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  • Welcome
  • Special reports
    • All
    • Unedited for the record
    Group alleges corruption, nepotism, others, calls for immediate sack of NMDPRA Boss

    Group alleges corruption, nepotism, others, calls for immediate sack of NMDPRA Boss

    SNAPSHOTS OF ACHIEVEMENTS

    Ohanaeze renews clamour for IPOB leader, Nnamdi Kanu’s release

    IPOB calls for review, says Kanya court ruling confirms Kanu’s trial lack legal foundation

    State police only solution to Benue killings, others- Adams

    State police only solution to Benue killings, others- Adams

    Ohanaeze renews clamour for IPOB leader, Nnamdi Kanu’s release

    Ohanaeze renews clamour for IPOB leader, Nnamdi Kanu’s release

    Experts hail new HIV injection breakthrough ,decry high cost

    Experts hail new HIV injection breakthrough ,decry high cost

  • Metro News
    Lagos Assembly move to enact law to regulate house rents, agents, others

    Lagos Assembly move to enact law to regulate house rents, agents, others

    Teachers, health workers strike,others:  Wike gets fresh ultimatum from FCT workers

    Wike launch operation to flush street beggars, one- chance syndicate, others in FCT

    Teachers, health workers strike,others:  Wike gets fresh ultimatum from FCT workers

    Teachers, health workers strike,others: Wike gets fresh ultimatum from FCT workers

    Abuja braces for two-week without water as rehabilitation works commence

    Abuja braces for two-week without water as rehabilitation works commence

    Ground rent: FCTA to take ownership of 4,794 revoked properties from Monday

    Ground rent: FCTA to take ownership of 4,794 revoked properties from Monday

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    Apo-Wassa road ready for inauguration on Tinubu’s second anniversary-Wike

  • Latest News
    • All
    • Crime watch
    Anambra guber: Obi presents Moghalu as LP candidate, reaffirms he will contest the 2027 presidency

    Anambra guber: Obi presents Moghalu as LP candidate, reaffirms he will contest the 2027 presidency

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    Civil servants’ June salary delay being resolved – Accountant-General’s office

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    Lagos Assembly move to enact law to regulate house rents, agents, others

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    Trending Tags

  • Infotech
    Senate approves restoration of Aniocha North II State Constituency, Delta

    Bill mandating social media platforms to have physical office, records of employees pass second reading at the Senate

    Nigeria investigated  213 privacy breaches in 2024-NDPC

    Nigeria investigated 213 privacy breaches in 2024-NDPC

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    MTN denies orchestrating poor network to influence FG, labour talk, apologizes for network fluctuations

    MTN shuns Labour-FG committee on tariff review, hike data tariff by 200%

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    UK prime minister back US military strikes on Iran ‘s nuclear sites

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    Israel bombs Iran’s heavy water reactor, says state television

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    Nwifuru demands arrest of killers of 13 Ebonyi indigenes in Anambra

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    State police only solution to Benue killings, others- Adams

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    Obi calls for immediate end to violence against Benue communities

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    Police extend deadline for tinted glass permit to August 12

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    Tinubu govt assures farmers of security support against bandits, killer herdsmen

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Bank Customers scrambles for reactivation over CBN’s dormant account policy

Daily Intel Newspaper by Daily Intel Newspaper
July 31, 2024
Bank Customers scrambles for reactivation over CBN’s dormant account policy

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Bank customers have thronged their banks to reactivate their dormant accounts in line with the Central Bank of Nigeria guidelines on the management of dormant accounts and unclaimed balances.

Some of the customers, who spoke to journalists in Abuja on Tuesday, said they had activated their bank accounts to avoid mopping up their little savings.

A businesswoman, Ugonne Akputa, said that she paid in some money into her six-year-old Access Bank account, which she had left for some time to reactivate.

Ms Akputa said she still needed to operate the account to save some money, adding that she rarely withdrew.

She said, “I went to my bank to make inquiries about my account, which I have had for some time now. They told me that I should just pay money into the account to activate it, and I did.’’

Another customer at First Bank, Cyprian Yusuf, said he was at the bank to make inquiries on his late brother’s account.

Mr Yusuf said that although he was not aware of the amount in the account, he would not forfeit the money.

”When I heard of this dormant account thing, I decided to quickly come to my late brother’s bank to ask them how I could retrieve the money. He died three years ago, and I don’t think the account has been in operation. So, I want to see what I can do so that his wife and children can use the money at least to feed,” he said.

Another bank customer, Chinny Olaedo, appealed to banks and the CBN to ensure the safety of customers’ monies, especially those abroad.

“I live abroad, but I came back to Nigeria for something very important to my family. I have a savings account at one of the banks, and I have my savings there. I transferred some money into the account recently so that it will still be active, but I know that many people abroad might not know about this or do this. The CBN and other banks should make things easier for us abroad so that many of us will still be operating our Nigerian accounts,” she said.

A bank official who spoke on condition of anonymity said it would take six months of no activity in an account before it would be declared dormant in their bank.

The official said the bank would notify customers whose accounts were dormant in line with the CBN’s guidelines.

The source said the bank was preparing reports to also notify the CBN of the status of their dormant customers’ accounts.

Another bank official, who also spoke on condition of anonymity, called on customers whose accounts were dormant to pay in monies into them to activate them.

According to CBN, eligible accounts are dormant accounts with balances that have remained with the financial institutions for a period of 10 years and beyond.

The apex bank said eligible dormant accounts/unclaimed balances and other financial assets include current, savings and term deposits in local currency; domiciliary accounts; unclaimed salaries and wages; commissions; and bonuses, among others.

The apex bank said the aim of the guidelines was to identify dormant accounts/unclaimed balances and financial assets with a view to reuniting them with their beneficial owners and holding the funds in trust for the beneficial owners.

The bank said the objective was also to standardise the management of dormant accounts/unclaimed balances and financial assets and establish a standard procedure for reclaiming warehoused funds.

The CBN said it would open and maintain an account earmarked for the purpose of warehousing unclaimed balances in eligible accounts.

According to the CBN, the account would be called “Unclaimed Balances Trust Fund Pool Account.”

The CBN had also cleared the next-of-kin (NoK), legal representative, or beneficial owner to make claims on unclaimed balances or funds in dormant accounts.

The bank said the NoK dormant account owner could now make claims on unclaimed balances or funds in dormant accounts by submitting applications for the reclaims to the financial institutions.

(NAN)

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