The United Bank for Africa (UBA) has shared an important update regarding changes to the status of savings accounts of its clients......Read The Full Article>>.....Read The Full Article>>
In a recent email, UBA said savings accounts that are not used for a specific period will now be classified as inactive or dormant.
How UBA accounts can become inactive, dormant
Following a new directive from the Central Bank of Nigeria (CBN), the conditions for bank accounts to become inactive or dormant were stated as follows:
“Accounts with no transactions for 6 months will be marked as inactive. If inactivity continues, accounts will become dormant after 12 months.”
To keep their accounts active, the bank advised customers to keep making transactions on the UBA mobile app, internet banking, Leo, using *919#, or by visiting any UBA branch.
What CBN governor said about inactive accounts
Meanwhile, Legit earlier reported that Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), expressed worry about the susceptibility of inactive bank accounts to fraudulent activity.
He stated that accounts that are left idle for long periods of time are frequently easy targets for identity theft 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.”
Cardoso added that the policy and directive were intended to ensure money in inactive accounts went to the CBN for protection and said this was done at no cost to the consumer.
“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
Legit also previously reported that customers were asked to report illegal charges on any transaction by the Central Bank of Nigeria (CBN).
Mohammed Muazu from the CBN’s Consumer Protection Department, advised customers to read through the guidelines on bank charges.
He said online bank statements should be checked to ensure charges they were getting aligwith the guidelines established by the CBN.
