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Customers besiege banks for reactivation over CBN’s dormant account policy

Customers besiege banks for reactivation over CBN’s dormant account policy %Post Title

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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