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.

Yes the are right,if someone dies,all his properties becomes that of federal government,until any of the beneficiaries presents letter of administration which is a way federal government gives back the property to the beneficiaries.

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.

Letter of Administration is not that expensive, with less than 2k, you will get.

If the account was opened in Mr. Adams'name and not as a joint account, then the bank is right. Your mum is a co-signatory to the account, not the owner of the account.

There must be transfer of ownership after the demise of your Dad.

Don't waste your time. You need to get the Letter of Administration (L.A) not from the bank but from the court.. (Its a process) the court will charge you a fee which would be calculated base on percentage from the monies found make sure all your dad's account in all the banks are included. You such find a lawyer who has your family's interest at heart..
Go to a magistrate court tell them you want to obtain the L.A. They will tell you the procedures.. Note this the bank wish you guys never came for the money and will do amything to frustrate you guys.

GamalNasser:


But if the wife is a Co Signatory to the account it means she also has a stake in the account and it's not an inheritance like the bank is making it seem

A co-signatory is not the same as account owner. Do you know you can open a saving account in your name and also introduce your spouse to be a signatory to the account.

She can sign according to the account mandate, but that does not make her account owner. Account will be closed once the owner of the account dies.
It is not a joint account.

daddytime:
My dear brother, I can understand how you feel about the entire bureaucracies but yes, the bank is right in their assertion.

A letter of administration or LOA is a standard requirement to enable a next of kin(s) to access a deceased's account.

It might seem stressful and expensive but its wholly legal the world over.

Wrong.

Letter of Administration is only needed when you want to continue using the account of your late Dad.

What's required to remove the funds is death certificate and iD card of his next of kin. All the amount will be given to the next of kin, and the account will be closed forever.

Let me give a suggestion that has always worked for me.

Do a very detailed mail, get all necessary facts and figure stated in the mail, including the amount deposited, the cost of the letter of administration and every single document that is necessary to help you push fight your cash. See yourself as a lawyer who needs to defend a client.
Ensure you state your disappointment, position and expectation based on the written request of your late dad. Be very sure to appeal to their emotional conscience.

Ensure you copy the following:
The account officer, the customer service, the branch manager where the account is domiciled, and then most importantly cbn and consumer protection. You can get all these necessary cbn addresses through a thorough google search.

Also ensure you put a line of threat to wmbark of social media de marketing campaign aimed at exposing their various nefarious acts you have painstakingly documented from family and friends.

Let them know, the pains brought about by your loss is enough, they should not compound it through this act you see as evil and callous.

Be sure to get a response in less than 48 hrs.

All the best.

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.

OP.. .dont waste your money on a lawyer (Liars)/they will eat your money and you still do what the law says you should do by providing a letter of administration....
Letter of Administration is not difficult to get...with this letter, you can have access to all your late daddy estate and collect it....
Don't waste your time, effort, and money...

Let's chat privately. I'm a probate practitioner as a lawyer. You can call me on: 07033964033

Letter of administration is less than 50k, do d right thing

with this one, you are loosing the case plus jail term

Officialgarri:
Meet Barrister Chris Elisha. He has practiced law for 15 years

Mindlog:


Do you want to consult a doctor for it?

Hahahahahahaha, he needs a native doctor or a cultist to go and threaten them

Sure

eniolaamos7:

You must be a science student

YNWA

Deborah98:
I thought I was alone

Adakintroy:
See how vain the church as an institution has become. The Pentecostal that profess the holy spirit could not perform roles of spirits.

Comfort! The great conforter..Mourn with those mourn. It's emphasy was on reopening. So I ask you very educated Christians. To what end is the a church?

Off point, we are talking about something important not this. Find a chair and sit down

RonaldoVido:


A fixed deposit is not a bank account.

A bank account must have signatures, valid ID cards and passport photographs of the signatory or signatories. And for your mother to be able to withdraw in your father's absence, the account mandate must be stated, EITHER SIGNATORY TO WITHDRAW. In which case you don't even need to tell the bank that your father is late.

Many bankers don't have conscience. Your daddy's account officer must have understood his request to make your mother a Co and Independent signatory in his absence but many bankers are not committed to their jobs.

A fixed deposit will always originate and terminate into a savings or current account which must have the full qualities of what I described above.

Perhaps your mother was never made an independent signatory in the originating account.

You're correct. That is why ATM card+ sim card attached to accounts should be safeguarded. The account owner must ensure they keep all pins written out in a notebook and kept safely. He or She must not be too secretive.

As in ehh

Temmylee01:
my blodaaa i tire oooh

Do your father had a will? If no, letter of administration would be necessary. And if he dies, you don't need any letter of administration.

On the part that a mandate was left that at his demise the wife should be in charge of the account, and being a signatory if it is true, that is not ambiguous but do you have proves? If yes, get a lawyer, provide him with the evidences and then follow his advice. (A good lawyer o)

Ade3131:
First thing first, the bank is right to ask your family to provide a Letter of Administration. This is so bcuz the bank needs to have a legal backup for allowing your Mom access to the funds just in case your dad's death is fake.

It's a statutory requirement from the CBN on all banks regarding how they treat accounts/funds belonging to a deceased customer. Thus, the bank is acting in accordance with this CBN directive by asking for Letter of Administration. It is also noteworthy to state here that in banking parlance, they'll tell you "death cancels all mandates" and that's the rule that applies in the case you stated here regarding your Dad's mandate instruction. His passing away has automatically rendered that instruction Null and Void.

You should only be challenging the bank on the ground that your Dad wasn't educated about all of these while he was appending his signature on such a mandate bcuz the bank has a duty to educate it customers and on that very note, there's a breach or information gap.

Mind you, it is hard to prove the above claim bcuz you do not have any evidence to back it up.

In a nutshell, talk to a lawyer on how to get the Letter of Administration and follow every other directives from the bank or else, there's nothing else you can do to make them pay out the fund.

And those asking you to threaten the bank should also tell you that there's an extent you can go with that or else the bank can sue you on several charges. They have an ever ready legal team on their payroll to handle stuffs like this.

please I have a question, is there any way a customer can leave a mandate such that upon the demise of a customer the co-signatory can still have access to the account without having to present letter of administration.

My grandma made my mum a signatory to her account and made the account "any 1 can sign". She also left many signed blank cheques with my mum. There is no money in her account again but the bank doesn't even know she's dead.

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.

daddytime:
My dear brother, I can understand how you feel about the entire bureaucracies but yes, the bank is right in their assertion.

A letter of administration or LOA is a standard requirement to enable a next of kin(s) to access a deceased's account.

It might seem stressful and expensive but its wholly legal the world over.

You sound like a banker but deliberately do not want to see the point of view.

Op said the wife was made co-signatory not next of kin. You should know the difference.

It makes the fix deposit a joint account.

GreenArrow1:
Hmmm. These banks can be annoying.
Anyway, a letter of administration will basically make you pay 10% of the amount in the bank to the registry at the judiciary. Very annoying in my own case as that 10% was huge.
I understand your pain OP.

And those shouting lawyer upandan....lawyer self go chop their own.

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.

Na

You need a LAWYER not nairaland

Gaddafi1:


May your dad's soul rest in peace, but please he made a big mistake by not including your money as co-owner of the money. Why will she wait until his demise to have access to the money? Are they not one again. men need to learn.
I just lost my mum but I used SMS code to withdraw her ,oney shrp sharp.

You're very correct. The Op does not need to inform the bank so it does not clamp down on the account if he has daddy's ATM + sim card. That is why I fear insurance or pension funds unless my company OPENS it for me as I like my family to avoid unnecessary bureaucracies.

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.

The non routine advice is use the law against them

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.

Go and do what the bank said..... lawyer will just chop your money.... once the owner of the money is deceased... the law of land and the bank policy superceeds whatever your father wrote..... They are trying to protect themselves too

Officialgarri:
Meet Barrister Chris Elisha. He has practiced law for 15 years

L.o.l With this lawyer,him papa money, & mama & his own don go for ever

Kindly go and do a letter of administration,it is not expensive,it will only take time,if you are in Lagos you can do your later of admistration in high court ikeja old secretarial,don’t make use of a lawyer because he will take some percentage from the money,your and your siblings can do it alone by yourself,it is. It hard,it take between 3 to 8 months before the letter of administration will be out,after then you will take the letter of administration to the bank and the bank will open a bank account for you and those at the next of kings in the bank and he money will be disbursed to them according to the agreement y’all decide.the letter of administration is a process,that’s while it will take his long,and the name of your dad will be out in ye newspaper too.#note:is it only the letter of administration you can use to claim all your dads benefit from the government.and personal company he do with anyone.

Ladycewhy:
please I have a question, is there any way a customer can leave a mandate such that upon the demise of a customer the co-signatory can still have access to the account without having to present letter of administration.

I doubt there's any means to beat that for now. But the best I can advise is to make your mandate "Any to sign." In the case of the OP, the best form of instruction will be to have multiple signatories and make it 'ONLY A TO SIGN OR B AND C MUST SIGN IN PLACE OF A.'

In the case of such mandate instruction, A will be the Dad then B and C can be the wife and their family head or first child/son. With that, there won't be anyone asking for Letter of Administration bcuz they won't even disclose his death to the bank provided B and C have agreed to sign.

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.

Yes, you still need a letter of administration except your father has WILL. And letter of administration is not as expensive as you've said here. You can chat me up for advice.

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

Some of you just like attaching emotions to issues on something you lack knowledge of. Do you think everything is about threat of social media. See let me tell you, the Bank is absolutely right in their decision. Letter of Administration will suffice in this case. You need to sit down and learn from expert in the field in order to be well informed of the requirements.

alfajohn:
You see if you want to avoid letter of administration both signatories must be able to sign independently. A or B to sign not A to sign and conditionality now attached to B signing. Like you have said after the death of your father, won’t work. The snag of both signing independently is that you are the mercy of your spouse he or she can do and undo with your funds.

Yours is the 1st reasonable post after the op.

Everyone thinks the wife was made next-of kin but op said co signatory.

In this case, we don't know if both signatures are required or one. If both are required, the LoA is the way to go but if one signature is required then LoA is not required.

The bank knows the difference but may not divulge if they have an interest.

As a co-signatory, the wife can get full details of the account and meet a lawyer to shake the up a little.

If there is any truth to what they are saying, it will come out.

Ade3131:


I doubt there's any means to beat that for now. But the best I can advise is to make your mandate "Any to sign." In the case of the OP, the best form of instruction will be to have multiple signatories and make it 'ONLY A TO SIGN OR B AND C MUST SIGN IN PLACE OF A.'

In the case of such mandate instruction, A will be the Dad then B and C can be the wife and their family head or first child/son. With that, there won't be anyone asking for Letter of Administration bcuz they won't even disclose his death to the bank provided B and C have agreed to sign.

thanks for the info.