I wonder why only a person can access his own account

No be una go report sey papa don die??

Tax.

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.

I thought that only applies to people that wrote will?

We learn everyday.

Check my signature

Wait, are they going to pay what's left of 10% on each deposit made on monthly basis or the overall amount left? I mean since you said the late person is still receiving his entitlements.

It's called Bank inheritance

It's for compensation they receives for telling him that "thank you for banking with us"
thieves parading themselves as bankers.
10% ko 3% ni

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

I had to go to court to get Polaris to get my mums balance.

The judge ordered 5% to be deducted for probate department. Seems pretty straightforward.

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

How is the father foolish?
What does it matter to a dead man if his children or a stranger inherits his property?

Go and pack the money and keep under mattress before the person dies to avoid all this long French.

If you ask me na who i go ask

dingbang:
Wonderful. The only thing that is being debited from a deceased account is search report which is not even based on % basis. I am just hearing this for the first time.

True.

ZinoFasisi:


I thought that only applies to people that wrote will?

No, it applies to those without a Will.
Those with a will don't need a letter of administration, I think theirs is a Probate Letter, and they don't charge such cost because it is believed that the deceased attorney has charged for such.

Just look at this thread.

Loads of Nigerian "yoots" commented without any idea/knowledge about laws or the logic behind the deduction. Whether it was legal or not.

Unemployable dunces!

This is why a company will advertise a job vacancy in Nigeria and say "Indians Only" can apply.

Useless yoots!

https://www.nairaland.com/6108650/indians-only-job-advert-abuja/3#93773152

Government are d biggest legal thieve all over d world.

OP, the submission of elchariotlp is absolutely correct. Read it and learn.

Is it a micro finance bank?

Lecturebidz:
It's called Bank inheritance

I wonder O.
That you kept money inside the bank does not mean you should go and sleep or die.
The bank will try everything it can to steal some or all of your money. Sorry, that's just life.
If you don't like it, keep the money in your own personal safe, under your mattress or invest it in other people so you can gain profit from them instead.
The bank is never your friend . All those SMS and email their always writing used to cost money na!?

To get any funds domiciled in a deceased person account; you will need a letter of administration. The 10% being required is not charged by the bank but by the state govt. They will need to get a letter of administration and take it to the bank before those funds will be released and it’s a long and tiring process. We are almost done with ours and we have spent about 20% of the total amount in our late dad account trying to get the letter of administration. We have not even paid the lawyer.

This is why joint account is good. Just put instruction that one person can sign if is the man that is doing d withdrawal but two must sign if the woman is withdrawing. However, in the event of death of the man, the woman automatically can sign as sole signatory without any hindrance whatsoever.

Bankers, Pharmacists, PHCN, Medical Doctors, are the most greedy set of people after the people in our government

When next you want to open an account with a nigerian bank, read their terms and conditions very well...

Learn to read every damned word on the papers presented to you before you sign them. Because in them contain their very right to withhold the 10 percent...

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

Looks like they were receiving a dead man's pension

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

OgbanjeProphet:
When next you want to open an account with a nigerian bank, read their terms and conditions very well...

Learn to read every damned word on the papers presented to you before you sign them. Because in them contain their very right to withhold the 10 percent...

It is not about the bank my friend. It is an existing law that requires the deduction of a certain percentage of the estate in transfered from the deceased to the beneficiary.

Tithe
Don't worry, Freezer will soon come after them.

tellmoon:



It is not about the bank my friend. It is an existing law that requires the deduction of a certain percentage of the estate in transfered from the deceased to the beneficiary.

Ok sir. Adonhia

Write letter to buhari report them