“My Dormant Account Has Over N2 million, What Can I Do To Reclaim My Money?” Expert Explains

“My Dormant Account Has Over N2 million, What Can I Do To Reclaim My Money?” Expert Explains

  • A bank customer has asked for advice on how to reclaim a huge amount of money he left in his bank account
  • He said he relocated out of the country for over 10 years and has not withdraw or deposited in the account
  • Victoria Adebisi, an experienced customer representative, has detailed steps to reclaim funds on dormant account

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

A bank customer, who gave his name as Chinedu, wrote:

"I have been out of the country for over 10 years before I left I had 2 million in my bank account, I am planning visiting Nigeria later part of this year. How do I reclaim my money in my account. I am sure my bank account is dormant now."

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Expert shares tips to reclaim funds in bank account
Steps to reclaim funds in dormant account Photo credit: CBN
Source: Facebook

How to reclaim your funds dormant account

Victoria Adebisi boasts over six years of experience as a customer representative in the banking sector, coupled with valuable insights gained from working across various departments.

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Unclaimed bank accounts refer to funds in an account that has been inactive for 10 years. This happens when a customer has not deposited or withdrawn money from the bank account.

Most of the time, some of these accounts belong to deceased individuals. However, on occasions when the person is alive but out of the country, there are steps to reclaim the account.

The first step is for the customer to visit any branch or office of their bank and complete an 'Asset Reclaim Form.'

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The financial institution will verify the claim and initiate the request to the Central Bank of Nigeria (CBN) within 10 working days from the date of the request.

In cases where the account has not been inactive for as long as 10 years and the customer simply wants to reactivate the account, a form will be sent, and a call will be made to the customer to verify the information.

If the customer cannot physically come to the office, a Zoom call can be arranged to confirm the details.

One thing that is certain is that a customer cannot lose their funds if the information can be verified.

Read more banking-related issues

“My life savings gone, all I did was answer a phone call, how do I get my money back?”

“Bank can not explain N2.6m missing from my account. How can I get my money back?”

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Help, I sent N200K to wrong bank account

In another development, Legit.ng reported that a Nigerian man mistakenly transferred N200,000 to the wrong bank account due to a typing error and wants his money back.

He said he found out after the intended recipient complained that he had not seen the transferred funds in his bank account.

Kalu Uche, an operational manager in one of Nigeria's commercial banks, explained to Legit.ng in an exclusive chat the process of retrieving wrongly sent funds.

Disclaimer: Advice given in this article is general in nature and is not intended to influence readers' decisions about solving issues of threats. Readers should always seek their own professional advice that takes into account their own personal circumstances before making any decision.

Do you have a story to tell? Want an expert's advice? Please email us at ask.an.expert@corp.legit.ng with 'Ask an expert' in the subject line.

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Proofreading by James Ojo Adakole, journalist and copy editor at Legit.ng.

Source: Legit.ng

Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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