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Nairaland Forum / Nairaland / General / Business / Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! (44263 Views)
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Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by Nobody: 4:10pm On Sep 01, 2020 |
SocialJustice:That is why someone who falls ill can go straight to the pharmacy to get a drug after explaining his symptoms than go to a hospital where they will charge him double of the amount. 1 Like |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by andyanders: 4:10pm On Sep 01, 2020 |
Op, you need a letter of admnistration from the probate office- go to the court armed with you, the death certificate. Once procured, proceed to the bank and the bank would do the needful. The bank is not wrong. What I don't understand is the high cost u are talking about. 4 Likes |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by ZACHIE: 4:11pm On Sep 01, 2020 |
we just like shortcut for this country 2 Likes |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by IFNOTGOD(m): 4:11pm On Sep 01, 2020 |
zuma4k: |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by olugabbie(m): 4:12pm On Sep 01, 2020 |
zuma4k: It depends on the mandate instruction. If it is either to sign your mum can take ownership. But if it is both to sign, then the conditions given by the bank must be met. 5 Likes |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by FirstCounsel(m): 4:12pm On Sep 01, 2020 |
westlius:. This would not work. Trust me. Social media? 2 Likes |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by mecusbosco(m): 4:13pm On Sep 01, 2020 |
zuma4k:When you say co-signatory, what is the mandate? Can either of the signatories sign? Is it both to sign? If its either to sign, then there is no need for Letter of administration but if it's both to sign and it's a savings account, then you have to follow the probate rules 4 Likes 1 Share |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by SamSara01: 4:13pm On Sep 01, 2020 |
But the Bank is right though, death is one of the conditions for terminating a contract. It's best you obtain the letter of Administration and seek legal counsel. By the way, I'm a Chartered banker, so I know what I'm telling you 4 Likes 1 Share |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by Areaboy2(m): 4:13pm On Sep 01, 2020 |
zuma4k: The issue is if the co-signatory is set up as (A+B) and not (A or B). if it is signature of A+B to access this money, then i'm afraid e go hard. Unfortunately, You may end up needing the letter of administration. and if i'm not mistaken, you'll need to pay about 10% of the value in the account (this is the main reason why the bank will be stubborn about this) This money goes to the state. I doubt any lawyer will tell you differently. If you take the case to court, you may rightly spend more than the cost of the administration letter in court and still end up needing to get LOA. lol 3 Likes |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by sorepco(m): 4:14pm On Sep 01, 2020 |
There mite be lawyers here There mite be those with same experience There mite be bankers here SocialJustice: 4 Likes |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by ojialo(m): 4:14pm On Sep 01, 2020 |
There is no 2 ways about it whether your mother is a cosignatory to that account or not she needs to go to Probate registery at the High court and get "letter of administration." It usually take 2 months to process and the fee is less than 20k a newspaper publication that will be at the court notice board for 21 is part of the process |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by yomi007k(m): 4:14pm On Sep 01, 2020 |
ZKOSOSO: Keep quiet and stop encouraging nonsense. Since the father didnt make a WILL then a Letter of Administration is the next document needed. 2 Likes |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by josite: 4:15pm On Sep 01, 2020 |
any banker-customer contract that is made in breach of any applicable law i.e administration of estates law is an illegal contract.the error ur dad made was to postpone the wife'se authority to withdraw as a co signatory.till after his death .all he ought to have done in the mandate after having added her as a co- signatory is to further directs that any of the signatories could withdraw from the account and so it wont matter whether he is alive or dead. the bank do have the right to insist on a letter of administration as whenever any one dies without a Will,all his properties becomes vested in the government and until a grant is made out to certain persons upon application,anyone who tampers with the properties of the deceased commits a tort. in this circumstance,the bank could be helpful if they really want tosince she is made a co signatory.try not to go about it legalistically because if you do,the bank will hide under the law to deny access to the account until u produce the letter of admin.i believe this can be resolved relationship wise with the bank. 4 Likes 1 Share |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by FirstCounsel(m): 4:15pm On Sep 01, 2020 |
andyanders:. If your dad made a Will, your family would have been saved all this "stress". To obtain Letters of Administration, your family would pay 10% of the value of your dad's assets and cash in bank. Also it takes nothing less than 6 months to process the Letters from the Probate Registry. 1 Like |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by foxxydude: 4:16pm On Sep 01, 2020 |
Whether you carry lawyer or not you must produce letter of Administration Only letter of Administration less cash LOA + Lawyer = More money Think am 4 Likes
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Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by FirstCounsel(m): 4:17pm On Sep 01, 2020 |
josite: Spot on. Another sound opinion. 1 Like |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by ojialo(m): 4:17pm On Sep 01, 2020 |
Areaboy2:I don't think the bank will ask of 10% if a laywer handles it for him |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by masqot(m): 4:18pm On Sep 01, 2020 |
LoA is essential for the Next of Kin to access such benefit since the deceased did not write a will. To have a headway without stress, get a lawyer to liaise with the bank, as well as process the LoA. Best of Luck. 1 Like |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by sorepco(m): 4:18pm On Sep 01, 2020 |
Tell them you will write their head office if they don't comply. One of the worst things branch managers hate is u writing a letter against them to their head office! I can still remember how a proud banker was begging me after I wrote the headquarter of Eco bank...about her shenanigans! zuma4k: |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by Areaboy2(m): 4:18pm On Sep 01, 2020 |
FirstCounsel: GBAM!.. you get am 1 Like |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by famouscargo4u: 4:18pm On Sep 01, 2020 |
The bank is right. your mum secure letter letter of administration. |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by Nobody: 4:18pm On Sep 01, 2020 |
zuma4k: Professional advice is the only thing you need. This is Nairaland, not Lawyerland. Don't waste your time with public opinion. 1 Like |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by Psalter: 4:19pm On Sep 01, 2020 |
Did your mum sign the mandate form? If yes, the implication is that your mum is a co-signatory to the account of your father whether dead or alive. She is therefore entitle to operate the account without any let or hindrance. The requirement for letter of administration becomes necessary upon the death of all the signatories to the account. I will be willing to handle this matter for you gratuitously (free of charge). Please oblige me with your number and i will place a call to you. |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by andyanders: 4:19pm On Sep 01, 2020 |
Op, you need a letter of admnistration from the probate office- go to the court armed with you, the death certificate. Once procured, proceed to the bank and the bank would do the needful. The bank is not wrong. What I don't understand is the high cost u are talking about. There must be a legal document to back-up any further mandate ur father had with the bank. 1 Like |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by deavicky(m): 4:20pm On Sep 01, 2020 |
zuma4k:tweet them and copy central bank. If it is illegal central bank will intervene. |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by SocialJustice: 4:20pm On Sep 01, 2020 |
sorepco:You don't take advise for legal issues online, I can talk to you like a lawyer and you will think I am one and believe the nonsense advise I gave until it fails you in life. |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by Ade3131: 4:20pm On Sep 01, 2020 |
First thing first, the bank is right to ask your family to provide a Letter of Administration. This is so bcuz the bank needs to have a legal backup for allowing your Mom access to the funds just in case your dad's death is fake. It's a statutory requirement from the CBN on all banks regarding how they treat accounts/funds belonging to a deceased customer. Thus, the bank is acting in accordance with this CBN directive by asking for Letter of Administration. It is also noteworthy to state here that in banking parlance, they'll tell you "death cancels all mandates" and that's the rule that applies in the case you stated here regarding your Dad's mandate instruction. His passing away has automatically rendered that instruction Null and Void. You should only be challenging the bank on the ground that your Dad wasn't educated about all of these while he was appending his signature on such a mandate bcuz the bank has a duty to educate it customers and on that very note, there's a breach or information gap. Mind you, it is hard to prove the above claim bcuz you do not have any evidence to back it up. In a nutshell, talk to a lawyer on how to get the Letter of Administration and follow every other directives from the bank or else, there's nothing else you can do to make them pay out the fund. And those asking you to threaten the bank should also tell you that there's an extent you can go with that or else the bank can sue you on several charges. They have an ever ready legal team on their payroll to handle stuffs like this. 3 Likes 1 Share |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by Areaboy2(m): 4:20pm On Sep 01, 2020 |
ojialo: No.. the probate office issuing the LOA is the one taking this money. you pay it into their bank account, come with your receipt for them to process the letter.. it takes time ooo 2 Likes |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by deavicky(m): 4:22pm On Sep 01, 2020 |
ladyF:he said it is expensive. |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by sorepco(m): 4:22pm On Sep 01, 2020 |
zuma4k: |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by SocialJustice: 4:22pm On Sep 01, 2020 |
comshots:Self medication is not the right way to treat yourself. Most times, it works but the day it will fail you, you could lose your life. No use your life do kalo kalo. Besides, how much does it cost to visit general hospital? Awoof dey run belle. |
Re: Nigerian Bank Disobeying My Late Father's Directive. PLEASE HELP!!! by ecolime(m): 4:25pm On Sep 01, 2020 |
ojialo:The 10% belongs to the court NOT the bank. It does not matter whether you get a lawyer or not. 2 Likes |
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