Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,547,159 members, 5,864,501 topics. Date: Friday, 18 September 2020 at 09:06 PM

Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? (34082 Views)

Sunti Sugar To Retain All 2,400 Staff Despite COVID-19 Challenges / How To Recover Funds From Accounts Of Deceased Loved Ones. / Check Out 7 Nigeria Banks That Operate Zero Accounts (2) (3) (4)

(1) (2) (3) (4) (5) (6) (7) (8) (Reply) (Go Down)

Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by peacenaija(m): 4:12pm On Sep 10
Dear Nairalanders,

Trust we all keeping safe.

I really need clarification from bankers and experienced persons in the house. A friend of my lost her father recently and they have started receiving their father’s entitlement which was paid into the account domiciled with a Nigerian bank operated by the deceased.

However, my friend’s mum lost their dad’s ATM, so they reported to the bank with the death certificate and requested for a new ATM or the money moved to another account but the bank is now asking for a letter of Administration and they will take 10% of the money left in the deceased account.

My grouse is not the letter of administration but the 10% they are asking on another person’s entitlement. Is there any law backing this? How can we go about it because the money is a substantial amount?

I'd appreciate your advice and clarifications. Thanks

42 Likes 6 Shares

Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by weyreypey: 4:14pm On Sep 10
Midoda!!
Dingbang
All ye bankers
Come and answer this question

6 Likes

Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by NwaNimo1(m): 4:16pm On Sep 10
In Naija......aka the zoo/shiithole, anything goes!

grab that moni whilst you can

38 Likes 1 Share

Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by BabaOwen(m): 4:17pm On Sep 10
No, they don't.

Write about it to the CBN, so far the deceased no owe dem any money.

182 Likes 12 Shares

Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by majamajic(m): 4:18pm On Sep 10
Mine was worst , not even 10%

Let me sit here

8 Likes 1 Share

Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by peacenaija(m): 4:20pm On Sep 10
BabaOwen:
No, they don't.

Write about it to the CBN, so far the deceased no owe dem any money.

I wonder oo, we will do as advised. Thanks

34 Likes 1 Share

Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by Omihanifa: 4:23pm On Sep 10
The percentage varies from 5% to 10% depending on the State and it's going to be paid to the state government where the letter of adminstration is made and approved

120 Likes 6 Shares

Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by peacenaija(m): 4:31pm On Sep 10
Omihanifa:
The percentage varies from 5% to 10% depending on the State and it's going to be paid to the state government where the letter of adminstration is made and approved

Okay, so what's the charge actually for? Which service have the provided? I'm sure that they will pay for the letter of Administration when it's time to get it

16 Likes 3 Shares

Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by BrighterMe(f): 4:41pm On Sep 10
lipsrsealed

1 Like 1 Share

Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by bolaayenimo: 4:42pm On Sep 10
Nigerian banks are thieves. So if N1b was left in the account, they will received 10 per cent of it. For what?

50 Likes 5 Shares

Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by MalaikaEH(f): 4:54pm On Sep 10
Get the ninety percent first, then fight for the remainder if you really have the time, because the bank and state will surely make it a prolonged issue.

173 Likes 11 Shares

Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by dingbang(m): 5:22pm On Sep 10
Wonderful. The only thing that is being debited from a deceased account is search report which is not even based on % basis. I am just hearing this for the first time.

37 Likes 6 Shares

Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by seniormallam(m): 5:35pm On Sep 10
Very true, going to the state government pox,
Baba just thank God, some stingy father's won't even let you know they have account with such money then they'll now die suddenly, it's either one bank staff move the money or after 10years the money get moved to CBN.
Some men are stupid sha, how can you decide to dash government your life savings instead of disclosing your accounts to your wife or child even if they don't know the balance at least they have the number

131 Likes 9 Shares

Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by IamWonderful: 5:37pm On Sep 10
Nigeria is where the bizarre are norms

8 Likes 2 Shares

Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by AlfaSeltzer(m): 5:40pm On Sep 10
Lawyers need to pay rent. Get one.

9 Likes

Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by elchariotlp: 6:36pm On Sep 10
Either the Staff that advised you is ignorant or you did not understand the advise given.

10% of the money is payable as Estate Fee to the Government. The sum is usually paid by the Administrators (survivors of the deceased) before the Letter of Administration is issued while in some states, the Court directs the Bank to deduct the 10% and remit it to the state while the Balance is made available to the Administrators.

All that the Bank deducts averages 5k to 10k expanded in confirming the Letters of Administration or Court Order from the Probate Registry or Court respectively.

219 Likes 29 Shares

Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by YorubaKinging: 8:13pm On Sep 10
The end is near
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by Enn214(m): 8:14pm On Sep 10
wink

1 Like 1 Share

Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by MorataFC: 8:14pm On Sep 10
Haaa
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by daddytime(m): 8:14pm On Sep 10
elchariotlp

Thanks for doing justice to the topic.

7 Likes

Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by Felajack: 8:14pm On Sep 10
Yes
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by merieam16(f): 8:14pm On Sep 10
I av nothin to say...just passing by
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by MorataFC: 8:15pm On Sep 10
dingbang:
Wonderful. The only thing that is being debited from a deceased account is search report which is not even based on % basis. I am just hearing this for the first time.

I'm hearing it for the first time too
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by ednut1(m): 8:15pm On Sep 10
To be remitted to the government.

1 Like

Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by CalabarPikin: 8:16pm On Sep 10
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by Dpsychologist: 8:16pm On Sep 10
Banks are the smartest thieves
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by AFvckingAlpha(m): 8:16pm On Sep 10
The fvck
Niggarr!!

Nigerian banks and their plots to always subtly steal money from their customers.

I will scatter any bank that try shit with me.

They should go and ask the UBA in the Unilorin campus.

I did shege for the female bank manager.

2 Likes

Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by alizma: 8:16pm On Sep 10
Pls when things like this happen, do us a favour by calling the bank's name in capital letter so that everyone will know which bank in Nigeria to avoid. Intact calling the bank name will help solve your problem than you think.
The idea of keeping things in secret is one of the problems we have in this country. You are more of an accomplice than a victim by keeping the identity of an evil organisation or person in secrecy
Just imagine suffering to save 10m and death struck, some set of thieves will sit under the acc to claim 1m that they didn't work for. Tomorrow they will declare profit as if they are hard working to have make such profit.
Executive arm robbers

138 Likes 10 Shares

Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by PropertyNaija: 8:16pm On Sep 10
Ok

This 4 bedroom all ensuite terrace duplex is up for sale. Located behind Games Village Abuja.

Call me for inspection and enquiries on 080. 3651. 9974

1 Like

Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by Offpoint: 8:17pm On Sep 10
They tax all you all your lifetime and you still pay for dyinggrin

Interesting country.

11 Likes 1 Share

Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by loadedvibes: 8:17pm On Sep 10
This is new
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by LaIabobo: 8:17pm On Sep 10
Yes, seek more clarification. The money is not for the bank but the government.

17 Likes

(1) (2) (3) (4) (5) (6) (7) (8) (Reply)

I Am Richer Than Dangote – Ghanaian (Dwarf) Shortest Man Speaks / With No Doubt. Fiverr Is The Very Easier Way To Earn Money Online / Billionaire Businesswoman, Bola Shagaya Is 60, Shares Lovely Pictures

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2020 Oluwaseun Osewa. All rights reserved. See How To Advertise. 70
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.