How to retrieve money of a mentally ill person from the bank

Sometimes, these people have bank accounts and we need to retrieve their money to either take care of them or to attend to other issues.

But how do you go about it? Pulse.com.gh gives you the needed steps to retrieve money from such accounts.

The processes, in this case, depends on the type of account the mentally retarded person operates.

For an individual account:

• A notice of mental incapacity of the said individual must be presented to the bank. After the presentation of the notice, there should be no operation on the account until a Guardian Ad-Litem or Next-friend is appointed by a court of competent jurisdiction.

If it is a Current Accounts, cheques drawn by the mentally incapacitated after notice must be returned unpaid.

• A court order must also be presented appointing someone as a Guardian Ad-Litem, Next-friend, or Next-of-kin. After this, the bank must update the account of its client to that effect.

• The Guardian Ad-Litem or Next-friend is made to open a new account and the balance of the mentally unstable fellow is transferred to the new account.

• For the operation of a Current Account, if the Guardian Ad-Litem or Next-friend is not known to the bank a reference must be obtained before the account is opened. If the account is a current account it must always be operated in credit since the Guardian Ad-Litem or Next -friend has no power to borrow.

• The mandate of the Guardian Ad-Litem or Next -friend ceases upon the death of the mentally incapacitated. In such circumstances, the estate of the deceased will be handled by his/her Executors or Administrators as the case may be.

• For Joint Account Holders the Guardian Ad-Litem or Next -friend must act with the other account holder(s) for the operation of the account.

• Where the Joint Account is overdrawn and the bank wants to release the estate of the mentally incapacitated from liability: The remaining parties must agree to take over the liability. In such a situation a new account should be opened and the overdrawn position subject to credit approval transferred to the new account.

A Joint Account

• The mental instability of a partner does not automatically dissolve a partnership.

Meanwhile, the other partner(s) can apply to the court for its dissolution. When the dissolution is granted by the court the document must be furnished to the branch for the account to be closed and a new one opened.

A Director or signatory to a Limited Liability Company or NGOs account

• The bank must be given a notice of mental incapacity of the said Director.

• The bank must not make any further withdrawals with the signature of the mentally incapacitated director once the bank has notice of his condition.

• Where there are more than two Directors and the mandate of the mentally incapacitated Director is mandatory, the other Directors must submit a fresh resolution on the mandate for operating the account.

• Where the Director is a signatory, cheques signed by the Director before notice of mental incapacity must be honoured. Cheques signed by the Director after notice of mental incapacity must be returned unpaid.

How to retrieve money of a mentally ill person from the bank

You might have some family members or friends who become mentally incapacitated at a certain point in their lives.

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