₦airaland Forum

Most of the time, the money just remain in the acct.

Then after a while, acct goes to dormancy.

On a normal, the acct will remain in that state till "someone" remember ls the acct.

princepee:
Lost a cousin some years ago
Over six million he had in a bank got trapped there.
He wasn't married, his next of kin was his mom, his mom died few years before him.
He didn't bother to change the next of kin.

His brothers tried to retrieve the money to no avail.
The bank did everything to frustrate them....

Most bankers are rogues
6 million naira 5 years ago is like 15 Milla now.

The best advice I give people these days is to have a Will. It doesn’t matter how old you are. As long as you are making money and have assets, you need a Will. A Will makes it easier to distribute your assets and money and helps your loved ones access your property without unnecessary stress. If there had been a will, this money would not have been trapped.

But how many Nigerians are actually ready to write a Will?

A banker told me how they steal such money at the bank.
They keep watching at an account that has been dormant for a long time. Then they try to send messages to the phone number and no response, though the account has next of kin, they will never contact the next of kin if he or she never comes to inform the bank that the owner of this account is deceased. Also they can turn off the bank alert linked to the account and begin siphoning the money or use the account to do illegal transactions. Also many families don't know their love ones has such account in the bank.

So do not operate a secret account, always make sure trusted family member know all account in case of tragic and unexpected happens.

The banker told me he japa with his family from accessing and using a dormant account of about 40 million naira in it. No family member ever came forward.
Ask yourself why are so many bank staff have excess access to millions of naira to japa to any country of their choice, UK, Canada, Australia or US. Most are peoples savings at the bank.

I have four bank accounts my daughter have the pin to all the accounts.
I have told her that if I should die today she should withdraw the money to her own account.
She is the only one in this whole wide world I trust

CodeTemplarr:
Banks are naturally after deposits and will be happy to have such fund forever. If the regulatory authorities like NDIC CBN can force next of kin into the BVN record, all accounts balances under BVN can be collasped into one next of kin.

Once they observe that a certain account with huge fund is dormant, they will steal it.

surgical:
let the brother go to the probate registry and prove to them he is his benefiary by virtue of their relationship, he will pay some percentage of the money to government say 10 or 15% ,they will give authorisation to the bank to pay, it could take several months but its better than leaving it with the bank

They are simply not ready to collect that money.

Mind you, the bank knows the process. They know they need a letter of administration but they will never tell them because in most cases, they want that money to remain and die with them.

The bank will never tell you what to do.

MatrixCircle:
A banker told me how they steal such money at the bank.
They keep watching at an account that has been dormant for a long time. Then they try to send messages to the phone number and no response, though the account has next of kin, they will never contact the next of kin if he or she never comes to inform the bank that the owner of this account is deceased. Also many families don't know their love ones has such account in the bank.

So do not operate a secret account, always make sure trusted family member know all account in case of tragic and unexpected happens.

The banker told me he japa with his family from accessing and using a dormant account of about 40 million naira in it. No family member ever came forward.
Ask yourself why are so many bank staff have excess access to millions of naira to japa to any country of their choice, UK, Canada, Australia or US. Most are peoples savings at the bank.

Your banker friend was telling you tales by moonlight... 🌙

Thank goodness I don't have money in the bank.

Lesson: Enjoy fruit of ur labour now. Don't be stingy to yourself.Live your best life today.

Any money you deposit in a bank is technically not your own again, the bank will only agree to give you bit by bit till its exhausted.

KingAzubuike:
They are simply not ready to collect that money.

Mind you, the bank knows the process. They know they need a letter of administration but they will never tell them because in most cases, they want that money to remain and die with them.

The bank will never tell you what to do.

You are dead right...


The bank will never tell you the process to follow.


It's a straight forward process actually. Just that it takes time. But the banks intentionally make it a frustrating process!

Gotocourt:
Omorr, I get serious investment with Stanbic IBTC asset management mutual funds

Bros, carry your famiky along, it is betyer for your fsmiky to eat your money than the bank to eat it...

My wife knows all my login details, my sister also do, my outside savings, my wife knows it, the people I borrow money to, my wife knows them, so I always remind her of my pins, every month..

We no go die young ooo

Most of the time, those account are being sold..

Gotocourt:
Omorr, I get serious investment with Stanbic IBTC asset management mutual funds

how does this correspond with the topic in discussion abi you just want to prove your dumbness,empty barrels …

Lastpharoah33:
Most of us operate 2-4 bank accounts, while we use one for day to day cash transactions, there is this one we tend to stash money and leave it untouched for a very long period of time.

With the way people die in this country, I strongly believe most if not all (especially the elderly ones) have a bank account no one knows anything about.

My question is, what happens to this monies left by the deceased?
Can banks identify the account of these dead people?
I have also witnessed cases where the family of the deceased can't access these monies due to incomplete paperwork or some other reasons.
Let's discuss...

God bless you OP,for this should interest many Nigerians but because it is not about Girlfriends or Boyfriends Affairs,it may be a dry topic.
The Frustrating Roles of Judiciary is also noted ,you know - for many have died Interstate ( No Will) and their Funds and Entitlement- are just lying in the Banks Vault - Not Yet Claimed after Many Years Of Dispute by Family Members or Just ignorance by the same Families 😢.

Stevosty:
This is a serious matter.

I think where a married couple have trust for one another they should reveal their phone and banks codes to each other. To me that is the best way to avoid the stories that touches the heart.

wunmi590:
Bros, carry your famiky along, it is betyer for your fsmiky to eat your money than the bank to eat it...

My wife knows all my login details, my sister also do, my outside savings, my wife knows it, the people I borrow money to, my wife knows them, so I always remind her of my pins, every month..



We no go die young ooo

At least opening up to your wife you have done well.

When my wife was going for major operation she told me all the pins and password to her account. If u hide ur pin from your wife and God forbid your enemy dies, bank managwr go use ur money buy jeep dey ride up and down.

Nah bad credit....bank don't declare it before

Lanretoye:
how does this correspond with the topic in discussion abi you just want to prove your dumbness,empty barrels …

Haha how does his comment not relate to the topic.

Guestmale:
At least opening up to your wife you have done well.

Ah, she's my right hand side ooo..

We have kids, God forbid anything happen, at least she will have something to take care of my 2 kids

We often think that next of kin can collect a dead person's property either bank or even land. The only leger way is thru a written will and if such a person dies without a will. A probate registry will surfice. Like that of Jeremaih Usain the judge order that the children should go to the probate register. The process too is not easy. So for me every member of my house know my bank details. I no go fit come hide. Money for my wife and pickin leave a for one smart banking guy

wunmi590:
Ah, she's my right hand side ooo..

We have kids, God forbid anything happen, at least she will have something to take care of my 2 kids

That is very good of you.

In Nigeria, many people tend to resist following due process. When asked to go through a formal procedure, it’s often perceived as an attempt to frustrate or take advantage of them. However, banks are highly regulated institutions and must adhere to established guidelines.
Deposits in banks are recorded as liabilities, and unless there is a government directive, such as the previous administration’s attempt to mandate the transfer of dormant funds or accounts inactive for over 10 years to the CBN, banks cannot unilaterally move funds. Without such a policy, money in a deceased person’s account remains there as long as the bank operates.

Claiming funds from a deceased person’s account typically involves these steps:

If the deceased left no will (which is common in Nigeria), the family must approach a Probate Court to obtain a Letter of Administration (LOA).

1. To start, the family presents the death certificate at the probate registry. The authenticity of the certificate will be verified.

2. The registry then issues a letter allowing the family to request account balances from all banks where the deceased held accounts.

3. After obtaining these balances, the registry prepares the Letter of Administration for the appointed administrators.

4. The administrators take the LOA to a bank to open an Estate Account, titled as: “Estate of [Deceased’s Name]”.

5. Account opening requirements remain standard: valid IDs, BVN, proof of address, etc.

6. Once opened, funds from the deceased’s account(s) are transferred to the estate account, and the original accounts are closed.
If the deceased had multiple accounts across different banks, the administrators choose one bank for the estate account. Other banks will issue bank cheques for their respective balances, which are then deposited into the estate account.

PS: Banks cannot bypass these steps because they are bound by regulations. Following due process ensures transparency and protects all parties involved

Lastpharoah33:
Most of us operate 2-4 bank accounts, while we use one for day to day cash transactions, there is this one we tend to stash money and leave it untouched for a very long period of time.

With the way people die in this country, I strongly believe most if not all (especially the elderly ones) have a bank account no one knows anything about.

My question is, what happens to this monies left by the deceased?

Can banks identify the account of these dead people?

I have also witnessed cases where the family of the deceased can't access these monies due to incomplete paperwork or some other reasons.

Let's discuss...

I’ve read the response of many people in this thread and while a few managed to address an aspect of it, most simply share an ignorant opinion.

So your question majorly is, what happens to the balance in an account once operated by a deceased person. The next of kin or family members of the deceased can access the money if they simply follow the law. If the deceased made a will, the person the account was donated to can access the money. If the deceased died without a will, the next of kin of family members can go to the probate section of the high court and get a letter of administration. With that, they can access the account.

So, what happens if the next of kin or family members did not make any effort to claim the money? No, the money does not go to the bank. They can’t claim it as an income and the MD can’t use it to buy private jets as claims by someone above.

After some period of inactivity, the account becomes dormant. Balances in dormant accounts are held by the bank and reported to CBN annually. In accordance with section 77(2) of Finance Act 2020, the balances in all accounts that have been dormant for six years are transferred to “Unclaimed Funds Trust Funds”. This account is managed by the Debt Management Office and held in perpetual trust by the FG on behalf of the owners.

So, banks only hold on to the money for six years after dormancy with the hope that the owner will show face within the six years period. After that, FG collects the money as a kind of loan in trust for the owners. If they show up, the money plus interest is processed and returned to them. If not, it remains in perpetual trust.

CodeTemplarr:
Banks are naturally after deposits and will be happy to have such fund forever. If the regulatory authorities like NDIC CBN can force next of kin into the BVN record, all accounts balances under BVN can be collasped into one next of kin.

This would have made sense but this is Nigeria. Do you know the way companies post the names of unclaimed dividends ? That's the same way banks should be posting the name of customers who had not operated their accounts for as long as 10 years.

With this, the deceased funds can be traced and claimed by family members.But we dont have a decent leader yet. Cos most of our politicians will get caught. There are billions of naira in the various accounts of the deceased which banks directors had swept under their carpets but you know what? The spirit does fight. Something terrible must happen to such thieves someday. You cant tamper with anything that belongs to the dead and go freely.

Eriokanmi:
This would have made sense but this is Nigeria. Do you know the way companies post the names of unclaimed dividends ? That's the same way banks should be posting the name of customers who had not operated their accounts for as long as 10 years.

With this, the deceased funds can be traced and claimed by family members.But we dont have a decent leader yet. Cos most of our politicians will get caught. There are billions of naira in the various accounts of the deceased which banks directors had swept under their carpets but you know what? The spirit does fight. Something terrible must happen to such thieves someday. You cant tamper with anything that belongs to the dead and go freely.

The post I made above yours is also applicable to unclaimed dividends. By law, they all go into a perpetual trust after six years.

seunmsg:
The post I made above yours is also applicable to unclaimed dividends.

I didn't even read it before posting mine. That's nice. It shouldn't also need there. The PFAs should post unclaimed benefits for the same period too. After banks, PFAs are also guilty of this offence

princepee:
it's over 5 years now.
Can they still get the money??
A lawyer was involved the last time they tried

Get a good lawyer. Anyone with the letter of administration has every right the deceased person has over the funds. It's for people who died interstate.

the funds if not claimed for a long period of time is moved to an internal account that is tagged unclaimed items and later shared as profit

Lastpharoah33:
Most of us operate 2-4 bank accounts, while we use one for day to day cash transactions, there is this one we tend to stash money and leave it untouched for a very long period of time.

With the way people die in this country, I strongly believe most if not all (especially the elderly ones) have a bank account no one knows anything about.

My question is, what happens to this monies left by the deceased?

Can banks identify the account of these dead people?

I have also witnessed cases where the family of the deceased can't access these monies due to incomplete paperwork or some other reasons.

Let's discuss...

next of kin get access to these funds through proper documentation . however, some people are so secretive that their family members or next of kin knows nothing about their savings and investments hence when they die, such monies and funds is gone to the winds.

Unclaimed GL straight.

After 3 years, it's automatically swept into some expense GL