Topic: Financial fact that the authorities would not want you to know. (Read 189 times)

I know the feels man, as we experienced the same thing when we attempted to claim our deceased father's pension funds. My mom used to process it for a long time like a couple of years but we are still lucky that one day her efforts got compensated.

You might be right that it was because of how poor our government systems are but I believed that if we will give the staffs of the company or the officials of the governments department that we are processing our documents with, a kind of kickback or bribery, then they might process things much faster. I only use it as an example and we must still not do it because it was still a wrong-doing. 

For the issue of next of kin for any account holder in Nigerian Banks that I know, I know for sure that at the point of opening an account for every individual, there is a column for next of kin which is to be written down by the original account holder, so that should incase of any eventuality in the future, the next of kin will step in to request to be in charge of the account or withdraw the funds in the account. however this process is followed after there is an authentication and some level of proof from the next of king that he or she is actually the next of kin, most times they are legal documents signed from both sides which is the bank and the next of king.  for me I've seen that it has always been an easy process except for this particular case you're talking about.

As for the cryptocurrency market and the Nigerian government, I see that they've recently termed the crypto sector as informal sector that they cannot control the financial activity hence they want to use one sanction or the other to cripple the activities of cryptocurrency, forgetting that the whole idea of cryptocurrency is to decentralize it, so that government cannot control it. so this reality is what Nigerian government don't want to accept, hence the back and fought issues with crypto.

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.

Regarding the dilemma of crypto funds at the time of your death, you can probably put your crypto in a hardware wallet that would include the necessary credentials that will help you or your heir to access those funds for the case that it needs to be passed down and then that hardware wallet would be put into your will, that way you will never have a hard time doing that I assume and I think that it's the best thing that you can do when it comes to this kind of thing. If there's no legal thing that directly deals with cryptocurrency and how it should be taxed, distributed, or used for transactions maybe the best thing that you can do is to try and make sure that you're on the lookout for this stuff and at the same time, hide it carefully so you don't risk seizures in the case that the government tries to get their hands in your crypto.

It's unfortunate that we have a corrupt banking system in our country where a lot of verification and unnecessary documents are needed to buttress or prove a fact because literally without a person signing a will or having a next of kin, if the deceased family can present the death certificate of the deceased and can prove to the bank that they are genuinely related to the deceased what the bank need to do is run a thorough investigation to know if the deceased is truly gone and the people that presented theirselves as the deceased family members are verified then they can release the funds to them the only problem is that if the bank allows such, disagreements and conficts may erupt within the family members so the best is just that anyone who has a huge amount of money or asset should consider writing a will signed and should be given to a trusted lawyer who will stand for his family when he is no more.

However, all these processes can be avoided if you store your funds in Bitcoin and possibly give your most trusted family members (either wife or children) your seed phrases Incase you are no more, donno if it's a good idea but if it's not a good idea to give your seed phrases to a trusted family member anyone is free to counter it and give me their reasons or opinion.

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 think this is something that the bank is actively hiding from the customer per se. Cause at the end of the day this is the very reason why banks ask whether you have any other next of kin that you would like to sign off as signatories to your bank account. It's in the lapse of your unc who died that his family couldn't access the money, any man who's in their right minds would've been made aware of this feature, which is for their security by the way cause nowadays anyone can just pose as your next of kin and gain access to your money, and by then the customer is required to list down any signatories they would like to be allowed access to the bank.

To have the bank actively hide this information from your uncle is a criminal offense, and I dare say these banks with the millions of dollars they hold wouldn't want a class-action lawsuit in their hands, so this falls under lack of research and proper information on your relative's part. These are just some of the times when you can't blame the bank for shit.

If you read clearly to a better understanding, you will understand that I never seek for solution pertaining my local economy system from the international bodies in this thread.

I can bet you that I am already contented with the replies of everyone here because my intention was basically to know if other countries encounters such rebellions from their governments and the banks. Maybe I should remind you on a quote.

However, taking a local issues to the general board is not prohibited because there is a compass to possibly pick soluable opinions from both sides after garnering around.

If I may ask, how comfortable do you feel that your comfort zone can always offer you the best if you get to lean around your hood? Anyways... I agree with you that there are certain cases a local issue should be directed to the local board but not this one.

its no secret, its common sense
if you dont note a beneficiary then it will go to probate
its no secret

if there is no decided beneficiary then yes it goes to probate where they decide the next best kinship beneficiary
im not sure why the OP thinks its a secret

yes people should put a beneficiary on record, write a will and get their papers in order before dying. but its no secret.. the real secret is people think they wont die and so dont bother, thus legal disputes happen when every brother, mother, cousin, and kid comes running in trying to grab onto their dead relatives value and causes legal disputes and that needs sorting out

so heres the secret, everyone dies eventually so use common sense and get your papers in order.

On this issue of next of kin in the banks, I agree about the banks have not been very open about how their balance can be transferred to their next of kin in the case of their demise, and sometimes because they have the motive of claiming these funds. It is one of the bad practices from banks just like their unnecessary fees.
There is a document called a POD form that everyone needs to know about, the document is an agreement between you and the bank. If you demand it from your bank, they will give it to you.

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we are already living in a world where morals are not given importance. people are even called imbeciles when they return a lost and found money, we are living in these times where becoming a good guy seems not right.

It is a very basic rule, things that belong to a person such as cash or property will be passed on to his wife, sons, or daughters. it doesn't even need a lawyer for that. they don't have to fight over it, they could settle in front of a chief town.

Traditional financial systems in most countries, especially third-world countries, are corrupt to the core. You can't go and get anything done in the right way if it involves good money, and if you either have a person who knows you from the inside or there is someone who you know takes bribe then you might get your work done, but in cases like the one you mentioned, one might have to pay a large amount in bribe to get the account released.

A manager or general manager would get you the account or the funds without letting anyone know if you could discuss it with them alone and agree that you are going to give them a certain percentage out of the money and they would get the work done. It's unfortunate but it is true.

This is obviously a serious matter that so many people are just ignorant about. Regarding this issue, I already have a backup plan for this matter, just like I have for my crypto asset. I don't want a situation where, if anything happens to me, my son or any of my next-of-kin cannot have access to my asset. That will be a very awkward situation. It is very compulsory to ask your bank managers what will happen to your funds after your demise and how your descendants can have easy access to your funds after your demise. There was this situation too in my place where the family of the man could not access the funds; it took more than a year before the bank released the man's funds to the family. They asked the family to bring a death certificate, and after they brought it, they also requested other documents just to delay the whole process. 

This is a usually a fault of the bank and not the government, except the government has a poor legal system. The bank knows that if the beneficiary tries to use legal means, he would spend almost the amount of not more than he could get from the account, so he would just forget about the money because it's not worth it. Most times if it's a very huge amount of money that no matter how long the legal proceedings may take,the money would still be worth it, the banks releases the money after asking from the necessary requirements. Also, the bank might try to protect themselves because if news goes out that they've refused to give a beneficiary who is a next or kin his money, it would be bad PR. The bank most times avoids a legal case.

First things first, you should get a lawyer. You may not know the laws and policies of the system but a lawyer would know and he would handle matters for you. A lawyer will prepare you and make sure you have all necessary requirements.
Both the original owner of the tweet and the next of kin need to get a lawyer.


The fact that a particular country was mentioned doesn't make it a discussion for the local board of that country alone. This is something that is not particular to one country alone, it happens in different countries, so I believe it can be discussed in a general board and as well as a local board.

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.

This has always been the rule, isn’t it? I think not only in your country but also in a lot of different countries, this is usually the standard procedure. This is why if you want to be involved with banks or the government you have to make sure that everything is settled even if you are not on the brink of death.

Some people can easily fake documents so I think that it is better if the actual owner of the account is the one who has signed a letter saying that this and that will and should have access to the account.

This is more of the banking policies which makes it hard to access the funds when the owner is deceased but in legal terms we have been asked to provide a nominee at the time of creating the bank account and you are allowed to change the nominee at anytime we wanted too but we generally ignore those boxes which can end up in situations like these.

But it's the job of central bank to monitor these kind of activities from their bank and make swift actions or else people gonna withdraw their money which will affect more than anyone.

This is pure regulation there, which is very annoying, even for families who are grieving to have to accept this kind of treatment from the government. Banks are not responsible for their customers' money, they do not want to give customers their rights easily. Strangely enough, the government there seems to be working together to prevent it from falling into the hands of the heirs. For me, a financial system like this cannot be trusted at all, in my country it is not that cruel in managing finances for those whose families have died, the process can still be smooth and most importantly the banks are still very tolerant and humane. I am not judging as a whole whether all the banks there are doing the same thing in every city or region, but what I most suspect is that irresponsible people or individuals are taking advantage of this for their own interests.

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

You are correct, @Gozie51, there is no way someone will ask their account officer those kind of vital question without getting an answer. I have at least heard about the POD form which is very important to process them while still alive and keep in the custody of your next of kin so that if the person die in the future, the next of kin can easily have access to their inheritance.

The banking system is very wicked because they will allow you to own an account and run the account for so many years without even telling you about the implications of not having a POD papers. That's wickedness, they want to take over another person's wealth when the person is dead.

Fortunately, such things do not happen in European countries. At most, when the bank becomes aware of the death of a person, it blocks the account, but the legitimate heirs have access to it as soon as the formalities are formalised, and this usually does not last more than a couple of months.

The point here is people should be proactive and not to be nonchalant. Of course to have a next of kin in your bank credit card or in the bank whatsoever should not just end there. If you start having some substantial amount in the bank, you should be able to plan for the inevitable and who gets what which is why some knowledgeable people write their will while alive. Writing of will, you would have also gone through your lawyer to facilitate all access to bearers while you are alive and at that point you would have also gone through the banks to know what to do not to encumber your next of kin.

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.

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.

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.