I will strongly advise you sue the bank. They are playing with your intelligence. Don't even think of coming for the LOA because it won't take your lawyer anything less than 2 months to get it. Also the cost of getting it can be as hight as 2m. Get a good lawyer and see them (you'll get your money, the bank will also compensate you, and the bank will refund the money used in pursuing the case)
All the best to your family

zuma4k:

Thanks for your response, they're trying to make us spend needless money. I need more suggestions apart from just routine advice on consulting a lawyer.

Take them to court for what?The man died intestate without a will so it is a must to get letter of administration from the probate office in court. Letter of administration makes her the heir to his Estate (properties and money)With the letter of administration, she can open an Estate account in the name of her late husband and all the money will be transferred there while the deceased account is closed.Its not a big deal.

UnbiasedAnalyst:
I will strongly advise you sue the bank. They are playing with your intelligence. Don't even think of coming for the LOA because it won't take your lawyer anything less than 2 months to get it. Also the cost of getting it can be as hight as 2m. Get a good lawyer and see them (you'll get your money, the bank will also compensate you, and the bank will refund the money used in pursuing the case)
All the best to your family

Like are you okay? Who pays 2million for letter of administration.Take them to court for what?The man died intestate without a will so it is a must to get letter of administration from the probate office in court. Letter of administration makes her the heir to his Estate (properties and money)With the letter of administration, she can open an Estate account in the name of her late husband and all the money will be transferred there while the deceased account is closed.Its not a big deal.

homesteady:
What is the letter of administration supposed to achieve?

Threaten them that you will take them to court. What they are doing is nonsense.

So many ignorant people with confidence..

You know nothing and proud

NoToPile:


Really? what if they are both signatories to the account and the mandate is either of them can sign does death invalidate the other party having access to the account both of them had access to when the other was alive?

It depends on the actual owner of the account.
In this case, the account was in the husband's name, with the wife as a signatory.
He's now late, account must cease to operate.

But if the account had been a joint account, with either to sign. The wife may still be allowed to operate the account.

There is no where u will see fixed deposit with co signatory to have access to the fund.

Only on the opersting account could have co signatory.
Go and get letter of admin to easen the process.

They won't even release the fund without letter of admin

If they are requesting for LOA, then the mandate on the account doesn't give her authority.

zuma4k:

Thanks for your response, they're trying to make us spend needless money. I need more suggestions apart from just routine advice on consulting a lawyer.

There’s nothing you can do without the help of a lawyer

The truth is you will have to get a LOA ( letter of administration) before either you or your mum can access the said amount of your late father. If you are not a 9-5 person you can do it yourself. You will have to go to probate office in a high court of Justice. The whole process takes time, say 4-6 months as the case maybe. From the look of things your late father died intestate ( without a will) if there was a will you won't be needing an LOA. Just be rest assured you will have to pay money in probate office during the course of processing. The major amount will be News paper publishing money, and 10% of the total amount your father left in the bank to the government as VAT. But if you don't have the time get a lawyer to run the process for you and pay him.
NB: it's easier and faster if all your father's are from same mother.

zuma4k:
Please fellow nairalanders, I need your opinions on this and if possible front page. It's quite personal and goes like this.
1. Mr Adam (my father) opens a fixed deposit account with X Bank. He subsequently submits his wife's details and makes her a co-signatory to the account with the *express mandate* that upon his demise, his wife exercises automatic access to the account and it's proceeds. Does this amount to a valid contract between him and the bank?.

2. Note that after his death the bank reneged on the primary provision of his directive, stating that a letter of administration must be procured (at an exorbitant cost).
Stated Reasons bothers on the fact that under banking laws and the principles of a valid contract, a contract between a depositor and the bank terminates upon the demise of the individual thus rendering the *mandate* unenforceable and invalid.
Please mods I need this on front page. Thanks.

Oga, I am an ex banker. Dont waste money going to any lawyer, if you know the legal team team these banks have. It's the law. I know its tough, just get the letter of administration. It might take a while, but eventually the bank will grant you the administrators to his estate to all balances in his account.

zuma4k:
Please fellow nairalanders, I need your opinions on this and if possible front page. It's quite personal and goes like this.
1. Mr Adam (my father) opens a fixed deposit account with X Bank. He subsequently submits his wife's details and makes her a co-signatory to the account with the *express mandate* that upon his demise, his wife exercises automatic access to the account and it's proceeds. Does this amount to a valid contract between him and the bank?.

2. Note that after his death the bank reneged on the primary provision of his directive, stating that a letter of administration must be procured (at an exorbitant cost).
Stated Reasons bothers on the fact that under banking laws and the principles of a valid contract, a contract between a depositor and the bank terminates upon the demise of the individual thus rendering the *mandate* unenforceable and invalid.
Please mods I need this on front page. Thanks.

Banks don't run their business in such a way. If your father had a will then proceed to the bank with it. If no will then you will have for Probate, and it costs money and the state will take their cut too.

Most of our banks are legal thieves. They want to sit on the deposit . .There was an existing order and I think that order subsist without any contradiction ..act fast before they swindle your family ...

The Bank is doing the right thing, pls adhere to the requirements.

Get a lawyer.

You don't really need a lawyer especially with cooperating or loyal siblings.

To access all your late dad's accounts and other near cash assets, go get an Enrolment Order from a court.
Give the court registrar small change so he can quickly notify the banks, the banks send statements of accounts, he calculates the totals balance, and the courts share (5-10%) which you'll deposite before the date of the hearing.
Once the jugde issues the order and the banks notified, the bank will proceed to do a legal search and afterwards deduct their cost and credit the balance to any account of your choice. This process can take a month or less.
With access to cash you can proceed to the probate registry, after collating all your dad's assets, properties investments and other entitlements from the relevant bodies as much as you can remember or have access to.
Keep sorting your way through at the probate and you can get the L.O.A in 3-6 months on your own (same as with a lawyer).
With a lawyer or agent, you'll pay agency fees or lawyer charge, money for sorting on your behalf and 10% of the values of the L.O.A in addition to the 10% probate will charge.

Anyway, if you don't have the time and patience, just use a lawyer.

FirstCounsel:
.

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.

Hahhh, 6 months Ke Bros easy o

obonujoker:


Wrong.

Letter of Administration is only needed when you want to continue using the account of your late Dad.

What's required to remove the funds is death certificate and iD card of his next of kin. All the amount will be given to the next of kin, and the account will be closed forever.

The guy is right.

Check the below

A Letter of administration is a written authority given to a person called the executor by a probate registry/court, giving such person(s) the right to access or lay claims to a deceased funds in his/her bank account, properties or other investments as owned by the deceased or dead person.

However, before an executor can access this letter of administration he/she had to meet certain requirements otherwise everyone in the deceased close associate becomes an executor, which in actual sense projects people claiming executorship or beneficiaries of the dead when actually they do not have any business with such arrangement

ntyce:


It depends on the actual owner of the account.
In this case, the account was in the husband's name, with the wife as a signatory.
He's now late, account must cease to operate.

But if the account had been a joint account, with either to sign. The wife may still be allowed to operate the account.

May? even for a joint account with the either to sign mandate, Wow ??

zoezoelogistics:
Let me give a suggestion that has always worked for me.

Do a very detailed mail, get all necessary facts and figure stated in the mail, including the amount deposited, the cost of the letter of administration and every single document that is necessary to help you push fight your cash. See yourself as a lawyer who needs to defend a client.
Ensure you state your disappointment, position and expectation based on the written request of your late dad. Be very sure to appeal to their emotional conscience.

Ensure you copy the following:
The account officer, the customer service, the branch manager where the account is domiciled, and then most importantly cbn and consumer protection. You can get all these necessary cbn addresses through a thorough google search.

Also ensure you put a line of threat to wmbark of social media de marketing campaign aimed at exposing their various nefarious acts you have painstakingly documented from family and friends.

Let them know, the pains brought about by your loss is enough, they should not compound it through this act you see as evil and callous.

Be sure to get a response in less than 48 hrs.

All the best.

It is easier and better to get a letter of administration than to tow this line of action.

Mrbond310:
Letter of administration is less than 50k, do d right thing

My wife got it for 2k and claimed the money in late dad's account in less than 2 months

What was the mandate on the account? Was it “either to sign” or “both to sign”?

If it was either to sign, the instruction stands but if it was both to sign, gbege don de.

Alternatively, if you can provide documentary evidence of your dad’s instruction to the bank, you can fight the matter. If you don’t have any evidence, the letter of administration is your best bet. Means your dad died without leaving a will behind.

Officialgarri:
Meet Barrister Chris Elisha. He has practiced law for 15 years

You sure say no be grey hair dey him head?�

NoToPile:


So a joint account and someone having an account with another being a cosignatory to that same account are different things.

I thought for you to even be a co signatory it has to be a joint account?

For instance, some people due to health issues may not be able to run their account, so they can intorduce a co- signatory to the account after fulfilling the bank's requirements. Note that the account is still in the name of the account owner. The name of the cosignatory is not captured on the account but on the mandate. When the owner dies, co-signatory cannot continue to operate the account. Account must be closed. That is why Op must get the LOA.
Some military guys posted to remorse areas do this as well, making their wives who cannot operate ATMs/internet banking co-signatories, so they won't starve before they return

CioAngels:
Is your mother alive, she should go to a known lawyer( Femi Falana)and explain your problem. Just pray they have not stolen your father's money has soon as he died, as we hear that is now their stock in-trade.

How much is the cost of LOA?
How much will Femi Falana charge?

Check am nah

Poster.. your mother was made a signatory on the account not the fixed deposit....now she needs to wait for the funds to drop into the account where your father made her a signatory.


Letter of administration is more like a will your father didn't submit to the bank before his death ..this is more like an alibi should any family member shows up with any added documents concerning the fund ..

oluplus:


For instance, some people due to health issues may not be able to run their account, so they can intorduce a co- signatory to the account after fulfilling the bank's requirements. Note that the account is still in the name of the account owner. The name of the cosignatory is not captured on the account but on the mandate. When the owner dies, co-signatory cannot continue to operate the account. Account must be closed. That is why Op must get the LOA.
Some military guys posted to remorse areas do this as well, making their wives who cannot operate ATMs/internet banking co-signatories, so they won't starve before they return

Okay I understand your explanation

What about in the case of a Joint account or even investment bearing Mr X and Mr Y as name of account both are signatories, both their passports and signatures were collected and they both signed when account was opened with mandate that either MR x or Y can sign.

Then Mr X dies , Will Mr Y continue having access to the account despite the fact that Mr X is dead or they will say Mr Y should bring a LOA to access the funds( I am assuming Mr Y is either the spouse , child or relative of Mr X)

Stated Reasons bothers on the fact that under banking laws and the principles of a valid contract, a contract between a depositor and the bank terminates upon the demise of the individual thus rendering the *mandate* unenforceable and invalid.

The answer you seek is already in your explanation. The law is the law.

Farki:
Scam bank, please which one is it so I can avoid them?

Abi oh. You are right. I will Pm the op so I can get the name of the scam bank .

Officialgarri:
Meet Barrister Chris Elisha. He has practiced law for 15 years

I love this lawyer ehn

The bank is right. My advice is to find all property including shares, other bank accounts etc and include all in the Letter of Administration.

zuma4k:

Thanks for your response, they're trying to make us spend needless money. I need more suggestions apart from just routine advice on consulting a lawyer.

Letter administration is given by the court. So get the letter of administration and use to open an account. Then the money we be transfer to the account where the you or the proposed next of kin can access it. Bank too are wise they won't give you money just like than. There is a CBN rules regarding to this.