What Happens To The Money In My Savings Account If I Die? - Business (3)

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What Happens To The Money In My Savings Account If I Die? - Business (3) - Nairaland

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Re: What Happens To The Money In My Savings Account If I Die? by agarawu23(m): 4:17pm On Jul 07, 2016

[s]

snadguy007:
The money turns to government money

[/s]dolt

Re: What Happens To The Money In My Savings Account If I Die? by bittertruthz: 4:17pm On Jul 07, 2016

DY20:
I checked my account balance now; the figures I saw make me curious about what will happen to the money in my account if I die.
I opened this saving account with UBA 2011 when I started working. I opened it just to save some money so that I will be able to go to school. Yes I am going to school but I am still working. I think I and the bank are the only person that knows the details of my account balance.
These questions are just coming from nowhere.
As a common man and a common saving account owner: If I die, how will the bank know?
Does that mean that the money becomes bank's own if I die?
I can only remember filling the details of my next of kin (my mum) when registering the account: will they call if the bank noticed I have not been using the account because I have died?
Will my parents or relatives will able to claim the money if I die? (That's even if my mum knows that I have money in my bank account)

Bonus: is it even proper morally if my parents enquire about my account details from the bank? (What if na just like 10k dey dere?) coz I suppose it is the child that ought to collect his parent's wealth..

Please help me satistfy my this curious mind.. So that I will know if to, or not to give a tip to my mum about my bank account balance details. I am not ready yet o (neither am I prepared ornot scared) but I felt like death can come anytime.

Thanks for your contribution.

The money will belong to the bank BUT IF ANY OF THE STAFFS KNOWS YOU ARE DEAD, HE WILL TAKE THE MONEY.

Bankers are the highest criminals on earth. Without the help of bank, there will be no corruption.

BANKERS ARE VERY VIGILANT ON DEAD CUSTOMERS AND FRAUDULENT TRANSFERS TO SEIZE.

5 Likes

Re: What Happens To The Money In My Savings Account If I Die? by Jobabori(m): 4:17pm On Jul 07, 2016

kingsman66:
my brother the heart of man is evil,thinking about what will happen to your account if you die is very annoying and devish.........please I advise you stop thinking towards that direction, you will live long and see your children children say Amen to that

My friend nobody pray to die but death is a reality, infact we were born to die. You can only leave a worth life that God can accept if you belief that death can come at any time. It is not devish for you to prepared for death at any time. You should get ready for death by living a life that will make you acceptable by God. I pray that we should not die but leave to declare the glory of God in the land of the living but if death should come now where do we spent eternity?. To answer that question we must start leaving a godly life from this second as death can come in the next minute.

1 Like 1 Share

Re: What Happens To The Money In My Savings Account If I Die? by joshfash(m): 4:18pm On Jul 07, 2016

There are two things,

I) did the customer put sometn down before his death(a will)

II) did the customer die intestate? ( without leaving a will).

If the customer died without leaving a will nd no one is aware of his account, then it will be difficult to trace the customer except someone get alert on his phone.

Depending on the amount in the account, the customer described in no II will go to the probate dept in the court and get a letter of administration/attestation. ( letter of admin is given to those whose balance us higher dn 150k while any amt below this get letter of attestation.

In some banks if the bal is 50k below, you just swear affidavit for the next of kin. But if the bal is higher, you will have to go through the process above.

If the customer died leaving a will and chosed an executor, the executor will do the sharing.........

Hope it helps.

2 Likes 1 Share

Re: What Happens To The Money In My Savings Account If I Die? by musicwriter(m): 4:19pm On Jul 07, 2016

kingsman66:
my brother the heart of man is evil,thinking about what will happen to your account if you die is very annoying and devish.........please I advise you stop thinking towards that direction, you will live long and see your children children say Amen to that

The author didn't say he feel he will die. He said he's just being curious.

For your information, it was people who thought this way (philosophers) like Aristotle, Plato, Humes, Pythagoras, e.t.c that birthed science to produce your mobile phone, airplane, ships, cars, TV, radio. Name them!.

Without this type of thought humanity will still live in caves.

You need to upgrade your thought process as a matter of urgency.

5 Likes

Re: What Happens To The Money In My Savings Account If I Die? by Nobody: 4:20pm On Jul 07, 2016

forget all this next of kin bullshit, how many people have actually been paid by Nigeria banks after the demise of their loved ones?here is your answer op,if your relatives have no access to your atm card and pin to withdraw the money, then it becomes money for the bank, simple

1 Like 1 Share

Re: What Happens To The Money In My Savings Account If I Die? by greggng: 4:20pm On Jul 07, 2016

Johnrake69:

We had a case like that in my firm, our client died without a will. Meanwhile, she had lots of money in her account with us. The children couldnt gain access to the funds until they provided a letter of administration among other requirements. Don't worry, it's simply responsible of you to be thinking of passing down all you own. It's nothing evil or to be ashamed of. Life is transient.

Who will write the letter of administration since the fund owner has gone. ? Will they just call a family meeting and draft it on behalf of the dead? Pls educate me cos some menbers might be greedy incase the letter spelt out how fund should be shared

Re: What Happens To The Money In My Savings Account If I Die? by Nobody: 4:20pm On Jul 07, 2016

Johnrake69:

We had a case like that in my firm, our client died without a will. Meanwhile, she had lots of money in her account with us. The children couldnt gain access to the funds until they provided a letter of administration among other requirements. Don't worry, it's simply responsible of you to be thinking of passing down all you own. It's nothing evil or to be ashamed of. Life is transient.

what is the meaning of administrative letter in this regard?

Re: What Happens To The Money In My Savings Account If I Die? by tolugar: 4:22pm On Jul 07, 2016

Timileyin1234:

Don't u know that the next of Kin could possibly kill the person. u know it happens

ie if you tell him how much is in the account.

Re: What Happens To The Money In My Savings Account If I Die? by Amedak(m): 4:22pm On Jul 07, 2016

Try and get some physical investment done with your money and also help the needy especially your family member, that's the only way your money will not die. Is only what we are eating or wearing now is our own...

4 Likes

Re: What Happens To The Money In My Savings Account If I Die? by UbiIsaac(m): 4:22pm On Jul 07, 2016

wonderful good question accompanied with wonderful good answers. I've learnt something again. God bless you all.

Re: What Happens To The Money In My Savings Account If I Die? by gistmeloveblog: 4:24pm On Jul 07, 2016

LuveU2:
Abeg na people like you i dey find. U too funny die

whatsapp me on 08085310359 or visit my blog www.gistmelove..com

is all about relationship and chat up wth the main admin.. i bet you a trial will confuse you..

Re: What Happens To The Money In My Savings Account If I Die? by Nobody: 4:24pm On Jul 07, 2016

Very cogent/intelligent question i've come accross on nairaland!...i suspect some dubious bank staffs to be diverting most.

1 Like

Re: What Happens To The Money In My Savings Account If I Die? by pek(m): 4:27pm On Jul 07, 2016

kingsman66:
my brother the heart of man is evil,thinking about what will happen to your account if you die is very annoying and devish.........please I advise you stop thinking towards that direction, you will live long and see your children children say Amen to that

Typical nigerian mentality. The young man has asked a valid and sensible question. People die everyday at different ages.

2 Likes

Re: What Happens To The Money In My Savings Account If I Die? by HAH: 4:28pm On Jul 07, 2016

Am a retired banker so I know a lot of such cases, the truth is that there are billions of naira belonging to death customers, after six months the accounts stops accruing interest, when the monay fallows for let's say 20 years some bank so post it as profit, infact most banks do that, first bank is the number 1 culprit.

My advice is keep document of the bank account safe even without anyone knowing after. Your death, your siblings or parent can take those document to court, the court will ask for death certificate, then the court will write to the bank for the balance of the account, then the court sent letter of administration to the bank where the a bank draft will be raised for balance in the courts name then the bank sent that draft to the court, the court will pay it into their account then after clearing they issue cheque rom their account in the name of each beneficiary, kindly note that the bank normally take certain administrative charges.

Hope this helps

4 Likes 1 Share

Re: What Happens To The Money In My Savings Account If I Die? by joshfash(m): 4:30pm On Jul 07, 2016

For salary earners, only bal as at time of death will be paid as directed by probate the remaining salary that has been paid into his account will be returned to his employer..

Re: What Happens To The Money In My Savings Account If I Die? by skywalker001(m): 4:30pm On Jul 07, 2016

darkenkach:
Chio! Thank God I saw this. My next of kin is my girlfriend and the future of the relationship isn't guaranteed. First thing on Friday I will be going to replace it with ma dad.

Lolz

Very funny indeed...
Meanwhile, my brother pls support and vote for falconey for Mr NL 2016...
Thanks

Re: What Happens To The Money In My Savings Account If I Die? by clems93(m): 4:31pm On Jul 07, 2016

I THINK YOU NEXT OF KIN GETS IT...

Re: What Happens To The Money In My Savings Account If I Die? by hajjiahmed90(m): 4:35pm On Jul 07, 2016

darkenkach:
Chio! Thank God I saw this. My next of kin is my girlfriend and the future of the relationship isn't guaranteed. First thing on Friday I will be going to replace it with ma dad.

WTF...Yr girlfriend kwa...nt even yr bro, mum.... Pls do Change it my bro

1 Like

Re: What Happens To The Money In My Savings Account If I Die? by whirlwind7(m): 4:35pm On Jul 07, 2016

kingsman66:
my brother the heart of man is evil,thinking about what will happen to your account if you die is very annoying and devish.........please I advise you stop thinking towards that direction, you will live long and see your children children say Amen to that

What a lame response. Typical black man.

Is there anyone on the face of earth who will never experience death? This is a matter of facing reality and acting on it. He will probably get an actionable response he can act upon, something even you might learn from.

As usual, everything is spiritual. So, he won't die if he stopped thinking about his eventual demise?

1 Like

Re: What Happens To The Money In My Savings Account If I Die? by Nobody: 4:36pm On Jul 07, 2016

The bank will seize it, I paid in 6.2 Million naira to my brother the day he was killed by Boko Haram at Mubi, Adamawa state on October 2014, since then Diamond Bank has refused us access to his account, R.I.P Afamefuna.

Re: What Happens To The Money In My Savings Account If I Die? by sherfizle(m): 4:37pm On Jul 07, 2016

Johnrake69:
Very interesting question I must say, and I will like to correct a wrong notion among average Nigerian with respect to the next of kin and how it relates to your assets, before I address your question based on my little experience in financial services.

Many people confuse next of kin to mean beneficiary. This is incorrect, although, your next of kin can also be your beneficiary. Next of kin is simply the person to reach out to in your absence, and as such, it should be an adult, preferably a close relation. And your beneficiary is the person you are giving the right to take over your assets when you're no more.

Now, back to how it relates to your bank account. The next of kin column you filled in your account opening form has nothing to do with handing over your assets. It's simply a record the bank keeps to reach to someone close when it's been impossible to reach you their client.
In the case of your demise, the bank can only release your funds to your beneficiary on the execution of your registered will or in the absence of a will, through a letter of administration to be obtained through the probate office. The later option means the asset will be liable to tax.

Note: this is based on my little experience in the financial services.

The learned fellows in the house can add or correct me if am wrong.

He has said it all.

The bank will not give your next of kin the fund but your administrators in case you do not have a will. Your administrators are those stated in a letter of administration issued by the probate. Please note that any two persons can become your administrators as long as they get hold of a copy of your cause of death/death certificate which is used to process a letter of administration. In processing this letter, all your properties to be administered including monies in your bank accounts will have to be stated. At average, it takes about 8 months to complete the process of this letter in Lagos state and differs in other states.

Most important thing you would have to do is to let your closest family members know that you have an account with uba without any further detail, as i can assure you that no bank will contact your next of kin or family members if your account is dormant. It's free cash for them. Lets even say they try to contact your NOK, and d person also becomes incommunicado, what happens to your money? Itz gone forever.

cheerz

Re: What Happens To The Money In My Savings Account If I Die? by snadguy007(m): 4:40pm On Jul 07, 2016

agarawu23:
dolt

Re: What Happens To The Money In My Savings Account If I Die? by KMIKE22: 4:41pm On Jul 07, 2016

If u die, u can get ur money in heaven's ATM machine since u don't ve next of kin

Re: What Happens To The Money In My Savings Account If I Die? by hervin(m): 4:42pm On Jul 07, 2016

darkenkach:
Chio! Thank God I saw this. My next of kin is my girlfriend and the future of the relationship isn't guaranteed. First thing on Friday I will be going to replace it with ma dad.

Lmao

Re: What Happens To The Money In My Savings Account If I Die? by Stevosty: 4:43pm On Jul 07, 2016

Re: What Happens To The Money In My Savings Account If I Die? by Stevosty: 4:44pm On Jul 07, 2016

The major reason why your pin shouldn't be known only by you, you should have a confidant from your family who also knows your pin, he or she will simply withdraw the money or transfer it, in other words your next of kin should be your confidant, save them the bank wahala.

Re: What Happens To The Money In My Savings Account If I Die? by janvier27(m): 4:46pm On Jul 07, 2016

[/quote]Who will write the letter of administration since the fund owner has gone. ? Will they just call a family meeting and draft it on behalf of the dead? Pls educate me cos some menbers might be greedy incase the letter spelt out how fund should be shared

Family member(s) will apply to the Probate section to be named administrator(s). The application will be published for some time to see if there would be any objection from any body. If none, a Letter of Administration is given to the named administrator(s). This qualifies the administrators to access the funds by transferring it to an account named Estate of ...., and to run the account and even receive any other monies through the account for the deceased. Usually it is the deceased spouse or adult children that are expected to apply for the Letter of Administration, but definitely not limited to them.

Re: What Happens To The Money In My Savings Account If I Die? by Wolex143: 4:48pm On Jul 07, 2016

Hmmm if those politicians are thinking the way this man is thinking, there won't be corruption in ds country...... My advice for you is that, u can let ur next of kin know abt that account. Cuz its wat i can do if am in ur shoe....... Bt be wise.

Re: What Happens To The Money In My Savings Account If I Die? by Tobium1(m): 4:48pm On Jul 07, 2016

tolugar:
Work into the bank 1st thing tomorrow if you make it

Update your next of kin

Then

Tell the person you used him/her as next of kin

And leave instructions

Then

Wait till you die

Re: What Happens To The Money In My Savings Account If I Die? by biggie73(m): 4:48pm On Jul 07, 2016

I wonder why people are worried about life hereafter? Why die before the lovely moment comes? Millions of account-holders have died. Millions more will. Why bother? Don't be mean- leave something tangible behind. Vanity upon vanity.

Re: What Happens To The Money In My Savings Account If I Die? by Nobody: 4:50pm On Jul 07, 2016

DY20:
I checked my account balance now; the figures I saw make me curious about what will happen to the money in my account if I die.
I opened this saving account with UBA 2011 when I started working. I opened it just to save some money so that I will be able to go to school. Yes I am going to school but I am still working. I think I and the bank are the only person that knows the details of my account balance.
These questions are just coming from nowhere.
As a common man and a common saving account owner: If I die, how will the bank know?
Does that mean that the money becomes bank's own if I die?
I can only remember filling the details of my next of kin (my mum) when registering the account: will they call if the bank noticed I have not been using the account because I have died?
Will my parents or relatives will able to claim the money if I die? (That's even if my mum knows that I have money in my bank account)

Bonus: is it even proper morally if my parents enquire about my account details from the bank? (What if na just like 10k dey dere?) coz I suppose it is the child that ought to collect his parent's wealth..

Please help me satistfy my this curious mind.. So that I will know if to, or not to give a tip to my mum about my bank account balance details. I am not ready yet o (neither am I prepared ornot scared) but I felt like death can come anytime.

Thanks for your contribution.

Go get a lawyer and write your will .

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