Bank Customers want Standard Policy for Dormant Account
Customers of various banks have called on the Central Bank of Nigeria (CBN) and banks to institute a standard policy on what constitutes a dormant account.
Some of the customers, who spoke to the News men in Abuja on Sunday, frowned at the different policies and information on dormant account by the CBN and banks.
Mr Anthony Ogaga, a customer, said the regulator and banks should come to a compromise on dormant account policies to boost confidence in the sector.
Ogaga said that the CBN in one of its publications, said an account could be said to be dormant after some years of no activity.
He said that some banks had said otherwise as some would declare an account dormant after six months.
”We need to see this sector as being serious. CBN cannot tell us one thing and our banks will tell us another.
”The Central Bank should work closely with banks to enable them formulate policies on dormant accounts,” he said
Mrs Chinny Olaedo, a bank customer, who resides abroad, appealed to the CBN to ensure the safety of customers’ monies, especially those abroad.
Olaedo said a standard policy was necessary to guide customers, who were also maintaining their Nigerian bank accounts.
Another customer, Mr Emmanuel Yohanna, said that there was no need to declare an account dormant except proven that the owner was deceased.
”Sometimes, banks also discourage customers from operating their accounts because of their numerous charges.
”I personally avoid depositing money in some of my bank accounts because they will deplete my money,” he said.
Meanwhile, 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 guidelines.
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.
CBN in a circular to banks subtitled ‘Management of Dormant Accounts and Unclaimed Financial Assets’, mandated banks to formulate policies for the recognition and management of dormant accounts and other financial assets.
”Financial institutions shall establish effective controls to ensure surveillance and second level authorisation on
reactivation of dormant accounts, among other measures.
”They shall maintain records including a register of dormant accounts balances and transfer balances that have remained in the dormant account register for up to ten (10) years to the ‘UBTF Pool Account,” CBN said. #Bank Customers want Standard Policy for Dormant Account
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