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*

Zamakas:
I am a staff in probate registrar high court and I ll like to clear the air . D 10% is for d state government not d bank and it's 10% in dis nation. It's to help generate revenue for the government. In Britain I heard it's 90% cos it's assume that the deceased's property is for the government alone.

are you in abj can we relate I have pending issue to sort out

Learn from this, before you die, make things easy for your children ..

Ijaya123:


Little wonder they spend all their time watching BBNaija and even donate money to evicted housemates for the reasons I still don’t know.

Buhari was right after all, bunch of lazy youths.

He was dead right!

Completely dumbos.

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?

peacenaija:


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

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

oluplus:


There are 2 sides to a coin. Op is acting on the info given by a friend.

The tendency that the message of the bank was misconstrued is very high.

No bank would do that. It's worth it when the sanction comes.

May be the banker was offering a typical Nigerian "help" of 10% before Aunty come shout

EgunMogaji2:


I had to go to court to get Polaris to get my mums balance.

The judge ordered 5% to be deducted for probate department. Seems pretty straightforward.

Oga, please i have such situation at hand currently...I will send you DM for some advise..

NwaNimo1:
In Naija......aka the zoo/shiithole, anything goes!

grab that moni whilst you can

Before one domestic animal will get hungry. And use the money to break its 40 days fasting

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.

theyji1990:

Death certificate

Yeah, death certificate I mean, tnx

alizma:
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

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.

The 10% belongs to the court/government.

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...".

alizma:
This is why joint account is good. Just put instruction that one person can sign if is the man that is doing d withdrawal but two must sign if the woman is withdrawing. However, in the event of death of the man, the woman automatically can sign as sole signatory without any hindrance whatsoever.

You'll still need a letter of administration when one party dies.

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.

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.

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!

udumosam23:


You'll still need a letter of administration when one party dies.

No you dont

elchariotlp:
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.

.

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.

Forumobserver12:


Oga, please i have such situation at hand currently...I will send you DM for some advise..

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.

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.

elchariotlp:
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.

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.

MalaikaEH:
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.

Ga wata yanmiriya nan

peacenaija:
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

• 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.

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.

Na person wey get money go dey bother . If to say the deceased owe debt before him die...se bank go pay?

peacenaija:
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

Get a lawyer...