It's a prerequisite for opening an account but when sth happens to the parent holder and the next of kin appears, they'd keep making it difficult for that person to access the account. And at the end, the person never ever gets access to that account.


This thing happens pretty much in Nigeria. Why?

My friend told me they had to do a survey with some banks in Nigeria using their dad's account who had just died. And the account was one getting pensionable incentives, but not withdraws.

These banks made it verily impossible for them to access these funds till date.

My question is simple: if you aren't planning on the remittance of the full account to the desired next of kin the parent holder of the account included, why make it a necessity?

This seems like an old scam in the banking sector and nobody seems talking about it.

I had to read some experiences from others from different sources and is now convinced that it's a calculated scam. Do you have these experiences?

This scam needs to stop!


Corruption is in every sector: it is the cankerworm that has taken dominance, and makes the host obeys.



cc: Mynd44, Dominque, nlfpmod

I mean, if my Next of Kin wouldn't later have access to my account when I am no more--you know, frustrated by the bank--I see no reason leaving big sums and filling "Next of Kin."

If you see wetin dem dey use next of kin do for bank, you sef go pity am.


These mofos be living fat of adamant accounts!

The more reason why your money should be invested, circulating in the economy

Next of kin is useless without Payable on Death (PoD).

Banks don't tell customers about PoD because the banks hope to steal from the accounts when the customers die.

risos:
The more reason why your money should be invested, circulating in the economy

Banks also pay a major role in the circulation.

I actually also did a research recently and found out that the banking sector is the biggest avenue for money laundering.

So what suggestion is better?

Crypto?

immortalcrown:
Next of kin is useless without Payable on Death (PoD).

Banks don't tell customers about PoD because the banks hope to steal from the accounts when the customers die.

Exactly.

And only after death would they announce it.

F

chatinent:


Banks also pay a major role in the circulation.

I actually also did a research recently and found out that the banking sector is the biggest avenue for money laundering.

So what suggestion is better?

Crypto?

I understand one can store money in crypto having its value increase over time.

risos:
I understand one can store money in crypto having its value increase over time.

Yeah, chief.

It's a scam they have perfected in order to steal dead depositors fund.. and it happens alot here. In all of the banks.

Most accounts go dormant.. esp those ones that the dead customer did not disclose to family members.

Banks should create a culture of reaching out to customers that leaves account dormant for more than one year. And when they can't reach the customer, they should reach the NOK..

Nigerian banks don't do this simple task because they have plans to steal your money upon death if nobody comes along eventually.

Forget it
Banks are the next of kin of 99% of their customers today.
Those guys are serious criminals