Unclaimed money stands at RM5.779bil


Hoping for a windfall: People queuing up at Menara Maybank to check if they have unclaimed money at the Accountant-General

PUTRAJAYA: Is there a bank account that you have completely forgotten about? Or a matured fixed deposit with auto-renewal instructions that you have not checked for a very long time?

Chances are the funds in there may have been classified as unclaimed money and kept securely by the Registrar of Unclaimed Money under the Accountant-General’s Department in a consolidated trust account.

As of June, the total amount of unclaimed money stood at RM5.779bil, involving 55 million records since 1977.

Deputy Finance Minister II Datuk Lee Chee Leong explained that when an account has been dormant or inactive for more than seven years, the balance in the account is deemed to be unclaimed money as defined under Section 8 of the Unclaimed Moneys Act 1965 and will be surrendered to the Registrar.

This includes savings accounts, current accounts and matured fixed deposits with auto-renewal instructions.

“There are two other categories: firstly, money that is legally payable to the owner but has remained unpaid for more than a year such as salary, bonus, commission to staff, dividend, other payable accounts, other receivable accounts with credit balance, and matured fixed deposits without auto-renewal instructions,” he told The Star in an interview.

“Money to the credit of a trade account that has remained dormant for a period of more than two years such as trade payable accounts and other receivable accounts with credit balance are also considered unclaimed money.

“In simpler terms, unclaimed money is money that has failed to be given to its rightful owner.”

Lee also debunked a common misconception that owners continue to earn interest on unclaimed money.

Article type: metered
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Business , Unclaimed Money

   

Next In Nation

14 foreigners held during anti-vice raid in Subang Jaya Premium
Fake vaccination certs: Johor police arrest eight syndicate members who charged up to RM650 per cert Premium
Mavcom: Aviation industry seeing signs of recovery in domestic market Premium
Helicopter flies in to tackle Pulau Burung landfill fire Premium
SC’s ‘inconclusive’ statement on Azam Baki case unacceptable, says Gomez Premium
Covid-19: 41.6% of adult population given booster dose Premium
After six days, still no sign of missing Orang Asli girl Premium
‘Strike doc off the register’ Premium
Four nabbed over fake vaccination certs in K’tan Premium
Buyers and sellers driven by desperation and greed Premium

Others Also Read


Vouchers