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Nairaland Forum / Nairaland / General / Business / What Happens To The Money In My Savings Account If I Die? (34677 Views)
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What Happens To The Money In My Savings Account If I Die? by DY20: 9:03pm On Jul 06, 2016 |
I checked my account balance now; the figures I saw make me curious about what will happen to the money in my account if I die. I opened this saving account with UBA 2011 when I started working. I opened it just to save some money so that I will be able to go to school. Yes I am going to school but I am still working. I think I and the bank are the only person that knows the details of my account balance. These questions are just coming from nowhere. As a common man and a common saving account owner: If I die, how will the bank know? Does that mean that the money becomes bank's own if I die? I can only remember filling the details of my next of kin (my mum) when registering the account: will they call if the bank noticed I have not been using the account because I have died? Will my parents or relatives will able to claim the money if I die? (That's even if my mum knows that I have money in my bank account) Bonus: is it even proper morally if my parents enquire about my account details from the bank? (What if na just like 10k dey dere?) coz I suppose it is the child that ought to collect his parent's wealth.. Please help me satistfy my this curious mind.. So that I will know if to, or not to give a tip to my mum about my bank account balance details. I am not ready yet o (neither am I prepared ornot scared) but I felt like death can come anytime. Thanks for your contribution. 48 Likes 6 Shares |
Re: What Happens To The Money In My Savings Account If I Die? by HungerBAD: 9:05pm On Jul 06, 2016 |
I am not a Banker. But this should be one of the most intelligent questions i have read on Nairaland. In the Society i live in, everything you have anywhere in that Society goes to your next of kin automatically, and in the failure of you not having one, it goes into your Estate. Don't know how it works in Nigeria. The Bankers should enlighten us. 111 Likes 3 Shares |
Re: What Happens To The Money In My Savings Account If I Die? by yomi007k(m): 9:11pm On Jul 06, 2016 |
op u are wise ooo... but I think ur family members can go n claim it esp if dey r next of kin 5 Likes 4 Shares |
Re: What Happens To The Money In My Savings Account If I Die? by Adeoba10(m): 9:13pm On Jul 06, 2016 |
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. 68 Likes 3 Shares |
Re: What Happens To The Money In My Savings Account If I Die? by tolugar: 9:20pm On Jul 06, 2016 |
Walk into the bank 1st thing tomorrow if you make it Update your next of kin Then Tell the person you used him/her as next of kin And leave instructions Then Wait till you die 320 Likes 12 Shares |
Re: What Happens To The Money In My Savings Account If I Die? by kingsman66(m): 9:48pm On Jul 06, 2016 |
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 56 Likes 1 Share |
Re: What Happens To The Money In My Savings Account If I Die? by darkenkach(m): 10:15pm On Jul 06, 2016 |
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. 220 Likes 13 Shares |
Re: What Happens To The Money In My Savings Account If I Die? by Johnrake69: 10:27pm On Jul 06, 2016 |
Very interesting question I must say, and I will like to correct a wrong notion among average Nigerian with respect to the next of kin and how it relates to your assets, before I address your question based on my little experience in financial services. Many people confuse next of kin to mean beneficiary. This is incorrect, although, your next of kin can also be your beneficiary. Next of kin is simply the person to reach out to in your absence, and as such, it should be an adult, preferably a close relation. And your beneficiary is the person you are giving the right to take over your assets when you're no more. Now, back to how it relates to your bank account. The next of kin column you filled in your account opening form has nothing to do with handing over your assets. It's simply a record the bank keeps to reach to someone close when it's been impossible to reach you their client. In the case of your demise, the bank can only release your funds to your beneficiary on the execution of your registered will or in the absence of a will, through a letter of administration to be obtained through the probate office. The later option means the asset will be liable to tax. Note: this is based on my little experience in the financial services. The learned fellows in the house can add or correct me if am wrong. 105 Likes 11 Shares |
Re: What Happens To The Money In My Savings Account If I Die? by DY20: 11:06pm On Jul 06, 2016 |
Johnrake69:Thanks for the tip man, at least now I know that one way or the other sha, my relatives can have access to my funds in case of my demise. And I find it weird to be writing about wills at this young age of mine. And again, with without, children can take over their parent's asset at their death by default. Do that apply to his money in bank too? 3 Likes |
Re: What Happens To The Money In My Savings Account If I Die? by DY20: 11:09pm On Jul 06, 2016 |
darkenkach:. Haha, what are you thinking in the first place. I am very sure that you only put her number there because you have memorized her number. If you do know your parent's number off hand, I trust you to use them as your next of kin. 3 Likes |
Re: What Happens To The Money In My Savings Account If I Die? by DY20: 11:13pm On Jul 06, 2016 |
kingsman66: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. 102 Likes 4 Shares |
Re: What Happens To The Money In My Savings Account If I Die? by Johnrake69: 11:20pm On Jul 06, 2016 |
DY20: We had a case like that in my firm, our client died without a will. Meanwhile, she had lots of money in her account with us. The children couldnt gain access to the funds until they provided a letter of administration among other requirements. Don't worry, it's simply responsible of you to be thinking of passing down all you own. It's nothing evil or to be ashamed of. Life is transient. 31 Likes 1 Share |
Re: What Happens To The Money In My Savings Account If I Die? by DY20: 11:26pm On Jul 06, 2016 |
Johnrake69:Thanks. 2 Likes |
Re: What Happens To The Money In My Savings Account If I Die? by MrCow(m): 3:58pm On Jul 07, 2016 |
lolz, ts for the bank jhor esp when You're the secretive type in which your relatives don't know Jack about Your account or assets |
Re: What Happens To The Money In My Savings Account If I Die? by XtraSmooth404: 3:58pm On Jul 07, 2016 |
This your question eh Imagine you die at a young age and single too, do you think the pain of your death will make your family remember your thousands of naira in the bank? Banks do have plenty of dormant accounts. Guess they are cases like this. Kuku withdraw the money and put in your echolacc box at home, your younger bro can easily find the money there 14 Likes |
Re: What Happens To The Money In My Savings Account If I Die? by veekid(m): 3:58pm On Jul 07, 2016 |
It die after you 2 Likes 1 Share |
Re: What Happens To The Money In My Savings Account If I Die? by dhardline(m): 3:59pm On Jul 07, 2016 |
It goes to your next of kin or the family member that comes to claim it with a letter. |
Re: What Happens To The Money In My Savings Account If I Die? by Youngetskilz23(m): 3:59pm On Jul 07, 2016 |
rats would eat it |
Re: What Happens To The Money In My Savings Account If I Die? by Emac(m): 3:59pm On Jul 07, 2016 |
No disrespect. ...just die first... 2 Likes |
Re: What Happens To The Money In My Savings Account If I Die? by MEGGATRON(m): 3:59pm On Jul 07, 2016 |
I'm a banker 1 Like |
Re: What Happens To The Money In My Savings Account If I Die? by JuanJO(m): 4:00pm On Jul 07, 2016 |
oga I hear say banks full dat side, die and continue ur banking, no xtra charges no wayo |
Re: What Happens To The Money In My Savings Account If I Die? by admax(m): 4:00pm On Jul 07, 2016 |
Ok |
Re: What Happens To The Money In My Savings Account If I Die? by gistmeloveblog: 4:00pm On Jul 07, 2016 |
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 !!!! 108 Likes 2 Shares |
Re: What Happens To The Money In My Savings Account If I Die? by Abduletudaye(m): 4:00pm On Jul 07, 2016 |
It goes to your next of kin... 2 Likes 1 Share |
Re: What Happens To The Money In My Savings Account If I Die? by fratermathy(m): 4:00pm On Jul 07, 2016 |
Weird thought bro. Very weird! 1 Like |
Re: What Happens To The Money In My Savings Account If I Die? by Lilprincey(m): 4:01pm On Jul 07, 2016 |
The Money goes to your next of kin. When am gone my Mama is my next of kin... |
Re: What Happens To The Money In My Savings Account If I Die? by snadguy007(m): 4:02pm On Jul 07, 2016 |
The money turns to government money |
Re: What Happens To The Money In My Savings Account If I Die? by Timileyin1234(m): 4:02pm On Jul 07, 2016 |
tolugar:Don't u know that the next of Kin could possibly kill the person. u know it happens 3 Likes |
Re: What Happens To The Money In My Savings Account If I Die? by johnson4nosa(m): 4:02pm On Jul 07, 2016 |
let me answer ur simple question.... Don't be decieve if no one else apart from you and the Bank knows nothing about u having an account with the Bank and peradventure u dies my guy sorry the money automatically becomes bank's own not by right but because no one knows about it..... But if ur next of kin is aware then he/she can claim it by presenting the necessary documents like death certificate, the beneficiary means of identification, etc... 6 Likes |
Re: What Happens To The Money In My Savings Account If I Die? by ZACHIE: 4:02pm On Jul 07, 2016 |
Die first 1 Like |
Re: What Happens To The Money In My Savings Account If I Die? by Nobody: 4:02pm On Jul 07, 2016 |
Maybe Next of Kin Need something on Jumia? Contact me now! |
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