CBN Guidelines: Customers Throng Banks To Reactivate Dormant Accounts

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

Some of the customers, who spoke to the News Agency of Nigeria (NAN) in Abuja on Tuesday, said they had activated their bank accounts to avoid mop up of their little savings.

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

Akputa said she still needed to operate the account to save some money which she rarely withdrew.

”I went to my bank to make enquiries about my account which I have left for some time now.

”They told me that I should just put money into the account to activate it and I did,” she said.

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

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 can 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 in 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 pleaded 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 guideline.

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

Another bank official who also preferred 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 including current, savings and term deposits in local currency, domiciliary accounts and unclaimed salaries and wages, commissions, and bonuses, among others.

The apex bank said the aim of the guidelines were to identify dormant accounts/unclaimed balances and financial assets with a view to re-uniting them with their beneficial owners, hold 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 reclaim of 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 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 to 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.