gud day, pls i seriously need a job, i am a graduate of accounting (hnd) am in lagos and willing to relocate 07037799108

peacenaija:
Dear Nairalanders,

Trust we all keeping safe.

I really need clarification from bankers and experienced persons in the house. A friend of my lost her father recently and they have started receiving their father’s entitlement which was paid into the account domiciled with a Nigerian bank operated by the deceased.

However, my friend’s mum lost their dad’s ATM, so they reported to the bank with the death certificate and requested for a new ATM or the money moved to another account but the bank is now asking for a letter of Administration and they will take 10% of the money left in the deceased account.

My grouse is not the letter of administration but the 10% they are asking on another person’s entitlement. Is there any law backing this? How can we go about it because the money is a substantial amount?

I'd appreciate your advice and clarifications. Thanks

Do they have access to the man's online banking details?

galantjoe:
10% inheritance tax is payable to state govt on proceeds of deceased assets. The money is not for the bank but for state govt. The money must be paid upfront before letter of administration will be issued.

Dear op, it is standard procedure one must follow before accessing the deceased money. The issue of next of kin is nothing but void in accessing the dead acct. It is only letter of administration or will can be used access the deceased acct.

Consult your lawyer or accountant to help u to process the documents

Thanks boss. I've gotten the clarifications I sought after. I appreciate everyone.

peacenaija:


I wonder oo, we will do as advised. Thanks

If they joke they wont see 1 naira

First of all, go down on a low-key to the bank, if you know someone there, scope the person to help you check how much dey the account first. Make e no be like say na 3k dey inside.

If correct money dey inside, then go to court. Na some people's job in our courts. But the process is long o. The 10% is for state govt I think.

I hear from someone that, if you have money, use few millions play with your kids and see who among them is prudent. Then confide your bank transfer code with the prudent one. So when death comes, before then cry pim, money don fly enter safe zone. Then wailing can commence

seniormallam:
Very true, going to the state government pox,
Baba just thank God, some stingy father's won't even let you know they have account with such money then they'll now die suddenly, it's either one bank staff move the money or after 10years the money get moved to CBN.
Some men are stupid sha, how can you decide to dash government your life savings instead of disclosing your accounts to your wife or child even if they don't know the balance at least they have the number

With bvn and letter of administration. There is a branch of the CBN or bankers committee, cannot remember the exact branch. When you present documents they will provide you with all accounts in all the banks associated with that bvn number along with account balance. With that you can discover any monies hidden in any bank by the deseased.

The court take 10% of whatever is in d account not the bank sir.

your friend's father died and his family have access to his money in the bank through his atm card, instead of them to systematically be withdrawing the money from his account to another before the card get lost or expired, they waited till it happens, except his pension is still being paid to this account after his demise, the man family na mumu

See dem real criminal
10% kill dem

majamajic:


Next time read well before insults, the topic is about a dead dad , not about his death

I will allow u this night !

Calm down, bro. It was only a joke. Sorry it didn't land well.

what's the bank name?

LaIabobo:
The money is not for the bank but the government.

What are you saying
Shey dem government help am work for him Money
Well what do I know,in a crime country like Nigeria everything goes

peacenaija:
Dear Nairalanders,

Trust we all keeping safe.

I really need clarification from bankers and experienced persons in the house. A friend of my lost her father recently and they have started receiving their father’s entitlement which was paid into the account domiciled with a Nigerian bank operated by the deceased.

However, my friend’s mum lost their dad’s ATM, so they reported to the bank with the death certificate and requested for a new ATM or the money moved to another account but the bank is now asking for a letter of Administration and they will take 10% of the money left in the deceased account.

My grouse is not the letter of administration but the 10% they are asking on another person’s entitlement. Is there any law backing this? How can we go about it because the money is a substantial amount?

I'd appreciate your advice and clarifications. Thanks

The 10% is not going to the bank. Its a charge collected by the probate registry issuing the letter of administration. The bank only told her what to expect. The bank MAY charge her 5000 or 10,000 for search report. Am in the system.

Jaqenhghar:

Do they have access to the man's online banking details?

That would have been when they did not inform the bank. That account now is under lock and keys.

They have no business with the funds in the account of a deceased. A percentage of the money in a dead man's account is paid to the government as Estate fee except his pension or gratuity, those ones are not taxable.
It is also the duty of the administrators to pay the Estate fee in the name of the Chief Registrar of the Court.

AFvckingAlpha:
The fvck
Niggarr!!

Nigerian banks and their plots to always subtly steal money from their customers.

I will scatter any bank that try shit with me.

They should go and ask the UBA in the Unilorin campus.

I did shege for the female bank manager.

That 10% is government money o, not the bank. Hope you understand.

seniormallam:
Very true, going to the state government pox,
Baba just thank God, some stingy father's won't even let you know they have account with such money then they'll now die suddenly, it's either one bank staff move the money or after 10years the money get moved to CBN.
Some men are stupid sha, how can you decide to dash government your life savings instead of disclosing your accounts to your wife or child even if they don't know the balance at least they have the number

What are we saying and what are you saying?

Hearing dis for the first,
What is needed is letter of adminstration from probate to open an estate account for the deceased, family can transfer the money to where ever they like

peacenaija:
Dear Nairalanders,

Trust we all keeping safe.

I really need clarification from bankers and experienced persons in the house. A friend of my lost her father recently and they have started receiving their father’s entitlement which was paid into the account domiciled with a Nigerian bank operated by the deceased.

However, my friend’s mum lost their dad’s ATM, so they reported to the bank with the death certificate and requested for a new ATM or the money moved to another account but the bank is now asking for a letter of Administration and they will take 10% of the money left in the deceased account.

My grouse is not the letter of administration but the 10% they are asking on another person’s entitlement. Is there any law backing this? How can we go about it because the money is a substantial amount?

I'd appreciate your advice and clarifications. Thanks

Oga pls calm down. You said your friend, right?
Pls following her to the bank and confirm. You will realize she didn't get the message very well. On what ground will the bank take 10%?
May be they were explaining to her that court will take 10% while processing the LOA and she didn't process the info well.
Pls go with her and reconfirm. This one no be issue abeg

Someone7:
Quickly write a complaint to consumer protection in CBN and see how the bank will start behaving themselves. You should name and shame that bank. Very useless people

Do you people know that most of the complaints about charges, that you guys report to CBN actually originates from CBN/the government??

You guys need to stop pretending or having a false assumption about being 'woke' and actually strive to be enlightened. I see a lot of comments under threads like this and shake my head in disbelief.

Nigerians are overly ignorant about the things that affect them and it's terribly sad. That's why they keep channeling their grievances wrongly.

alizma:
Pls when things like this happen, do us a favour by calling the bank's name in capital letter so that everyone will know which bank in Nigeria to avoid. Intact calling the bank name will help solve your problem than you think.
The idea of keeping things in secret is one of the problems we have in this country. You are more of an accomplice than a victim by keeping the identity of an evil organisation or person in secrecy
Just imagine suffering to save 10m and death struck, some set of thieves will sit under the acc to claim 1m that they didn't work for. Tomorrow they will declare profit as if they are hard working to have make such profit.
Executive arm robbers

There are 2 sides to a coin. Op is acting on the info given by a friend.

The tendency that the message of the bank was misconstrued is very high.

No bank would do that. It's not worth it when the sanction comes.

friday2011:
That is not true...

All the bank need is a letter of administration and birth certificate to convert the account to ESTATE OF MR LAGBAJA

Death certificate

psucc:
That would have been when they did not inform the bank. That account now is under lock and keys.

Oh dear . That reminds me of when we lost our mum. we had already gotten one lawyer to do some documents from court etc, one banker friend warned us seriously against notifying the bank. We turned FBI by force and got the log in details, then transferred everything. Cleared out the account.

ayenale1:
No be una go report sey papa don die??

it is to protect the interest of the next of kin.

peacenaija:


Thanks for the clarification.

It's 5k for search report

Tripleoluwa:
First of all, go down on a low-key to the bank, if you know someone there, scope the person to help you check how much dey the account first. Make e no be like say na 3k dey inside.

If correct money dey inside, then go to court. Na some people's job in our courts. But the process is long o. The 10% is for state govt I think.

I hear from someone that, if you have money, use few millions play with your kids and see who among them is prudent. Then confide your bank transfer code with the prudent one. So when death comes, before then cry pim, money don fly enter safe zone. Then wailing can commence

That's the best and only option because before dem see that money as it stands they will suffer. I pray they dont have an immediate need for the money or like you say the money isn't much

peacenaija:


Okay, so what's the charge actually for? Which service have the provided? I'm sure that they will pay for the letter of Administration when it's time to get it

Letter of admin is nt free. U go pay for am with all sort of pribe join. Otherwise it will take forever to get it

kokomilala:
@Omihanifa, you're right. It's the state government through the court house that collects the 5 percent, not the bank.
When I lost my dad 5 yrs ago, I approached First Bank. They asked me to get the L. A. I quickly went to High Court, Igbosere, where I got it. Then went back to First Bank. They wrote the total amount in the L. A. They never asked for any cuts.

elchariotlp:
Either the Staff that advised you is ignorant or you did not understand the advise given.

10% of the money is payable as Estate Fee to the Government. The sum is usually paid by the Administrators (survivors of the deceased) before the Letter of Administration is issued while in some states, the Court directs the Bank to deduct the 10% and remit it to the state while the Balance is made available to the Administrators.

All that the Bank deducts averages 5k to 10k expanded in confirming the Letters of Administration or Court Order from the Probate Registry or Court respectively.

Best explanation.

theyji1990:
Hearing dis for the first,
What is needed is letter of adminstration from probate to open an estate account for the deceased, family can transfer the money to where ever they like

It's in the process of giving out that letter of administration from probate that the government will take 10%.