"My Heritage Bank Account Has N9m. How Can I Get My Money After CBN Shutdown?” Expert Explains
- An aggrieved man has written to Legit.ng following the recent withdrawal of the license of Heritage Bank by the CBN
- He claims to have a huge amount of money trapped in the bank and is unsure of when he will get access to it
- Chuka Nweze is a seasoned financial analyst and Legit.ng expert answers addresses the fears of the anonymous writer
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Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.
A Legit.ng reader is worried sick about the possibility of getting back his deposit from Heritage Bank after the Central Bank of Nigeria announced the bank's license was revoked.
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Anonymous asked:
"On Monday, June 3, 2024, I woke up to the shocking news that the CBN has revoked the license of Heritage Bank. This has left me in a state of disbelief, as all my life savings are in that account. I had planned to use my N9 million deposit to start a business, but now those plans are in jeopardy. Can anyone advise if it's possible to recover my money and how soon that might happen?"
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Chuka Nweze is a seasoned financial analyst and former banker with over a decade of experience in financial consulting. As a licensed stockbroker, he provides paid and complimentary financial literacy services.
I'm so sorry to hear that you have been affected by the CBN's revocation of Heritage Bank's license. It can be very infuriating to know that you have money in an account but are unable to access it.
After the license withdrawal, the CBN designated the Nigeria Deposit Insurance Corporation (NDIC) as the bank's liquidator.
This grants the NDIC the legal authority to act on the bank's behalf, selling its assets to generate funds for repaying debts and refunding depositors.
By law, the NDIC will pay up to N5 million in insured deposits to each Heritage Bank customer.
Depositors with funds exceeding this amount will receive the remainder when the bank's assets are fully liquidated. To be honest, this might take a while and there's no way to know how long.
However, while waiting on your refund from the NDIC, I will advise you to do the following:
Gather Documentation: Collect all relevant documents related to your account, such as account statements, identification documents, and any correspondence with the bank. This information will be essential when filing claims.
File a claim: Ensure you complete all necessary paperwork by visiting the nearest branch of the bank with proof of account ownership.
Ensure you have a verifiable means of identification such as driver's license, permanent voter's card or National Identity Card.
Will also be required to show ownership of a Bank Verification Number (BVN) for the verification of your deposits and subsequent payment of insured sums.
Seek legal advice: Consider consulting a lawyer who specializes in banking or financial disputes. They can provide personalized guidance and help you navigate the process of recovering your funds.
Stay informed: Follow news updates and official statements from the CBN and Heritage Bank. This will help you stay informed about any new developments or procedures.
Join support groups: Look for forums or groups of other affected customers. They can be a source of information and support as you all navigate the process together.
By following these few steps and staying proactive, you can improve your chances of recovering your funds.
Disclaimer: Advice given in this article is general in nature and is not intended to influence readers' decisions about solving issues of threats. Readers should always seek their own professional advice that takes into account their own personal circumstances before making any decision.
Do you have a story to tell? Want an expert's advice? Please email us at ask.an.expert@corp.legit.ng with 'Ask an expert' in the subject line.
CBN denies plan to shut more banks
In related news, Legit.ng reported that the CBN had clarified that it has no intention of revoking the licenses of Unity Bank, Polaris Bank, or Keystone Bank.
It should be recalled that soon after Heritage Bank's license was revoked, a particular news medium reported that the aforementioned banks were going to experience a similar fate.
However, the apex bank dismissed the report in a statement posted on its social media platforms, insisting that the news was false.
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Source: Legit.ng
