What Is Dormant Account
Dormant Account is an inactive account that don’t have any activity(deposit or withdrawal) for past 12 months period.
I just got a reminder from Hong Leong Bank on my saving account for Dormant Account.
It stated that my balances of RMXX.22 will be entitle for RM10 deduction for every dormant account until the remaining balances in the said account are sent to the Unclaimed Moneys as per the Unclaimed Moneys Act 1965.
I visited the bank and will to close the account. However she said closing an Dormant Account will attract charges. Therefore, to aviod the charges, the officer advices me to deposit some money in order to activate the the account and ensure there’s any activity during the year.
I choose to deposit RM10 the account to make it active. It seem every bank have different definition and charges on Dormant Account matter. I hope that Bank Negara Malaysia can standardize these matter.
Type of Charge
Dormant Account (no activity for 12 months):
For balance above RM10
– RM10 per year
For balance of RM10 & below
– The bank will close the account and absorb the remaining balance as a service charge
After 7 years, if there is still a remaining balance in the account, it will be classified as “unclaimed moneys” under the “Unclaimed Moneys Act (1965)”. The remaining balances will be transferred to the government and there is no time limit for you to claim the money back. You can claim back your money from the Registrar of Unclaimed Moneys by submitting the “UMA-7” form and other required supporting documents at any Registrar nationwide.
More details of the Registrar below:
Pendaftar Wang Tidak Dituntut
Jabatan Akauntan Negara Malaysia
Bahagian Pengurusan Amanah dan Sekuriti
Menara Maybank, 100 Jalan Tun Perak
50050 Kuala Lumpur
Tel.: 03-2034 1850
Fax: 03-2072 5707/03-2026 7430