Wednesday, July 26, 2017

Unclaimed money (Wang Tidak Dituntut)

"When I check my bank account today, the bank clerk told me that my money has been sent to Bank Negara as an unclaimed money. I had not use the account for over 10 years because I cannot find the passbook, I thought the money will keep on increasing but sadly, my money go to other places. What should I do? Which department of Bank Negara Malaysia in charge of unclaimed money?"

Beware, they're some scammer who are using this as a scam, you can read about it here; BNM Unclaimed money scam.

Wang Tidak Dituntut

unclaimed money

Even though my blog talk about coin and banknote, sometimes some of my friends ask me about finances related matters. I don't know how they can associate that two different thing and make me a guide for their financial problem. Luckily for them, I had read about this before when I search for information about Bank Negara. The money doesn't exactly go to Bank Negara, the unclaimed money transferred to Registrar of Unclaimed Moneys under the Unclaimed Moneys Act 1965. Any account that has been no transaction (either withdrawal or deposit) in the account for a period of seven years, the account will be classified as unclaimed moneys. Prior to the funds being transferred, banking institutions will send notices requesting the customers concerned to reactivate or close their accounts.

The Registrar of Unclaimed Moneys
The Registrar of Unclaimed Moneys is responsible for carrying out the obligations and functions vested under Part II of the Unclaimed Moneys Act 1965 as follows:
i. As trustee to the unclaimed moneys received;
ii. To refund the unclaimed moneys to claimants who provide proof that he has a legal right over the money to be claimed
iii. To inspect the records of company or firm to ensure compliance with the provisions of the Act;
iv. To suggest the imposition of compound and penalty on company or firm that has committed an offence under the Act.

Definition of Unclaimed Moneys
1. Moneys which are legally payable to the owner but have remained unpaid for a period of not less than one year. Examples under this category are:
  • Salaries, wages, bonuses, commissions and other payments due to employees;
  • Dividend;
  • Profits declared for distributions;
  • Insurance claims which have been approved for payment;
  • Bank draft, cashier's order and other documents of similar nature which validity period have lapsed;
  • Fixed deposits (without automatic renewal instructions ) which have matured;
  • Tender deposits for which the intended purpose has been fulfilled;
  • Sundry creditors or sundry debtors with credit balance.

2. Moneys standing to the credit of an account that has not been operated in whatever manner by the owner for a period of not less than seven years. Examples under this category are:
  • Saving account;
  • Current account;
  • Fixed deposit (with automatic renewal instructions).

3. Moneys to the credit of a trade account that has remained dormant for a period of not less than two years. Examples under this category are:
  • Trade creditors account
  • Trade debtors account with credit balance.

Refund of Unclaimed Moneys
Seksyen 13(1), Akta WTD 1965
When the Registrar of Unclaimed Moneys is satisfied that the applicant is a legal owner, the Registrar will pay to the applicant of Unclaimed Moneys from the Consolidated Trust Account or Consolidated Revenue Account.
  • The applicant should convince the Registrar of Unclaimed Moneys that he is a legal entity or has a legal right over the Unclaimed Moneys.
  • There is no time limit for the application of the Unclaimed Moneys claim.
  • The Registrar of Unclaimed Moneys has stipulated the guidelines for the claim of the Unclaimed Moneys by listing the documents to be submitted during the claim (Please refer to the Brochure Guidelines for the Unclaimed Moneys Claims Application).

You may recover the unclaimed moneys from the Registrar either in person or in writing. The address of the Registrar is as follows:

Registrar of Unclaimed Moneys
Jabatan Akauntan Negara
Tingkat 42, Menara Maybank
100, Jalan Tun Razak
50050 Kuala Lumpur.
Tel.: 03-2056 8000 / 8081/ 8082/ 8083
Fax: 03-2072 5707/03-2026 7430

You may recover your unclaimed moneys from the Registrar of Unclaimed Moneys by submitting form UMA-7 and the required supporting documents at any Registrar offices nationwide. There is no time limit for you to claim your money back. You can read information and download UMA-& form at Jabatan Akauntan Negara website Jabatan Akauntan Negara (Wang Tidak Dituntut).