Topic: Financial fact that the authorities would not want you to know. (Read 185 times)

Lots of countries can relate to what op has shared.

These banks definitely have the most outrageous and strictest policies and a government with a bad system can make that 100x much worse. Usually it’s the banks’ business alone but you would need to go to government agencies to get the required documents.

In my country, this is such a hassle. You will be directed to different departments and you will be asked to wait in line for hours. Sometimes even months would pass and they still has not processed your paper! I remember it took at least a year to get the money from when a family was deceased. A year is a very long time and it shouldn’t have been that way.

I don't know how transparent and genuine other countries governments and their financial regulatory authorities has been with their citizens and the masses entirely, but speaking from experience, my late uncle who died during the the COVID-19 and left over $1,700 for the family in his bank account and after much processes the wife being the next of kin and the family as a whole has been unable to have access to the account and that is just how the money died off and only the government knows the fate of the fund til today.
In my country Nigeria, the government and the financial regulatory authorities has always kept hidden facts from us which would had been an added advantage to our knowledges and even contributes to precaution measures that we could avoid common mistakes that may seem insoluble or a long time to get solutions to it.

I recently came across this  https://youtu.be/s07NUfpPzSM?si=SY8wpCVbjgNHn2zy youTube video which a formal banker from Nigeria discloses about what the bank does not want us to know via how a next of kin would not be accessible to the benefitials bank account that if paraventurely the bank account holder dies, the bank will deny access from the next of Kin to the account if the next of kin is not an automatic signatory to the account or the account holder has not made a written will to determine the legitimacy of the next of kin.
So the bank would go a legal probate process to decide who gets the money.
Meanwhile... This legal probate in my country can take a very long time maybe years ahead to verify the processes which is definitely uneasy to meet up those tasks.
Even after the whole processes is being overcome, the next of kin would be demanded to pay huge sum of money for a legal fees to be able to have access to the account but meanwhile, the next of kin has been mentioned with all necessary requirements being provided during when the benefitial was on the bank account opening processes but the bank could not make the terms and conditions obviously for the account owner to take early awareness of it.

So this is assumed to be why the government and the financial regulatory authorities in my country has been fighting over cryptocurrencies facilitating crypto trading with the naira (#) on the Centralized P2P Exchanges.
The interest of the government is to control the centralized exchange with the forebeing of syphoning our Crypto funds.
Literally they also want to make away with our Crypto assets when we are gone and clearly stated and obvious, there is no next of kin attached to our Crypto Investments.
So, the government would want to also do away with them as they rebels us with the Centralized Fiats.

You can imagine how selfishly logical the governments can be? They tends not to let us know what is crucial and necessary but just concerned about how they can rebel the us.

Buddy try taking things that concern, your family, government, and other things to your local board and not a general discussion panel. You have done this several times. It's either a story of your deceased, poverty in your country, or many others.

I believe this is a discussion that the members of your LB need to discuss and find a way to harness the situation if possible. When it comes to general economical discussion we can easily relate.

That's a relevant matter, but I suppose the rules are different depending on a country. My spouse and I simply have access to each other's bank accounts, so access shouldn't be a problem in an unfortunate event of one's death. But the post motivated me to look into this issue, and the official way in my country is to go to a notary who will issue a document that asserts the right of inheritance, and there is an inheritance queue in our legal system which determines who has priority access. As for crypto funds, there is no legally determined way and, of course, if it's a non-custodial wallet and nobody knows the pass phrase, the money is lost anyway.

I don't know how transparent and genuine other countries governments and their financial regulatory authorities has been with their citizens and the masses entirely, but speaking from experience, my late uncle who died during the the COVID-19 and left over $1,700 for the family in his bank account and after much processes the wife being the next of kin and the family as a whole has been unable to have access to the account and that is just how the money died off and only the government knows the fate of the fund til today.
In my country Nigeria, the government and the financial regulatory authorities has always kept hidden facts from us which would had been an added advantage to our knowledges and even contributes to precaution measures that we could avoid common mistakes that may seem insoluble or a long time to get solutions to it.

I recently came across this  https://youtu.be/s07NUfpPzSM?si=SY8wpCVbjgNHn2zy youTube video which a formal banker from Nigeria discloses about what the bank does not want us to know via how a next of kin would not be accessible to the benefitials bank account that if paraventurely the bank account holder dies, the bank will deny access from the next of Kin to the account if the next of kin is not an automatic signatory to the account or the account holder has not made a written will to determine the legitimacy of the next of kin.
So the bank would go a legal probate process to decide who gets the money.
Meanwhile... This legal probate in my country can take a very long time maybe years ahead to verify the processes which is definitely uneasy to meet up those tasks.
Even after the whole processes is being overcome, the next of kin would be demanded to pay huge sum of money for a legal fees to be able to have access to the account but meanwhile, the next of kin has been mentioned with all necessary requirements being provided during when the benefitial was on the bank account opening processes but the bank could not make the terms and conditions obviously for the account owner to take early awareness of it.

So this is assumed to be why the government and the financial regulatory authorities in my country has been fighting over cryptocurrencies facilitating crypto trading with the naira (#) on the Centralized P2P Exchanges.
The interest of the government is to control the centralized exchange with the forebeing of syphoning our Crypto funds.
Literally they also want to make away with our Crypto assets when we are gone and clearly stated and obvious, there is no next of kin attached to our Crypto Investments.
So, the government would want to also do away with them as they rebels us with the Centralized Fiats.

You can imagine how selfishly logical the governments can be? They tends not to let us know what is crucial and necessary but just concerned about how they can rebel the us.

Buddy try taking things that concern, your family, government, and other things to your local board and not a general discussion panel. You have done this several times. It's either a story of your deceased, poverty in your country, or many others.

I believe this is a discussion that the members of your LB need to discuss and find a way to harness the situation if possible. When it comes to general economical discussion we can easily relate.

I don't know how transparent and genuine other countries governments and their financial regulatory authorities has been with their citizens and the masses entirely

what the bank does not want us to know via how a next of kin would not be accessible to the benefitials bank account that if paraventurely the bank account holder dies, the bank will deny access from the next of Kin to the account if the next of kin is not an automatic signatory to the account or the account holder has not made a written will to determine the legitimacy of the next of kin.
So the bank would go a legal probate process to decide who gets the money.
Meanwhile... This legal probate in my country can take a very long time maybe years ahead to verify the processes which is definitely uneasy to meet up those tasks.

I recently came across this  https://youtu.be/s07NUfpPzSM?si=SY8wpCVbjgNHn2zy youTube video which a formal banker from Nigeria discloses about what the bank does not want us to know via how a next of kin would not be accessible to the benefitials bank account that if paraventurely the bank account holder dies, the bank will deny access from the next of Kin to the account if the next of kin is not an automatic signatory to the account or the account holder has not made a written will to determine the legitimacy of the next of kin.
So the bank would go a legal probate process to decide who gets the money.
Meanwhile... This legal probate in my country can take a very long time maybe years ahead to verify the processes which is definitely uneasy to meet up those tasks.
Even after the whole processes is being overcome, the next of kin would be demanded to pay huge sum of money for a legal fees to be able to have access to the account but meanwhile, the next of kin has been mentioned with all necessary requirements being provided during when the benefitial was on the bank account opening processes but the bank could not make the terms and conditions obviously for the account owner to take early awareness of it.

The agreement ensures your intentions are documented and known through a Payable on Death form or beneficiary designation form that's filled out and kept on file with the bank. With the form filed, the bank has a legal document clearly stating who you named as beneficiary (who should inherit the money in your account)

some certain banks have a disgusting character so that is why I said that I found cryptocurrency kind of investment or banking very safe than Fiat kind of banking system because in cryptocurrency you are the only one that I have access to your funds why in Fiat currency it is the bank manager or the account manager that we determine when your money will be out so banking system is very corrupt that is why I don't like them

Buddy try taking things that concern, your family, government, and other things to your local board and not a general discussion panel.

the bank will deny access from the next of Kin to the account if the next of kin is not an automatic signatory to the account or the account holder has not made a written will to determine the legitimacy of the next of kin.

You can imagine how selfishly logical the governments can be? They tends not to let us know what is crucial and necessary but just concerned about how they can rebel the us.

a direct beneficiary like the wife not granted to access the money is such a cruel act. i'm not sure if its happening in my country but if it does, i think the banker will not be able to walk peacefully outside the bank. 

with cryptocurrency, banks may not be the first that people need to keep their money.

The point is if you have money in bank then you should be able to be making enquiries. If you ask the banks what and what to do regarding your money when you die, they will tell you but when you keep quiet, you won't get such information.

Yes I watched the video and I also saw that if you make such enquiry, you would be given a POD form (payable on death). So you can facilitate all those while alive but the challenge is people keep indifferent about certain things.