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 Agency of Nigeria (NAN) in Abuja on Sunday (today, August 25), frowned at the different policies and information on dormant accounts 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 the CBN in one of its publications, said an account could be said to be dormant after some years of no activity while .some banks have said otherwise, nting that some banks would even declare an account dormant after six months of non-activity on such an account.
”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 to 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 is necessary to guide diaspora customers who are also maintaining their Nigerian bank accounts.
Another customer, Mr Emmanuel Yohanna, said there is no need to declare an account dormant except to prove that the owner is 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 are dormant in line with the CBN’s guidelines, disclosing that in doing so, the bank would also prepare reports to notify the CBN of the status of their dormant customers’ accounts.
Another bank official, who also preferred anonymity, called on customers whose accounts are dormant to pay in money into them to activate them.
The CBN in a circular to banks subtitled ‘Management of Dormant Accounts and Unclaimed Financial Assets’, had earlier 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,” the circular read, in part.
”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.” (NAN)
