SocialJustice:
No mind the mumu.

Una too quick dey see mumu.

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.

You can't trust Nigeria banks.
Your dad (may his soul rip), should have had an atm or mobile banking attached to the acct.
If force and aggression isn't taking... Kiss your dads money goodbye.

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.

That's the legal way to go. Everything isn't fight

oluplus:



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

Accessbank gives you all the funds in your late dad's account with death certificate and ID card, provided you are the next of kin, and then the account will be discontinued.

However if you want to keep using the account, probably a pension account, and withdrawing etc, then the letter of Administration offers one the right to do so, of which an estate account will be opened

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.

Lawyer.

daddytime:
My dear brother, I can understand how you feel about the entire bureaucracies but yes, the bank is right in their assertion.

A letter of administration or LOA is a standard requirement to enable a next of kin(s) to access a deceased's account.

It might seem stressful and expensive but its wholly legal the world over.

Pls can one make provision for or arrange for LOA while alive ?

Send a mail to CBN complaint office. You'll see how fast it'll be resolved.

Send a mail to CBN complaint office. You'll see how fast it'll be resolved.

Two things are involved my brother abi my sister .
1. Kindly confirm if the bank actually added you mum as a second signatory.
2. If yes confirm the terms used in adding the second signatory.eg if the mandate given is both to sign, or 2 cannot sign without 1, then that means you need to bring A letter of Administrative, but if the mandate says either to sign then know that the bank is actually looking for your trouble.

From experience what I feel is your mum wasn't given full right to sign.

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.

Wrong.

You cannot continue using the bank account of a deceased family member. The letter of administration (which must have been gotten by submitting to the court all the documents you mentioned), will enable you to be able to open an "Estate account" in the deceased name, and all the funds transfered from his/her account into the Estate account, before his/her account is closed.

adanny01:


You sound like a banker but deliberately do not want to see the point of view.

Op said the wife was made co-signatory not next of kin. You should know the difference.

It makes the fix deposit a joint account.

No it doesn't. It's not a normal account. Even if there's a co-signatory. Also, I don't think the bank should've allowed him drop such an instruction concerning his "demise". He should just get a Letter of Administration, it will make it easy to access all his dad's funds everywhere.

dopedealer:



Pls can one make provision for or arrange for LOA while alive ?

I'm not sure sir.

[sub][/sub]

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.

those bankers have Issues....

From experience u need d letter of Administration, not only for the bank purpose but for u to have access to ur late father's entitlement. The letter of Administration comes from the High Court not the bank. the account of the deceased will be closed. then the money will be moved to a new account depending on the amount and still depending on the court. the letter of Administration is very important.

Sorry for your loss. You just have to get the letter of administration in other to access the account.

PROCEDURE FOR OBTAINING LETTER OF ADMINISTRATION IN NIGERIA.


INTRODUCTION

Letter of administration in Nigeria is the legal authority granted by the Probate Court to a person called the administrator or administratrix to administer the estate or property of a person who died intestate.
A person is said to have died intestate when he dies without leaving behind a valid Will. The administrator then derives his or her authority to act from the terms of the letters of administration, and where the letters of administration are not granted, an administrator lacks the authority to act as the properties of the deceased are deemed to be vested in the Chief Judge of the State.
Section 49(1) Administration of Estate Law, Lagos state laid down the persons that can apply for a grant of letter of administration in order of priority and where they are of equal priority, the court has the discretion to select any who in its view is most suitable. These persons are generally called NEXT-OF-KIN of the deceased. Thus generally, it is the next-of-kin of the deceased that is entitled to apply for letters of administration in the following hierarchy:
– Surviving spouse(s) of the deceased
– Children of the deceased
– Parents of the deceased
– Brothers or sisters of the deceased of full blood or the children of such brother or sister who died in the lifetime of the deceased.
– Brother or sister of the deceased of half-blood or the children of such brother or sister who died in the lifetime of the deceased
– Grandparents of the deceased
– Uncles and aunts of full blood or their children

• PROCEDURE FOR OBTAINING LETTER OF ADMINISTRATION
Letters of administration are granted upon application by a person entitled either personally or through his legal practitioner to the Probate registrar. Usually, forms are issued to the applicant, to be returned, upon completion, to the probate registry.
Grant of letters of administration would not be made within three (3) months (in Lagos state) from the death of the testator where he died intestate and every application for grant of letters of administration are usually published to allow for objections and the filing of caveats.
It must be noted that letters of administration cannot be transferred or inherited. Furthermore, one person cannot be granted letters of administration. It can only be granted to at least two people. The only exception is where a Trust Corporation or the administrator general is appointed as sole administrator. The procedure for the application is as follows:
1) Application is made to the probate registrar. The letter should contain the following
– Full names of the deceased
– Date of death of the deceased
– Place of residence of the deceased shortly before his death
– Name of proposed administrators
2) The application shall be accompanied by the death certificate. Upon submission of the application, then forms will be given. Such forms include:
– Oath of Administration by the applicants
– Particulars of landed property left by the deceased
– Administration Bond to ensure that the grantee makes proper inventory distributes the estate accordingly and pays out of all just debts.
– Affidavit/Declaration as to next-of-kin
– Bank certificate
– Inventory
– Passport photographs of the applicant
– Justification for sureties
– Schedule of debts and funeral expenses
3) The forms upon filling them would be submitted
4) Publication would be made in the gazette or newspaper. This, in essence, is to invite and give the public or any interested person the opportunity to object and file a caveat to the grant of letters of administration to the applicant.
5) The objection may be raised within a specified period for filing a caveat
6) Once no objection, upon the payment of the estate duties, the letters of administration would be granted.

• COST OF LETTER OF ADMINISTRATION
There are various fees to be paid before letters of administration application can be evaluated and approved. Once letters of administration are approved by the Probate Registry, an Estate fee of 5% to 10% of the value of the Estate, depending on the State must be paid to the State Government where the Letters of administration application is made and approved.

• ADMINISTRATION OF ESTATE LAW NIGERIA
The law that regulates the Estates of deceased persons, is the Administration of Estates Laws of different states of the federation of Nigeria.
The Administration of Estate Laws in Nigeria provides for a legal system of administration of the estate of deceased persons which entails the verification of the claims of persons claiming to be entitled to the estate of deceased persons and subsequently grant the authority or power to administer the estate to the persons who have passed through the verification process at the Probate Registry.
The Administration of Estates Law of Lagos State was as a result of the adoption of a similar Administration of Estates Law of former the Western State of Nigeria.
The Law was made with the intent to forestall the properties left behind by deceased persons from falling into the hands of unscrupulous persons and particularly those the deceased would not ordinarily wish to inherit his or her properties.
The Law does not apply to the distribution, inheritance or succession of the Estate of a deceased person whose affairs were regulated by customary law during his or her lifetime.
• CONCLUSION
The entire process of obtaining Letters of Administration of an Estate can be cumbersome and gruelling especially for persons not familiar with the process because it deals with inheriting an estate of intestate persons.
However, the administration of estate laws operated by different states in Nigeria has provided minimum guidelines on how the estate falling into intestacy can be carefully administered by the deceased next of kin.

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.

Don't try dat as a ist option

Na cultist full banks now.

They will take it personal with yu

Dey won't spend personally

Only to sit in an executive meeting

They will so frustrate yu to d point

Yu can't even pay ur legal fees no more.

20 years is just 20 months to them

So tey the judge will retire or die

Ned nwoko last born will become governor

And tinububununu becomes the president of


WAKANDA county

JoseRaji:


No it doesn't. It's not a normal account. Even if there's a co-signatory. Also, I don't think the bank should've allowed him drop such an instruction concerning his "demise". He should just get a Letter of Administration, it will make it easy to access all his dad's funds everywhere.

To what benefit is a co-signatory to an account if the co-signer has no rights?

There are 2 reasons of having co-signatory

1. Both parties must sign

Or

2. Either party can sign

If the fix deposit has option 1, LoA is required but if its option 2, she should have complete access to the account.

Mind you, a fix deposit is also an account, it just doesn't have withdrawal.

Open a line of correspondence with the head office of the bank and a more experience officer will give you the best advice , as per that bank's requirement.

kwasoly:
Two things are involved my brother abi my sister .
1. Kindly confirm if the bank actually added you mum as a second signatory.
2. If yes confirm the terms used in adding the second signatory.eg if the mandate given is both to sign, or 2 cannot sign without 1, then that means you need to bring A letter of Administrative, but if the mandate says either to sign then know that the bank is actually looking for your trouble.

From experience what I feel is your mum wasn't given full right to sign.

90% of posters on this issue either didn't read or understood the opening post. We really have comprehension issues in this country.

You have hit the nail on the head.

If the wife was not added as either to sign, it means the bank either deceived the late father or refused to carry out his instructions since he meant to give the wife access if he is not there.

daddytime:
My dear brother, I can understand how you feel about the entire bureaucracies but yes, the bank is right in their assertion.

A letter of administration or LOA is a standard requirement to enable a next of kin(s) to access a deceased's account.

It might seem stressful and expensive but its wholly legal the world over.

This is wickedness and a deliberate act to steal from the Account holder as I don't understand why they did not make the man realize that he would need that letter when he was alive. Why did they accept the mandate he signed knowing that it would not suffice?
Banks are nothing but legalized ponzi schemes that go about defrauding their customers.

You have two options here I think:

1. Get the letter of administration

2. Sue the bank

I think it is safer, simpler, easier and faster to get the letter of administration. The other route (litigation) is costlier, longer, cumbersome, physically/mentally/financially draining.

Has your mom been signing alone for withdrawals when your father was still alive? If not, then you will need a letter of administration from the high court, which should include other financial stakes by your father that your family would need access to.

NoToPile:


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)

For a joint account, LOA may not be required. Mr. Y would only need to present a death certificate of Mr. X. The name of the deceased would be removed from the account name and account becomes his personal account.

.

westlius:

Yes it will work because banks hate social media to talk negative stuff about them, it frightens there customers

Let's be real bro.

oluplus:


For a joint account, LOA may not be required. Mr. Y would only need to present a death certificate of Mr. X. The name of the deceased would be removed from the account name and account becomes his personal account.

Okay thanks

Mp3 Converter is YouTube to mp3 converter absolutely free from payments and registrations 2conv - YouTube downloader.It converts music just in few seconds!
https://anupamadrama.com/

Teleserye.su - Watch your favorite Pinoy Tambayan, Pinoy Teleserye Replay, Pinoy TV Series and Pinoy TV Shows online for free!
https://teleserye.show/

Those advicing you to sue the bank are talking from the position of ignorance.

No Nigerian bank will hand over the funds of a late customer (in this case your dad) to another person without a letter of administration. Kindly go to the court, the Probate Registry poeple will help you out and believe me it does not cost an arm and a leg.

adanny01:


To what benefit is a co-signatory to an account if the co-signer has no rights?

There are 2 reasons of having co-signatory

1. Both parties must sign

Or

2. Either party can sign

If the fix deposit has option 1, LoA is required but if its option 2, she should have complete access to the account.

Mind you, a fix deposit is also an account, it just doesn't have withdrawal.

She can have access to the account, but not if the Primary signatory is deceased. Also, I didn't say a fixed deposit account was not an account. I said it is not a "normal" account.
The two kinds of account mandate you mentioned, "both to sign or either to sign" work in other cases, not this one - where the primary signatory is deceased...

I'm saying that the entire drama is because the OP lost his dad, and he should just go for a Letter of Administration.

Adakintroy:
See how vain the church as an institution has become. The Pentecostal that profess the holy spirit could not perform roles of spirits.

Comfort! The great conforter..Mourn with those mourn. It's emphasy was on reopening. So I ask you very educated Christians. To what end is the a church?

Wrong thread...

Check the topic again... It has absolutely nothing to do with the Church...