Customers of United Bank for Africa have received a significant update about changes to their savings account statusThe bank announced that savings accounts will now be categorized as dormant or inactive if they are not used for some timeThe bank however advises customers to maintain account activity by completing a transaction through various channels
Henzodaily.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The United Bank for Africa has sent an important update regarding changes to savings account status to its customers.
UBA states conditions for bank accounts to become inactive or dormant. Photo Credit: UBA
Source: UGC
In its mail to its customers, the bank noted that savings accounts that have not been used for a specific period will now be classified as inactive or Dormant
How accounts can become inactive or dormant
Stating conditions for bank accounts to become inactive or dormant, the bank stated,
“Account with no transactions for 6 months will be marked as inactive.
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“If inactivities continues, accounts will become dormant after 12 months.”
To keep account active, however, the bank advised customers to keep making a transaction on the UBA mobikle app, Internet banking , Leo, *919# or visit any UBA branch.
Meanwhile, Henzodaily.ng earlier reported that Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), has expressed worry about the susceptibility of inactive bank accounts to fraudulent activity.
He clarified that accounts that are left idle for long periods of time are frequently easy targets for identity theft and unauthorised access by scammers.
“With respect to dormant accounts, what I found personally is that if you leave accounts dormant in banks, they are sometimes more susceptible to fraudsters copying your identity and trying to gain hold of the system to grab your money. So, that is a problem I think most banks face.
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“The policy and the directive are meant to ensure that all those monies come to the Central Bank for safekeeping and it is at zero cost to the beneficiaries. All that will happen is that the Central Bank will manage the money within our possession and when the rightful owner surfaces, the money is returned plus whatever income has accrued.”
How bank customers can treat illegal charges
Henzodaily.ng reported that customers are asked to report any illegal charges on any transaction by the Central Bank of Nigeria (CBN).
In response to complaints about arbitrary bank charges, Mohammed Muazu, Head of Complaint Management Division, Consumer Protection Department, CBN, advised customers to review the CBN’s handbook on bank charges to determine how much they should be charged for any given transaction.
Muazu advised clients to carefully examine the online bank statements that their banks provided them in order to match the charges they were getting with the guidelines established by the CBN.
Source: Henzodaily.ng