₦airaland Forum

Wealthyonos:
Why do you think Opay and other Fintechs up their security? Turn your head to the right, to the left, open your mouth 👄, blink your eyes, jump up three times 😂

.......
So that anyone who dies, his/her funds become inaccessible for LIFE.

Is there a way one can access this funds? As in solution

Wealthyonos:
Why do you think Opay and other Fintechs up their security? Turn your head to the right, to the left, open your mouth 👄, blink your eyes, jump up three times 😂

.......
So that anyone who dies, his/her funds become inaccessible for LIFE.

Is there a way one can access this funds? As in solution.

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.

You are talking of dead people, How about the people that did not died but traveled out.
In the late 90s when I left Nigeria. I didn't resign from my job because I wanted to see if I would stay or not. Before my vacation ends, the federal government mandated each parastatal to reduced their headcounts. I spoke to my DG that I am not coming back that he can include my name among those that would be let go instead of people who still need the job. I didn't qualify for pension but qualify for gratuity and compensation for letting go without cause.
The whole amount was few thousands short of #60,000. The money was paid into my Afribank account. When I came back two years latter. They have closed my account and the money gone. Until the bank collapsed no one was able to tell me what happened to my money, I completed forms and wrote countless letters without any response from them.

Wealthyonos:
Why do you think Opay and other Fintechs up their security? Turn your head to the right, to the left, open your mouth 👄, blink your eyes, jump up three times 😂

.......
So that anyone who dies, his/her funds become inaccessible for LIFE.

That's why it's necessary to have someone that knows your PIN

They cannot claimed the funds. The account will just remain like that. Its too risky to claim such funds. The money goes to the government. Any unclaimed funds in dormant account.


Reason why banks don’t put account in dormant anymore. They just use monthly debit charges to finished all the funds in that account as years go by.

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.

money in the bank does not belong to the next of kin if the owner dies. NOK is just who to contact on issues regarding the account not the person that will take over the funds.

Your wife does not know the pin?

princepee:
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

You save it inside kolo at home?

Food4Thought:
Thank goodness I don't have money in the bank.

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...

Thats where WILL comes in.
All back accounts would be stated in the WILL

princepee:
make sure you have a strong next of kin.
Or give your ATM pin to someone you can trust like your mom or daughter.
If you die without that...
Bankers go chop

if d atm expires how do u get a new one

gassbee:
if d atm expires how do u get a new one

shooo if it expires I renew

Love800:
You save it inside kolo at home?

Yeah bro.
You got it.

Love800:
Your wife does not know the pin?

No.
the only friend I have is my daughter..
She is the only one that knows almost everything about me

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.

It is not the banks fault.
Why would he not change the next of kin when the person passed away. There's always room for bank update anytime a customer needs such. The brothers have no right going to the bank whatsoever to claim such money. They only succeeded in informing the bank of the death of their brother...

Nevertheless, there's a misconception about next of kin when it comes to bank and money. Next of kin is actually the person that can be easily reached in case of there's an issue.



If anyone wants a loved one be able to get their funds in case they die, they should request for the form called "pay upon death"(POD) form and fill it accordingly.
Banks don't actually tell this except you ask for it.

Any customer wey die na Good news for manager o…

We don’t have a working system

That's why we advise people to get their "WILL" done on-time.

No Bank can ever deny the beneficiary of a Will the money in the account of a deceased. Them no born them well.

That's one of the essence of a Will that people don't know. It saves the beneficiaries the stress of bank wahala.

Very risky.

Anyway, i appreciate.

Food4Thought:
Yeah bro.
You got it.

ppogba:
Unclaimed balances are transferred to the CBN by commercial banks from time to time.

Fools saying bankd are thieves should be ashamed to hawk their ignorance publicly.

Please for more clarity for how long the bank would assumes the money is unclaimed before transfer it to CBN.

Dtruthspeaker:
Banks are Thieves.

For why should I give my money to another person to keep for me?

It is them who caused home armed robberies to force people to then give up their monies.

And it is because of this stealing is why they created govt to ensure that next of kin (nok) does directly continue use of the money even their names are in the bank forms.

Surely they cannot miss hel

Even as you give them to keep, going to take your money by transfer is now being tax. I might transfer money again. Pls all should take note

I see a lot of people going on about next of kin bla bla bla. Well next of kin in this case is as useless as p in psycho. Now a lot of banks dont want people to know about what im about to drop.

There's this procedure during account set-up where one puts someone as benefactor on ones account in case of sudden death. Its called PAYABLE ON DEATH. Advise anyone to do this ASAP.

No need to stress in retrieving assets of an account.

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.

One thing is certain, nobody can cheat nature.

Those bankers won't go unpunished, you can't eat another man's sweat and expect to go scot free. They'll definitely pay for it someday.........Karma is real.


Some things people suffer today were caused by their parents.

Nigeria government shouldandste any bank who has not witnessed any sign of transactions in any account for six months to contact the account owner or the next of ki for further investigation.

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.

With a death certificate and a lawyer, proceed to get letter of administration from a court and meet them.
It's a process that would take a little time and cost some money in legal fees but it would be successful.
6million is reasonable enough to get on it.

In a sane environment, the bank when approached are supposed to guide the relative on the process and what to do to get the money without stress. You don't blame the relative for being ignorant. Just be a human.

Love800:
Very risky.

Anyway, i appreciate.

That's how I like it now that they have come up with wicked tax regime. You know I am a village boy.I am a mugu.

merits:
Please for more clarity for how long the bank would assumes the money is unclaimed before transfer it to CBN.

I think the bank's branch. will transfer to their Hq after two years and the Hq transfers to CBN most likely after five years.

I wouldn't know if the policies at the banks. and the CBN has changed now.

The transfer is to prevent illegal debits into the accounts as it was common before.

piriton:
In a sane environment, the bank when approached are supposed to guide the relative on the process and what to do to get the money without stress. You don't blame the relative for being ignorant. Just be a human.

Don't always believe everything you read on the social media hook, line and sinker. Banks. are ever ready to assist.

Are you saying someone will abandon the process just because someone said they are ignorant?

ppogba:
Unclaimed balances are transferred to the CBN by commercial banks from time to time.

Fools saying bankd are thieves should be ashamed to hawk their ignorance publicly.

May be they just started doing that of recent, this is not done in the past

Lekby25:
May be they just started doing that of recent, this is not done in the past

It has been on since like 6 years ago.

Transfer to the Hq has been on for over a decade.

Okay.

That is a big and important secret you unveiled to your daughter.
I hope she preserve and align to it.

Nice one.
I appreciate.

princepee:
No.
the only friend I have is my daughter..
She is the only one that knows almost everything about me

No you are not a mugu.
Actually i read that most big men, politicians store up their money in strange, secret places in their homes.

Na poor men(average citizens) they use bank. Na bank users be the original mumu sef. But we don't have a choice because of the poverty. If anything happen to the money inside house, we don't have a plan-B.
But those politicians have many plan-B and options to explore.

I appreciate.

Food4Thought:
That's how I like it now that they have come up with wicked tax regime. You know I am a village boy.I am a mugu.

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.

There are millions of cases like this