Will I Lose my Bank Account If I fail to Register for the Compulsory BVN? See the 3 Major Implications of Failing to Register
Yes today is
actually the final day for BVN
registration and according to recent statistics about 14million Nigerians have
registered and still about 14million Nigerian bank account owners are yet to
registere for the compulsory BVN.
Now the panic
is high and rumours have been flying here and there concerning the fate of
those that did not or will not meet up today deadline date for registration and
that is if at the end of the day the registration window is not extended by CBN.
One of
Nigerian cultures over the years have always been to approach issues like this
in fire-brigade manner; people only
start coming out to register at the eleventh hour when there is rush and when everywhere
is heated up.
Must Read: BVN Registration Processes
Recent and similar
occurrences were seen in the registration of the New National Identity Cards and in the registration and collection of Permanent Voters Card (PVC) where people only
troop out at the die moment to get involved.
And today
again here come the Bank Verification
Number on ground and on the verge of registration closure.
Currently as
I write this, there are panics everywhere and those that have not registered
are unaware of what their fate on their bank account will finally turn out to
become after today if they fail to register.
But the big
question remains; will you lose your
bank account and will your remaining account balance vanish after today on the
event that you failed to register for the BVN?
Now listen
up!
The answer
to the above question is this; You will
not lose your bank account if you fail to register for the BVN after today and
your account balance will still be intact and you will still be able to
withdraw the money in there at will and any time you like, just in similar
manner that you have been doing before now.
So what are now the implications of
not registering for the BVN?
Yes, not registering
for the BVN has implications and the implications hovers mostly around 3 areas
of carrying out transactions with your banks and which you will be limited to,
and those areas are;
1. You will no longer be able to have
access to Credit facilities on your bank
2. You will be ineligible to carry out
foreign exchange transactions with your banks.
3. Internet banking facilities will
automatically be shot out at you and there is still on-going debate that you
might also lose out on carrying out transactions with your ATM.
So those are
core implications of failing to register for your BVN.
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Now for
those that have registered for BVN for long and have been waiting for the BVN to be sent to their phones as
promised, just know that the text message might not come and it doesn’t not in
any mean that your BVN is not yet ready.
If you have
registered for long and have not received your BVN as text message, just go to
any of your bank branch with the pre-BVN slip/paper that you were given and
request for your BVN and the finally, you can now take your BVN to other banks
that you operate other accounts for linking – this last process is less
stressful.
Note that as result of National
Issues and panics that the BVN registration has generated, we decided to put
this up to sensitize the entire public on the real implications of not registering
for BVN and to douse tension in the country.
Will I Lose my Bank Account If I fail to Register for the Compulsory BVN? See the 3 Major Implications of Failing to Register
Reviewed by Edwin Akwudolu
on
9:24:00 AM
Rating:
Good to know.
ReplyDeleteIts really sad to know the stress majority are going through just to get this done. Some banks most at times have only but one or at most two staffs doing the registration in most of their branches as against the hundreds of people always on queue to be registered.
One of this banks are firstbank of which they are not to be blamed. Since they don't generate any revenue from it.
Had sworn never to go through thesame stress on the three other banks i operate, after registering at Ecobank. So i had to move my cash from all three to Ecobank and waited to see what will happen after the deadline. GLAD THE DATE HAS BEEN SHIFTED TO OCTOBER.
Thank you for letting us know the implications. This is really a post of great value so i will go ahead and share to my blog readers on facebook and twitter.
Uche Francis!
Hi Uche,
DeleteWell it is good they finally postponed the registration process and let those that have not registered use this as avenue to do the needful.
How are you doing? Do have a nice day