How Heritage Bank Customers Can Get ₦5m Insured Funds: NDIC Gives Step-By-Step Process
Heritage Bank License Revoked: Customers Eligible for ₦5m Insured Funds: NDIC Outlines Step-By-Step Claim Process.
Following the revocation of Heritage Bank’s license by the Central Bank of Nigeria (CBN), the Nigerian Deposit Insurance Corporation (NDIC) has commenced the liquidation process of the bank. This article provides a comprehensive guide for Heritage Bank customers to reclaim their insured funds, ensuring a smooth transition and access to their money. With assurances from NDIC spokesperson Bashir Nuhu, depositors are guided through the necessary steps to retrieve their funds up to the insured limit of ₦5 million.
Understanding the Liquidation Process
The Role of the NDIC
The NDIC plays a crucial role in safeguarding depositors’ funds when a bank fails. Appointed as the liquidator for Heritage Bank under Section 12(2) of BOFIA, 2020, the NDIC ensures that depositors receive their insured amounts and facilitates the realization of the bank’s assets to pay off creditors.
Insured Amount and Payment Assurance
Bashir Nuhu, an NDIC spokesperson, has assured that depositors with insured amounts up to ₦5 million will receive their funds through alternate banks. For depositors with amounts exceeding ₦5 million, the payment will be made as liquidation dividends upon the realization of the bank’s assets and recovery of debts owed to the bank.
Step-by-Step Process to Reclaim Funds
1. Verification for Depositors with Alternate Bank Accounts
Visit Nearest Bank Branch: Depositors with an alternate bank account in the industry should visit the nearest branch of Heritage Bank. They must bring proof of account ownership, verifiable means of identification (such as a driver’s license, permanent voter’s card, or National Identity Card), their alternate account details, and their Bank Verification Number (BVN). These documents will be used to verify their deposits and facilitate the payment of the insured sum.
Online Claims Filing: Alternatively, depositors can file their claims online by visiting the NDIC website claims page at NDIC Claims. Here, they can download and fill out the claims form, upload the required documentation, and submit their claims electronically.
2. Verification and Payment for Creditors
Creditors are advised to visit the nearest branch of Heritage Bank to file their claims or use the online platform. The payment process for creditors will commence after all depositors have been paid. The NDIC ensures an orderly process to manage both depositors’ and creditors’ claims effectively.
3. Repayment of Loans by Debtors
Debtors who still owe loans to Heritage Bank must contact the NDIC’s Asset Management Department (AMD) to arrange repayment. Detailed information on the repayment process can be found on the NDIC website. The recovery of debts is vital for the liquidation process and the eventual payment of uninsured amounts.
Assurances from the NDIC The NDIC has reassured the banking public of its commitment to the continued safety of depositors’ funds in all licensed banks. Depositors are encouraged to continue their banking activities with confidence, knowing that their funds are protected.
Conclusion on How Heritage Bank Customers Will Get Insured Funds
The liquidation of Heritage Bank marks a significant event in Nigeria’s banking sector, affecting numerous depositors and creditors. The NDIC’s structured approach ensures that affected individuals receive their insured funds promptly and securely. By following the outlined steps, depositors can navigate this transition smoothly and access their funds up to the ₦5 million insured limit. For ongoing updates and further information, customers are advised to regularly check the NDIC website and stay informed about the latest developments.
FAQs on How Heritage Bank Customers Will Get Insured Funds
What is the maximum insured amount Heritage Bank depositors can claim? Depositors can claim up to ₦5 million, the maximum insured amount per depositor.
How can depositors without an alternate bank account reclaim their funds? Depositors without an alternate bank account should visit the nearest Heritage Bank branch with the required identification and proof of account ownership or file their claims online through the NDIC website.
What should creditors do to get paid? Creditors should file their claims at the nearest Heritage Bank branch or through the NDIC’s online platform. Payment will commence after all depositors have been settled.
What steps should debtors take regarding their loans? Debtors must contact the NDIC’s Asset Management Department (AMD) to arrange for loan repayment. Details are available on the NDIC website.
How does the NDIC ensure the safety of depositors’ funds? The NDIC insures depositors’ funds in all licensed banks and manages the liquidation process to ensure depositors receive their insured amounts promptly.
Where can I find more information on the liquidation process? For detailed information, visit the NDIC’s official website and refer to the claims section for guidelines on the liquidation process.
