After 50 years and nobody comes to claim your money, the bank will have to meet a lawyer which the lawyer will issue some paper for them then the money will automatically becomes the bank money.

I know that in Nigeria, if nobody comes to claim it, the bank corruptly turn it to their own. But the normal and right thing to do, is for the bank to contact your next of kin. I ain't a banker, but I think that what next of kin or beneficiary is meant for and which is the reason, a younger person is always advised to be either of both.

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.

so u put girlfriend as next of kin
you must a woman rappa

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 bible says that the living knows they will DIE,but as for d DEAD,they know nothing at all.The poster is only planning for his absence NOW,that he he still have life.Nobody pray to die young but its imperative we plan for d unexpected!A thinking mind I will call it if u ask me

Stevosty:
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.

This will be wrong. The bank is under obligation to stop all activities on that account once they have notice of death of the account owner. If to save the bank wahala, the account owner could have prepared a Will and named the next of kin as executor.

If your account is very active, the account officer will quickly notice when the account stops. The account officer will now monitor or try to find out what happens to the account owner. In most cases, their prayer is that no person should come to claim the account.

I have an account in first Bank that I have abandoned since 2010. I still have some money in the account. After 2 years of inactive, they started deducting 12 NAIRA every month from the account claiming SMS charge on Ana account that their was no transaction at all. All till today, they keep deducting 12naira
Their assumption is that the owner is dead.

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.

Once you die, your surviving family members will search you, your room/house, they will search everything and everywhere you left something, they will even call all your friends to find out if any of them owes you money, and they'll definitely find your bank account info, all of them. Then they'll take your death certificate, and evidence that they're related to you, then they'll go to your bank and collect the money and share it among themselves. Some of them will use their share to drink, eat peppersoup/bushmeat etc. and some of them will use their share to chase girls and buy new phones etc.

ujnvcfhn

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.

in addition, first at d death of a customer, d person who is d next of kin gets an affidavit of next kin from d court which he uses with d death certificate of d deceased to file for a letter of administration from d court. D process goes tru a publication dat will last for about 30 days. At d end of d publication, a letter of administration is issued to d next of kin which he presents to d bank. About 10% of d total money goes to d state gov't as task (here in Rivers State, don't know about oda states)

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.

absolutely correct.

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

gross gross gross! You erred big time!
He has not said anything devilish here. He is only smart, intelligent and he is a strategist!
What about parents that have written their will while still alive? That doesn't mean he's gonna die anytime soon. He raised a question many people hitherto and obviously don't have any clue about.
I understand ur point though.. But OP has not erred in any way.

Bros,abeg we no dey die now
Nigeria no good, Nigeria bad
Abeg,make we still dey live dey manage and watch
E fit better.
As for me,I will live to enjoy and reap d fruit of my labor

Vote FALCONEY 4 MR NAIRALAND!!!

1.The next of kin is not always d person entitled to collect d money. And d family or next of kin is NEVER contacted by doing bank.
2.The next of kin or any family member does not have any business coming to the bank because d bank will not give them d money.
3. The next of kin or family have to go to the court, it is d court dat will give d bank instruction to release details of the account.
4. The court through collaboration with d family name beneficiaries and prepares a letter of administration which d family will use to collect d money. Though this is when do deceased died intestate...

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.

dead men don't talk!

more reason you should stack up treasures in heaven where neither thrives nor worms can attack them. eternal treasures are all that matters.

I just quoted my bible please quote me not. hope to see you in heaven bro

Most intelligent question ever..... Men nice question... Hope to get an intelligent ans in return too

It all depend on the amount you have on the account that determines the stress your relatives go through. The process is not an easy task, they start from getting the death certificate, legal publication, sureties, if you have a will probate form, without a will letter of admistration. Tax on each sureties depending on sex, 10% on the money in the bank goes to the coffers of the state Government. Then it takes up to 4 to 5 months for the process. Now my advice, let your Atm card pin be known to the person close to you they can easily get the money after you demise. I pray we all grow old in good health to fulfill God's purpose for us.

The next of kin approaches the bank with identification, death cert and affidavit.

The process begins.

For those seeing an offence in the question........ WAKIE WAKIEEEE, no man lives forever. Inform your next of kin adequately not about how much you have but making him/her aware of the facts.

No one knows tomorrow.

This is a very good question! I think it's important to let someone know details of your Acct incase something happens. In my case, my mother would be the one I would most likely entrust with this information. As for claiming of the money, your next of kin( most likely your spouse or close relation) should be able to have access to your funds after your demise.

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.

are you for real?

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

even if he will see his grandchildren,he will still die and leave money in his account because he doesn't know the exact date or time he will die.No knowledge is waste.with the correct info provided 4 him in dis forum,he'll be able to tell his children and grandchildren how to go about collecting the money he has saved 4 his burial.

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.

If I'm not mistaking, I think in the future your dad should die before you, why not use someone younger than you. I'm sorry if the words are not well said in any way

franciskaine:
are you for real?

XtraSmooth404:
This your question eh
Imagine you die at a young age and single too, do you think the pain of your death will make your family remember your thousands of naira in the bank? Banks do have plenty of dormant accounts. Guess they are cases like this.


Kuku withdraw the money and put in your echolacc box at home, your younger bro can easily find the money there

that's if Rat and African boys dint get it first. Always ur documents reachable to ur siblings and family.

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.

D way u call d spirit of death is alarming hope u r nt seeing ur untimely death already

MEGGATRON:
[color=#990000][/color]

You should be at work by now bro. Lol. You posted this at 3:59pm. Don't miscalculate oo. I respect your response tho! Thanks for the info

gistmeloveblog:


E Get Some Kain Money Wey Go Enter Your Bank Account, To Cross Road Go Dey Fear You. You Go Dey Find Pedestrian Bridge Up And Down !!!!

ṣey d person na Dasuki?

Maureenlucy:

you dont look bad at all. I like ur nose.

johnson4nosa:
let me answer ur simple question.... Don't be decieve if no one else apart from you and the Bank knows nothing about u having an account with the Bank and peradventure u dies my guy sorry the money automatically becomes bank's own not by right but because no one knows about it.....
But if ur next of kin is aware then he/she can claim it by presenting the necessary documents like death certificate, the beneficiary means of identification, etc...

in saner societies, when no one lays claim to such money, it returns to the govt and not the bank. It's illegal for a bank to take what does not belong to it.

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.

In the time past ur next of kin will claim ur money if you die. (trust me they will go through a hell of processes).

But now with the introduction of atm and mobile banking its easier to pull out ur money if u die..... U just need 1 person to kw ur pass/pin.

The bank wont kw u have died if nobody tells them, they might suspect because u havent withdrew money from the account for long but experienced has taught them not to tamper with peoples money if when they havent come in 10yrs.

But then thats how most of them enrich themselves..... Most especially ur account officers..... They can transfer money if they are aware the owner is dead. (its still an offence thought)

Funny thing is that the bank wouldn't even know if you'd passed on except it gets notified when relatives of the deceased come to inform it and make enquiries on how to access the funds. That's if the customer died without a will. Then the relatives of the deceased will have to produce a letter of administration from the court and an account in the Estate of the late customer will be opened or a draft issued to beneficiaries of that letter of administration.

Another way the bank may know that the customer has passed away is through the account officer coming by that knowledge.

franciskaine:
in saner societies, when no one lays claim to such money, it returns to the govt and not the bank. It's illegal for a bank to take what does not belong to it.

Educate me. Which saner society? How does it return back to the government? On what basis?