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Nairaland Forum / Nairaland / General / Business / Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? (38687 Views)
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Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by George2164(m): 9:47pm On Sep 10, 2020 |
You should be more worried about the letter of administration, because the stress no be here and it takes more than 3 months to be ready, all things being equal.. When you get the 90%, you can now fight for the 10%. Don't put all the whole cash at stake by fighting for the 10% before collecting your guaranteed 90% *PEACE* |
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by ojialo(m): 9:47pm On Sep 10, 2020 |
Zamakas:are you in abj can we relate I have pending issue to sort out |
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by fowlyansh181(m): 9:48pm On Sep 10, 2020 |
Learn from this, before you die, make things easy for your children .. |
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by Gamesmart: 9:56pm On Sep 10, 2020 |
Ijaya123: He was dead right! Completely dumbos. 1 Like |
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by Oliveth96(f): 10:05pm On Sep 10, 2020 |
Is there a Will? If there isn’t, then LA will be necessary. Nevertheless payment of 10% cut to the bank is foreign to me, or Isssit Estate fee? |
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by mfm04622: 10:09pm On Sep 10, 2020 |
peacenaija: This is a death tax. It is tax on property left behind by the death and inherited by those he left behind. It is not collected by the bank but by the state |
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by psucc(m): 10:12pm On Sep 10, 2020 |
oluplus:May be the banker was offering a typical Nigerian "help" of 10% before Aunty come shout |
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by Forumobserver12(m): 10:13pm On Sep 10, 2020 |
EgunMogaji2: Oga, please i have such situation at hand currently...I will send you DM for some advise.. 1 Like |
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by Emyogalanya: 10:14pm On Sep 10, 2020 |
NwaNimo1:Before one domestic animal will get hungry. And use the money to break its 40 days fasting |
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by chinnasa: 10:14pm On Sep 10, 2020 |
There is a process to obtain a letter of administration and 10% is collected by the bank on behalf of the court/government. Yes it has a legal banking. Speak to a lawyer for further clarification. |
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by friday2011(m): 10:15pm On Sep 10, 2020 |
theyji1990: Yeah, death certificate I mean, tnx |
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by badoh(m): 10:25pm On Sep 10, 2020 |
alizma:What you have posted is out of point. The only valid answer to the question raised by the OP has been given by elchariotlp. Pls go through his submission and be well informed. How could you suggest calling the Bank out when someone who seems not to grasp the explanation given by Bankers just rush to social media to express his grievance. Banks carry out operation in line with CBN regulations and there are sanctions for non- compliance. 2 Likes |
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by Prettiepearlz(f): 10:27pm On Sep 10, 2020 |
The 10% belongs to the court/government. |
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by Ojady(m): 10:28pm On Sep 10, 2020 |
Another implication of the wisdom to not "Lay up for yourselves treasures upon earth, where moth and rust doth corrupt, and ... THIEVES (in this case, the legitimate ones, The Bank) break through and steal...". |
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by udumosam23(m): 10:31pm On Sep 10, 2020 |
alizma: You'll still need a letter of administration when one party dies. |
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by pacespot(m): 10:32pm On Sep 10, 2020 |
That 10% is for the Letters of Administration they ask you to provide. The money goes to the government purse. I even thought it was 12% or so. |
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by Kingnelson9: 10:36pm On Sep 10, 2020 |
no matter what , 10% or 5% is too much ! goto the bank,meet the manager one on one if the percentage cant be less than 4% sue them. |
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by gracechellar(f): 10:37pm On Sep 10, 2020 |
Those always hiding from their spouse should learn now. All your hard earned sweat will be in the bank while family suffers. make your spouse a signatory to your account and save yourselves all these crappy stress. Or make a trusted sibling if na so you have your spouse reach. cHEErs! |
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by gracechellar(f): 10:38pm On Sep 10, 2020 |
udumosam23: No you dont |
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by dchikky: 11:03pm On Sep 10, 2020 |
elchariotlp:. After the probate payment banks like first bank will insist you pay estate fee,10k, to be processed 3months, yet 6months you are yet to see the money. |
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by EgunMogaji2: 11:09pm On Sep 10, 2020 |
Forumobserver12: I can’t be of much help. My lawyer handled it and I just had to take the final court order to the bank. Good luck. |
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by mywells: 11:15pm On Sep 10, 2020 |
So we fix our eyes not on what is seen, but on what is unseen, since what is seen is temporary, but what is unseen is eternal. |
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by dprpikin: 11:19pm On Sep 10, 2020 |
elchariotlp: The bank should have demanded for a Letter of Administration and not ask their clients to pay 10%. From the narative, if they had accepted to pay the bank/banker the 10%, the remaining balance would have been released to them even without the Letter of Administration. That is clearly wrong. |
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by maisauki: 11:23pm On Sep 10, 2020 |
MalaikaEH:Ga wata yanmiriya nan 1 Like |
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by ndukwechinasa: 11:26pm On Sep 10, 2020 |
peacenaija:• 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 is 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. However when it comes to an estate account with the bank, the bank also conducts a legal search that is when you have submitted the letter of administration. Banks can only charge you for legal search to ascertain if such is really coming from court of law. |
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by Steinmann: 11:31pm On Sep 10, 2020 |
Banks do not retain any money. I had processed estate of deceased , you only pay like 10% tax on the value of property and bank account to the State government. The release of bank money and processes take about 5 months. So bank managers will demand some money maybe 10% to release the deceased money within days instead of following probate court processes of some months. |
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by mayor10(m): 11:33pm On Sep 10, 2020 |
Na person wey get money go dey bother . If to say the deceased owe debt before him die...se bank go pay? |
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by passiveincome01: 11:37pm On Sep 10, 2020 |
hmmm |
Re: Do Nigeria Banks Have The Right To Retain 10% From A Deceased’s Account? by jidesp(m): 12:07am On Sep 11, 2020 |
peacenaija: Get a lawyer... |
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