Beware of FD Auto Renewal

As per Unclaimed Moneys Act 1965

dropped-money

Most of us have a portion of savings in Fixed Deposits (FD).

For convenience, we may set the FD to auto-renew & auto-credit into our accounts.

However, do be careful as if any of your funds (including FD!) is untouched for 7 years, the money automatically is forfeit as unclaimed moneys & goes into a BNM consolidated unclaimed moneys fund.

“unclaimed moneys” means—
(a) all sums of money which are legally payable to the owner
and have remained unpaid for a period of not less than
one year after they have become payable;
(b) all sums of money 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; and
(c) all sums of money to the credit of a trade account which
has remained dormant for a period of not less than two
years

It is a tedious & long drawn process  to claim back. However if your money (or your kin’s) money is in the account, you can contact the following:

Pendaftar Wang Tidak Dituntut
Jabatan Akauntan Negara Malaysia
Menara Maybank, Jalan Tun Perak
58000 Kuala Lumpur

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