The Central Bank of Nigeria (CBN) has made it easier for next-of-kin, legal representatives, or beneficiaries to claim funds from dormant bank accounts. This new rule was announced recently to help people access money that has been left unclaimed in these accounts.
How to Claim Dormant Account Funds
If you are a next-of-kin or a legal representative, here's what you need to do:
- Submit an Application: Go to the bank where the account is and submit an application.
- Provide Proof: Bring legal proof, like a will or a court order, to show you have the right to claim the money. If you represent a company, you'll also need to provide details about the company's directors and authorized signatories.
- Complete a Form: Fill out a reclaim form at the bank.
- Verification: The bank will check your claim and send it to the CBN within 10 working days.
- Receive Refund: The CBN will then refund the money, including any interest earned, within 10 working days of receiving the verified request.
The CBN has set up a special office to handle dormant accounts and unclaimed funds. These funds will be placed in the Unclaimed Balances Trust Fund (UBTF) Pool Account and invested in safe options like treasury bills. This way, the funds can grow until they are claimed.
If a bank's license is withdrawn, the Nigeria Deposit Insurance Corporation (NDIC) will take over the management of dormant accounts. This ensures that the funds are still safe and can be claimed by rightful owners.
Understanding Dormant and Inactive Accounts
- Inactive Account: No customer-initiated transactions for 6 to 12 months.
- Dormant Account: No transactions for one year or more.
- Unclaimed Balances: Funds that have been dormant for at least 10 years.
The rule applies to many types of accounts, including:
- Current accounts
- Savings accounts
- Term deposits
- Domiciliary accounts
- Deposits for shares
- Prepaid card accounts
- Government-owned accounts
However, accounts that are under litigation, investigation, or are otherwise restricted are not covered by this policy.
The CBN's new policy is a positive step, making it easier for people to claim unclaimed funds from dormant accounts. By managing these funds effectively and ensuring a straightforward process for reclaiming them, the CBN is helping to safeguard and return money to its rightful owners.
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