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Nairaland Forum / Nairaland / General / Business / What Happens To The Money In My Savings Account If I Die? (34617 Views)
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Re: What Happens To The Money In My Savings Account If I Die? by omoadeleye(m): 4:51pm On Jul 07, 2016 |
After 50 years and nobody comes to claim your money, the bank will have to meet a lawyer which the lawyer will issue some paper for them then the money will automatically becomes the bank money. |
Re: What Happens To The Money In My Savings Account If I Die? by shehuolayinka(m): 4:51pm On Jul 07, 2016 |
I know that in Nigeria, if nobody comes to claim it, the bank corruptly turn it to their own. But the normal and right thing to do, is for the bank to contact your next of kin. I ain't a banker, but I think that what next of kin or beneficiary is meant for and which is the reason, a younger person is always advised to be either of both. |
Re: What Happens To The Money In My Savings Account If I Die? by sexaddict08(m): 4:51pm On Jul 07, 2016 |
darkenkach: so u put girlfriend as next of kin you must a woman rappa |
Re: What Happens To The Money In My Savings Account If I Die? by Rhebekah(f): 4:55pm On Jul 07, 2016 |
kingsman66:The bible says that the living knows they will DIE,but as for d DEAD,they know nothing at all.The poster is only planning for his absence NOW,that he he still have life.Nobody pray to die young but its imperative we plan for d unexpected!A thinking mind I will call it if u ask me |
Re: What Happens To The Money In My Savings Account If I Die? by janvier27(m): 4:56pm On Jul 07, 2016 |
Stevosty: This will be wrong. The bank is under obligation to stop all activities on that account once they have notice of death of the account owner. If to save the bank wahala, the account owner could have prepared a Will and named the next of kin as executor. |
Re: What Happens To The Money In My Savings Account If I Die? by olaolaking: 4:59pm On Jul 07, 2016 |
If your account is very active, the account officer will quickly notice when the account stops. The account officer will now monitor or try to find out what happens to the account owner. In most cases, their prayer is that no person should come to claim the account. I have an account in first Bank that I have abandoned since 2010. I still have some money in the account. After 2 years of inactive, they started deducting 12 NAIRA every month from the account claiming SMS charge on Ana account that their was no transaction at all. All till today, they keep deducting 12naira Their assumption is that the owner is dead. |
Re: What Happens To The Money In My Savings Account If I Die? by moshino(m): 4:59pm On Jul 07, 2016 |
DY20: Once you die, your surviving family members will search you, your room/house, they will search everything and everywhere you left something, they will even call all your friends to find out if any of them owes you money, and they'll definitely find your bank account info, all of them. Then they'll take your death certificate, and evidence that they're related to you, then they'll go to your bank and collect the money and share it among themselves. Some of them will use their share to drink, eat peppersoup/bushmeat etc. and some of them will use their share to chase girls and buy new phones etc. 2 Likes |
Re: What Happens To The Money In My Savings Account If I Die? by Nobody: 5:04pm On Jul 07, 2016 |
ujnvcfhn 2 Likes |
Re: What Happens To The Money In My Savings Account If I Die? by DRichest: 5:07pm On Jul 07, 2016 |
Johnrake69:in addition, first at d death of a customer, d person who is d next of kin gets an affidavit of next kin from d court which he uses with d death certificate of d deceased to file for a letter of administration from d court. D process goes tru a publication dat will last for about 30 days. At d end of d publication, a letter of administration is issued to d next of kin which he presents to d bank. About 10% of d total money goes to d state gov't as task (here in Rivers State, don't know about oda states) |
Re: What Happens To The Money In My Savings Account If I Die? by FirstCounsel(m): 5:09pm On Jul 07, 2016 |
Johnrake69:absolutely correct. |
Re: What Happens To The Money In My Savings Account If I Die? by 3rdeye1(m): 5:11pm On Jul 07, 2016 |
kingsman66:gross gross gross! You erred big time! He has not said anything devilish here. He is only smart, intelligent and he is a strategist! What about parents that have written their will while still alive? That doesn't mean he's gonna die anytime soon. He raised a question many people hitherto and obviously don't have any clue about. I understand ur point though.. But OP has not erred in any way. |
Re: What Happens To The Money In My Savings Account If I Die? by Odeyinigbin(m): 5:14pm On Jul 07, 2016 |
Bros,abeg we no dey die now Nigeria no good, Nigeria bad Abeg,make we still dey live dey manage and watch E fit better. As for me,I will live to enjoy and reap d fruit of my labor |
Re: What Happens To The Money In My Savings Account If I Die? by Idrhas(m): 5:14pm On Jul 07, 2016 |
Vote FALCONEY 4 MR NAIRALAND!!! |
Re: What Happens To The Money In My Savings Account If I Die? by sarahguess: 5:19pm On Jul 07, 2016 |
1.The next of kin is not always d person entitled to collect d money. And d family or next of kin is NEVER contacted by doing bank. 2.The next of kin or any family member does not have any business coming to the bank because d bank will not give them d money. 3. The next of kin or family have to go to the court, it is d court dat will give d bank instruction to release details of the account. 4. The court through collaboration with d family name beneficiaries and prepares a letter of administration which d family will use to collect d money. Though this is when do deceased died intestate... 1 Like |
Re: What Happens To The Money In My Savings Account If I Die? by Franky826: 5:19pm On Jul 07, 2016 |
DY20: dead men don't talk! more reason you should stack up treasures in heaven where neither thrives nor worms can attack them. eternal treasures are all that matters. I just quoted my bible please quote me not. hope to see you in heaven bro |
Re: What Happens To The Money In My Savings Account If I Die? by Spells(m): 5:22pm On Jul 07, 2016 |
Most intelligent question ever..... Men nice question... Hope to get an intelligent ans in return too |
Re: What Happens To The Money In My Savings Account If I Die? by mariekay: 5:22pm On Jul 07, 2016 |
It all depend on the amount you have on the account that determines the stress your relatives go through. The process is not an easy task, they start from getting the death certificate, legal publication, sureties, if you have a will probate form, without a will letter of admistration. Tax on each sureties depending on sex, 10% on the money in the bank goes to the coffers of the state Government. Then it takes up to 4 to 5 months for the process. Now my advice, let your Atm card pin be known to the person close to you they can easily get the money after you demise. I pray we all grow old in good health to fulfill God's purpose for us. 1 Like |
Re: What Happens To The Money In My Savings Account If I Die? by sunnyside16(m): 5:22pm On Jul 07, 2016 |
The next of kin approaches the bank with identification, death cert and affidavit. The process begins. For those seeing an offence in the question........ WAKIE WAKIEEEE, no man lives forever. Inform your next of kin adequately not about how much you have but making him/her aware of the facts. No one knows tomorrow. |
Re: What Happens To The Money In My Savings Account If I Die? by diva90: 5:31pm On Jul 07, 2016 |
This is a very good question! I think it's important to let someone know details of your Acct incase something happens. In my case, my mother would be the one I would most likely entrust with this information. As for claiming of the money, your next of kin( most likely your spouse or close relation) should be able to have access to your funds after your demise. |
Re: What Happens To The Money In My Savings Account If I Die? by Nobody: 5:32pm On Jul 07, 2016 |
darkenkach:are you for real? |
Re: What Happens To The Money In My Savings Account If I Die? by Maureenlucy(f): 5:33pm On Jul 07, 2016 |
kingsman66:even if he will see his grandchildren,he will still die and leave money in his account because he doesn't know the exact date or time he will die.No knowledge is waste.with the correct info provided 4 him in dis forum,he'll be able to tell his children and grandchildren how to go about collecting the money he has saved 4 his burial. |
Re: What Happens To The Money In My Savings Account If I Die? by wolextayo: 5:34pm On Jul 07, 2016 |
darkenkach:If I'm not mistaking, I think in the future your dad should die before you, why not use someone younger than you. I'm sorry if the words are not well said in any way |
Re: What Happens To The Money In My Savings Account If I Die? by Maureenlucy(f): 5:36pm On Jul 07, 2016 |
franciskaine: |
Re: What Happens To The Money In My Savings Account If I Die? by Nobody: 5:37pm On Jul 07, 2016 |
XtraSmooth404:that's if Rat and African boys dint get it first. Always ur documents reachable to ur siblings and family. |
Re: What Happens To The Money In My Savings Account If I Die? by ogawisdom(m): 5:37pm On Jul 07, 2016 |
DY20: D way u call d spirit of death is alarming hope u r nt seeing ur untimely death already |
Re: What Happens To The Money In My Savings Account If I Die? by wolextayo: 5:38pm On Jul 07, 2016 |
MEGGATRON:You should be at work by now bro. Lol. You posted this at 3:59pm. Don't miscalculate oo. I respect your response tho! Thanks for the info |
Re: What Happens To The Money In My Savings Account If I Die? by Nobody: 5:38pm On Jul 07, 2016 |
gistmeloveblog:ṣey d person na Dasuki? |
Re: What Happens To The Money In My Savings Account If I Die? by Nobody: 5:40pm On Jul 07, 2016 |
Maureenlucy:you dont look bad at all. I like ur nose. 1 Like |
Re: What Happens To The Money In My Savings Account If I Die? by Nobody: 5:43pm On Jul 07, 2016 |
johnson4nosa:in saner societies, when no one lays claim to such money, it returns to the govt and not the bank. It's illegal for a bank to take what does not belong to it. |
Re: What Happens To The Money In My Savings Account If I Die? by ichomi(m): 5:46pm On Jul 07, 2016 |
DY20: In the time past ur next of kin will claim ur money if you die. (trust me they will go through a hell of processes). But now with the introduction of atm and mobile banking its easier to pull out ur money if u die..... U just need 1 person to kw ur pass/pin. The bank wont kw u have died if nobody tells them, they might suspect because u havent withdrew money from the account for long but experienced has taught them not to tamper with peoples money if when they havent come in 10yrs. But then thats how most of them enrich themselves..... Most especially ur account officers..... They can transfer money if they are aware the owner is dead. (its still an offence thought) 1 Like |
Re: What Happens To The Money In My Savings Account If I Die? by Tinyemeka(m): 5:46pm On Jul 07, 2016 |
Funny thing is that the bank wouldn't even know if you'd passed on except it gets notified when relatives of the deceased come to inform it and make enquiries on how to access the funds. That's if the customer died without a will. Then the relatives of the deceased will have to produce a letter of administration from the court and an account in the Estate of the late customer will be opened or a draft issued to beneficiaries of that letter of administration. Another way the bank may know that the customer has passed away is through the account officer coming by that knowledge. |
Re: What Happens To The Money In My Savings Account If I Die? by Tinyemeka(m): 5:49pm On Jul 07, 2016 |
franciskaine: Educate me. Which saner society? How does it return back to the government? On what basis? |
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