.

This, it noted, was generating concern among bank account holders, regulators and other stakeholders.

It said representations received by the CBN from stakeholders on the subject highlighted the need for the bank to develop a regulatory framework for the management of dormant accounts for the benefit of the banking system and the Nigerian economy.

The directive stated, “It is in view of the above and the imperative to promote transparency in the financial system that the CBN hereby issues these guidelines to provide a standard for the treatment and management of dormant account balances in Nigeria.

“The purpose of the policy is to curb possible abuse in the operation of dormant accounts, set operational standards for banks and other financial institutions in line with best practice, and to reinforce the property rights as guaranteed in the 1999 Constitution of the Federal Republic of Nigeria (as amended).

“A dormant account shall be a bank account that has no customer or depositor originated transaction within a specified period of six years after the last customer or depositor initiated a transaction. However, such an account shall be recognised as inactive after the first six months of non-depositor or customer originated transaction in it.”

The CBN also said, “Accounts shall retain their interest earning status during the period of dormancy in the bank. Deposit-taking financial institutions shall continue to monitor accounts that show tendencies of inactivity and where necessary, initiate actions for their activation or protection from wrong usage.

“Once dormant accounts exceed a six-year period, they shall be reported to the CBN along with efforts made by the obligor bank to locate the owners or their personal representatives.”

The CBN stated that three months to the end of the six years, both the account holder and the next-of-kin would be notified, adding that revalidation of inactive/dormant accounts would not attract any charge to the account holder as the banks would have made ample use of the idle funds.

It said, “Dormant account balances shall continue to be reflected in the books of banks as deposit liabilities until they are eventually withdrawn by the account holders or disposed of on their instructions. Dormant account balances shall, therefore, be regarded as deposits and shall be covered by deposit insurance.

“In the case of government-owned inactive/dormant accounts, banks shall notify the relevant government agency of their existence, with periodic returns of such notification sent to Banking Supervision Department. Banks are also required to turn over the funds to the concerned treasury after six years of inactivity.”

The bank said account opening forms would include the provision of next-of-kin, who would be contacted at the point of declaring the accounts dormant.

“The provisions of the guidelines shall take immediate effect. Sanctions for contravention of the provisions of the guidelines shall be imposed under Section 60 of the BOFIA (1991) as amended,” the CBN said.


http://www.punchng.com/business/money/cbn-introduces-new-policy-on-dormant-accounts/

koolet:
Three people looting money from citizens

1.OUR BANKs

2 OUR NETWORKs especially MTN

3. OUR GOVERNMENTs (the present govt and the past)

ednoville:
CBN pls tell Skye bank to stop sending me messages I left them since 2005

wazobiaforu:
Make them stop 65 charges on ATM - is draining my account like crazy

Kx:


Were banks not "using millions to switch service providers" when Sanusi removed the atm charges?

Maximeo:
Guys,
An uncle has a bank account which has been dormant for a decade now, with old account number (not the 10-digit NUBAN), doesn't he have a chance of reactivating it?

Anybody with experience please please respond. Thank you