Friday September 9, 2005
Whopping RM1.5b remains unclaimed
BY M. KRISHNAMOORTHY AND MEERA VIJAYAN
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The money is mainly from savings accounts, fixed deposits and dividends that had been left dormant for seven years in financial institutions. These are submitted to the Accountant-General, who is also the Registrar of Unclaimed Monies.
Ignorance, indifference or an unwillingness to deal with government and bank bureaucracy appear to have made many Malaysians reluctant to put in their claims.
Based on the Federal Public Accounts statement, the unclaimed money totalled RM1.45bil at the end of 2003, an increase of RM340mil from the previous year. Last year's total is expected to be even higher.
To prevent their money from being forwarded to the Registrar of Unclaimed Monies, the director of Management of Trust and Securities of the Accountant-General’s department, Mohamed Mohsin Hussein, advised people to keep track of their accounts.
“Keep activating and updating your account so that the money remains in your account,” he said.
Another category of monies, which is legally payable to the owner but was not paid for a period of not less than 12 months, can also be claimed from the Registrar of Unclaimed Monies.
These include salaries, wages, bonuses, commissions and dividends, bank drafts, cashier’s orders, profits declared for distributions and insurance claims due to employees.
Those who have not claimed the money and have proof that it belongs to them can file their claims in a form provided by the registrar, enclosing documentary proof like a passbook, bank letter, court order or probate.
“If there is unclaimed money belonging to someone who has passed away, the beneficiaries may still be able to claim provided they have the relevant supporting documents,” said Mohamed Mohsin.
He also said that every company holding unclaimed monies must maintain a record of these in a register to be kept at its principal office.
“Every year (no later than March 31), companies must lodge with the registrar a copy of the register,” he said.
For more information, contact the Registrar of Unclaimed Monies, Jabatan Akauntan Negara Malaysia, Menara Maybank, Jalan Tun Perak, 50050 Kuala Lumpur.
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Applicants have varied reasons for filing claims
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