SocialJustice:
Does your doctor treat you for free?

zuma4k:
Please fellow nairalanders, I need your opinions on this and if possible front page. It's quite personal and goes like this.
1. Mr Adam (my father) opens a fixed deposit account with X Bank. He subsequently submits his wife's details and makes her a co-signatory to the account with the *express mandate* that upon his demise, his wife exercises automatic access to the account and it's proceeds. Does this amount to a valid contract between him and the bank?.

U need a letter of administration from the court n not the bank together with the death certificate dat should do.

Submit to the bank n dey will take to legal department for verification n normal processes.

U should seek a lawyer's help.


2. Note that after his death the bank reneged on the primary provision of his directive, stating that a letter of administration must be procured (at an exorbitant cost).
Stated Reasons bothers on the fact that under banking laws and the principles of a valid contract, a contract between a depositor and the bank terminates upon the demise of the individual thus rendering the *mandate* unenforceable and invalid.
Please mods I need this on front page. Thanks.

zuma4k:
Please fellow nairalanders, I need your opinions on this and if possible front page. It's quite personal and goes like this.
1. Mr Adam (my father) opens a fixed deposit account with X Bank. He subsequently submits his wife's details and makes her a co-signatory to the account with the *express mandate* that upon his demise, his wife exercises automatic access to the account and it's proceeds. Does this amount to a valid contract between him and the bank?.

2. Note that after his death the bank reneged on the primary provision of his directive, stating that a letter of administration must be procured (at an exorbitant cost).
Stated Reasons bothers on the fact that under banking laws and the principles of a valid contract, a contract between a depositor and the bank terminates upon the demise of the individual thus rendering the *mandate* unenforceable and invalid.
Please mods I need this on front page. Thanks.

westlius:
Tell them u will go to court and treating them u will also use social media to claim you mandate.
Boom they will pay u when they hear social media

zuma4k:
Please fellow nairalanders, I need your opinions on this and if possible front page. It's quite personal and goes like this.
1. Mr Adam (my father) opens a fixed deposit account with X Bank. He subsequently submits his wife's details and makes her a co-signatory to the account with the *express mandate* that upon his demise, his wife exercises automatic access to the account and it's proceeds. Does this amount to a valid contract between him and the bank?.

2. Note that after his death the bank reneged on the primary provision of his directive, stating that a letter of administration must be procured (at an exorbitant cost).
Stated Reasons bothers on the fact that under banking laws and the principles of a valid contract, a contract between a depositor and the bank terminates upon the demise of the individual thus rendering the *mandate* unenforceable and invalid.
Please mods I need this on front page. Thanks.

zuma4k:
Please fellow nairalanders, I need your opinions on this and if possible front page. It's quite personal and goes like this.
1. Mr Adam (my father) opens a fixed deposit account with X Bank. He subsequently submits his wife's details and makes her a co-signatory to the account with the *express mandate* that upon his demise, his wife exercises automatic access to the account and it's proceeds. Does this amount to a valid contract between him and the bank?.

2. Note that after his death the bank reneged on the primary provision of his directive, stating that a letter of administration must be procured (at an exorbitant cost).
Stated Reasons bothers on the fact that under banking laws and the principles of a valid contract, a contract between a depositor and the bank terminates upon the demise of the individual thus rendering the *mandate* unenforceable and invalid.
Please mods I need this on front page. Thanks.

SocialJustice:
Talk to a lawyer, don't waste your time here.

ZKOSOSO:
Crase for dem.
Just demo a little gbege for dem in the banking hall.....!

Dem go soji Las Las.

Dem wan chop ya papa sweat...!

andyanders:
Op, you need a letter of admnistration from the probet office- go to the court arm with you, the death certificate.

Once procured, proceed to the bank and the bank would do the needful.

The bank is not wrong. What I don't understand is the high cost u are talking about.

josite:
any contract that is made in breach of any applicable law is an illegal contract.the error ur dad made was to postpone here authority to withdraw as a co signatory to after his death .all he ought to have done in the mandate after having added her as a co signatory is to further directs that any of the wife of the signatories could withdraw from the account and so it wont matter whether he is alive or death.


the bank do have the right to insist on a letter of administration as whenever any one dies without a Will,all his properties becomes vested in the government and until a grant is made out to certain persons upon application,anyone who tampers with the properties of the deceased commits a tort.


in this circumstance,the bank could be helpful if they really want since she is made a co signatory.try not to go about it legalistically because if you do,the bank will hide under the law to deny access to the account until u produce the letter of admin.i believe this can be resolved relationship wise with the bank.

Areaboy2:


The issue is if the co-signatory is set up as (A+B) and not (A or B). if it is signature of A+B to access this money, then i'm afraid e go hard.

Unfortunately, You may end up needing the letter of administration. and if i'm not mistaken, you'll need to pay about 10% of the value in the account (this is the main reason why the bank will be stubborn about this).
I doubt any lawyer will tell you differently. If you take the case to court, you may rightly spend more than the cost of the administration letter in court.

zuma4k:

Thanks for your response, they're trying to make us spend needless money. I need more suggestions apart from just routine advice on consulting a lawyer.

FirstCounsel:
.

If your dad made a Will, your family would have been saved all this "stress".
To obtain Letters of Administration, your family would pay 10% of the value of your dad's assets and cash in bank. Also it takes nothing less than 6 months to process the Letters from the Probate Registry.

zuma4k:

Thanks for your response, they're trying to make us spend needless money. I need more suggestions apart from just routine advice on consulting a lawyer.

zuma4k:
Please fellow nairalanders, I need your opinions on this and if possible front page. It's quite personal and goes like this.
1. Mr Adam (my father) opens a fixed deposit account with X Bank. He subsequently submits his wife's details and makes her a co-signatory to the account with the *express mandate* that upon his demise, his wife exercises automatic access to the account and it's proceeds. Does this amount to a valid contract between him and the bank?.

2. Note that after his death the bank reneged on the primary provision of his directive, stating that a letter of administration must be procured (at an exorbitant cost).
Stated Reasons bothers on the fact that under banking laws and the principles of a valid contract, a contract between a depositor and the bank terminates upon the demise of the individual thus rendering the *mandate* unenforceable and invalid.
Please mods I need this on front page. Thanks.

sorepco:
There mite be lawyers here
There mite be those with same experience
There mite be bankers here

ojialo:
I don't think the bank will ask of 10% if a laywer handles it for him

ladyF:
Why not just get the letter of administration.

zuma4k:

Thanks for your response, they're trying to make us spend needless money. I need more suggestions apart from just routine advice on consulting a lawyer.

comshots:
That is why someone who falls ill can go straight to the pharmacy to get a drug after explaining his symptoms than go to a hospital where they will charge him double of the amount.

ojialo:
I don't think the bank will ask of 10% if a laywer handles it for him