my fellow NDERs you guyz misunderstood my humble taught......... you plp shld not kill me ooh

bittertruthz:


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.

TAH!

very stressful to claim a dead person's money as a next of kin/ beneficially,,sometimes after the stress you end up with half sef and half will go to lawyer..so I heard from a banker o..BTW I no see anything like beneficiary when I open my account, nah only next of kin I see sha..maybe when I get money insurance fit sure pass..lol

HAH:
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

@op

This is the best answer your questions.

Irrespective of your next if kin.

Bank will not give anyone access to the account without LETTER OF ADMINISTRATION.

Getting letter of administration is very stressful.

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 !!!!

funny post

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.

Lol...Hilarious!

GANDALF1:
Very simple.

Several things can happen to the money in your savings account when you die and they are listed below:
1. It will be claimed by your beneficiary through probate if you die without a will or inte state,
2. It will be distributed to your beneficiar(y/ies) if you left a will behind and it is executed by your appointed administrator,
3. It will stay in your account for ever until the government asks for it (Banks renders a report of dormant account to CBN monthly).

Now, if you choose to be secretive about your financial affairs, I will advice you to keep an evidence of your bank accounts relationship amongst your educational/important credentials so that your relatives/ beneficiary will see them upon your demise.

But I always advise people to toe the line of having a will as soon as possible (preferably, once you get married). This will can be updated say once in 5 years until one is no more. Its cheaper and reduces the confusion thats sets in with case 1 above. In that case, you would have properly appointed a lawyer or notary to share/execute your properties accordingly you are no longer there. Also, the tax you pay to the government in this case is smaller than case 1 above.

if you chose to follow the path of no will as in case 1, then you leave the funds in your account to the mercy of the strongest/most knowledgeable person in your family and most times, these individuals are the most wicked. The procedure to follow in such cases are outlined below:
A. Go to a government registered hospital and obtain a valid death certificate in respect of the individual. The court will normally ask for the Nigerian population commission type of certificate.

B. Take the certificate to any court premises and ask for the probate office or registry.

C. Submit the certificate there and pay the necessary fees and apply for administration for the deceased estate/properties. The probate will then give you a letter of confirmation for the estate.

D. Take the letter to all the banks you suspect or is aware the deceased had an account including financial houses/stockbrokers. They will oblige you with the deceased financial standing with them as of that date. This process normally takes about a week or two as the finance houses will confirm the authenticity of your confirmation letter from the court.

E. Return the confirmations from the banks to the probate registry. They will add up the deceased financial balances as of the date of your enquiry and apply the necessary charges to the total of it. It is worthy to note that part of the charge will be a mandatory 10% of total balance to be given to the federal government. You will then be asked to go make in payment in bank.

F. After making the payment, take the teller back to the registry and the paper work will be concluded for you to be the administrator/official sharer of the person's estate of properties. You will be given an official letter of administration.

With this letter of administration, go back to all the banks and brokers. You will either be given a draft for the balances or asked to open an estate account with you as the signatory (the choice is yours)

Finally, if you are too secretive and didnt leave any record of your financial relationships, your money will be holed up in ur account, which will definitely go dormant after sometime and will add up to the statistics of existing dormant accounts disturbing CBN.

Gracias

Much appreciated info.

That is where bank managers operate,the money is their's,but I have
A solution to this problem,I think the banks should send a text message
To anybody that is used as a next of kin,telling him the details of such
Text I case anything happens,the person will easily locate the bank,and
Demand the statement,I think this will help to reduce this things drastically
But believe you me,the bank will never be cowed in an issue like this,they
Will never bidge,,,,

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

This tells me you haven't made any provision for your eventual transition. We will all GO someday. Prepare! !!

DY20:

I don't mind the bolded... I don't know what happens in heaven but my wish on earth is make life comfortable for my family.. Although what I left in my account is not something that will bring the comfort I dream of, but at one point, I will give joy to someone.

You're a good man my friend, good on you! Hopefully you'll live to be 100 at least, and make a lot of money, and enjoy a lot of it yourself first, God bless!

[color=#006600][/color]

Please take note of this .
If account is dormant for maximum of 5 years 'that's to say no transaction in that account for 5 years, the amount therein will own by the Federal Government of that country. This is how it is practice all over the countries of the world.

Any bank that claimed such money will be sanctioned accordingly.
But clever criminals in the bank will not allowed that to happen.
They become suspicious of all dormant accounts in the bank and begin to monitor them.
Any dormant account getting close to 4 and half years , they quickly intervene by organizing the withdrawal. So long as it did not clock 5 years, Central Bank will never ask any question about that account. This is a neat business for the perpetrators.
Once it clock 5years, nobody can cover it any more.
Whosoever is secretive about his bank account, does that to the hurt of his love ones he may leave behind after his demise.

Don't be deceived, no bank will go out in search of next of kin after the demise of her custom.
Tell your next of kin what to do in case you pass on before him. Needles to tell him your amount in the account, dare not.

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

I beg to disagree, the guy have the right line of thought. We all have to be prepared, yes we prepare for long life and prosperity, but it is fool-headed not to prepare for the uncertainty. After praying for God's protection in the night, we still felt it necessary to lock our doors with the heaviest bolt available.

Each time, you enter a plane; they must undergo safety routine with you in case of an emergency, crash, e.t.c...it is very foolish not to plan your future including what happens when you are gone....enough said.

Somebody tell the bushman I quoted above that death is inevitable and wise people like me prepare for it. Why should I spend all my time preparing for what I already have LIFE? I should focus more on what I don have yet DEATH. Single boys and girls devote more time to the life ahead, Men and women with kids like me think more of what happens when we are gone.. I think that is the difference. So for a single guy the OP thinking this way, it is groundbreaking and shows we have hope in our youths becoming decent parents 2morrow.

Adeoba10:
If ur siblings knws abt ur acct n next of kin, den ur death certificate will be used to process d withdrawal but if not, d money belongs to d bank or some insider (bank staff) will withdraw it illegally.

If you can update your next of kin records to reflect like your first child or most trusted person younger than you. But the bottom line is that if any of your relations that bear same surname with you can go and process a letter of administration, next of kin, death certificate and if there is no contenders within a stipulated period the person gets it.

DY20:
I really don't feel like death is coming (though it is something everyone should expect).. The idea of the ATM have just occured to me.. I will stylishly let my Mum know my ATM password. I will encode it in such a way that she will remember after so many years.. That will do more benefit as that doesn't mean she will know my account balance details. Thanks.

no she wont.... The trick is simple.
Give pin and hide ur atm card from reach and out of sight.

But in my family, we all knows my dad's pin but u cant go and withdraw without him ordering u and u cant even see the atm card even if u go and ran-sack his room.

Same applies with my siblings, we help ourselves to withdraw money from our accounts through atm..... We got this trust issues and we hold it in high esteem.

DY20:
Amen to your prayer sir.. But I don't think my thinking is devilish. In stead, see me as a young man that is thinking of the wellness of his family in case he dies. If such thinking is annoying and devilish, then why do people write wills.

Your thoughts are right.

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

Oh No! not again. Them don put religion stuff enter am.

Bros, whether you like it or not. either you think about it or not. you will eventually DIE at your own time.
Thinking about it won't bring you death, neither does "Not Thinking about it" extend your days in life.

Do you know how many people die daily and haven't even thought about this particular topic for once? Where does their funds go?

The OP just asked a very intelligent question. why not learn from intelligent comments.

its a gud question cus no1 knows d day of his/her death. I think ur next of kin can ve access to d money wen u r gone

I have a similar case at the moment...My Pastor's Daughter. (Late Rebecca Francis) may her soul RIP. she passed on two months ago. It happened that we re very close and gud friends. I opened an account for her few years back with even her parent not knowing. i even used my email for her alert/notification since she have no 1. Now she is gone!!! I cant even remember who i used as her next of kin (Though am sure its one of her relative). Two things now; dont even knw where to start from (how do i make enquiries abt the next of kin and how do i even inform her mum/relatives?).

Nice Question...its always good to think ahead.

you can as well advice me

U die noni..... U wan carry am go heaven b4??

You won't worry about this if you were married because your spouse can simply withdraw all with an ATM. No bank protocols, just maintain a valid ATM. Nothing wrong in thinking ahead, we will all go someday .

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the heart of man is wicked

GANDALF1:
Very simple.

Several things can happen to the money in your savings account when you die and they are listed below:
1. It will be claimed by your beneficiary through probate if you die without a will or inte state,
2. It will be distributed to your beneficiar(y/ies) if you left a will behind and it is executed by your appointed administrator,
3. It will stay in your account for ever until the government asks for it (Banks renders a report of dormant account to CBN monthly).

Now, if you choose to be secretive about your financial affairs, I will advice you to keep an evidence of your bank accounts relationship amongst your educational/important credentials so that your relatives/ beneficiary will see them upon your demise.

But I always advise people to toe the line of having a will as soon as possible (preferably, once you get married). This will can be updated say once in 5 years until one is no more. Its cheaper and reduces the confusion thats sets in with case 1 above. In that case, you would have properly appointed a lawyer or notary to share/execute your properties accordingly you are no longer there. Also, the tax you pay to the government in this case is smaller than case 1 above.

if you chose to follow the path of no will as in case 1, then you leave the funds in your account to the mercy of the strongest/most knowledgeable person in your family and most times, these individuals are the most wicked. The procedure to follow in such cases are outlined below:
A. Go to a government registered hospital and obtain a valid death certificate in respect of the individual. The court will normally ask for the Nigerian population commission type of certificate.

B. Take the certificate to any court premises and ask for the probate office or registry.

C. Submit the certificate there and pay the necessary fees and apply for administration for the deceased estate/properties. The probate will then give you a letter of confirmation for the estate.

D. Take the letter to all the banks you suspect or is aware the deceased had an account including financial houses/stockbrokers. They will oblige you with the deceased financial standing with them as of that date. This process normally takes about a week or two as the finance houses will confirm the authenticity of your confirmation letter from the court.

E. Return the confirmations from the banks to the probate registry. They will add up the deceased financial balances as of the date of your enquiry and apply the necessary charges to the total of it. It is worthy to note that part of the charge will be a mandatory 10% of total balance to be given to the federal government. You will then be asked to go make in payment in bank.

F. After making the payment, take the teller back to the registry and the paper work will be concluded for you to be the administrator/official sharer of the person's estate of properties. You will be given an official letter of administration.

With this letter of administration, go back to all the banks and brokers. You will either be given a draft for the balances or asked to open an estate account with you as the signatory (the choice is yours)

Finally, if you are too secretive and didnt leave any record of your financial relationships, your money will be holed up in ur account, which will definitely go dormant after sometime and will add up to the statistics of existing dormant accounts disturbing CBN.

Gracias

If the deceased has a valid Will, is there still going to be the mandatory 10% tax of the funds in the bank to the government?

Also, if the Will includes Landed properties and houses, is the government still going to ask for 10% of the value of all the properties?

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What will happen to your savings account when you die? OP, YOU'LL NEVER KNOW!