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Bank closing of Personal Banking Accounts (Why). What are the possible causes that lead to this action?

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asked on Mar 1, 2021 at 08:12
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This topic is discussed further with regards to the following Query :

asked on Jun 2, 2020 at 00:07
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Gunamalini

akaun cimb dan bank rakyat saya telah tutup oleh pihak bank, bila saya tanya bank mereka bgtaw saya telah gunakan akaun saya untuk bisnes dan ada transaction keluar masuk banyak, i buka akaun saya semasa i study lepas tu saya gunakan akaun bank sama untuk online bisnes , so sekarang i tak boleh buka akaun bank di semua bank. i dah check ctos, blacklist , dah buat laporan polis semua tapi still saya tidak boleh buka akaun 
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4 Answers

answered on Apr 11, 2021 at 11:45
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edited Apr 11, 2021 at 12:20
by   jeff005
Notes :

1.  The Bank is the operator of your acct, one is merely the user, read the T&C when one sign for the application of any banking acct, the bank reserves the right to terminate the agreement (with notifications) without the need to give any reason for the closure.

2.  Keep in mind that in most cases, the bank is not required by law to tell you why they closed your account, and may refuse to give you a reason.

3.  The usual probable reasons are
a)  Abuse of usage 
b)  Blacklisting by BNM
c)  Blacklisting by PDRM
d)  Blacklisting by the IRD (tax Dept)
e)  Blacklisting by overseas entities (eg INTERPOL)
f)  Customs Malaysia
g) Other agencies like financial institutions
h) Defaults in any bank debts
i)  Substituted service via newspaper for bankruptcy proceedings
j)  many others...

Some of the blacklistings can be from National Banks of other countries.
1.  Suspicions of financing terrorism
2.  Money Laundering (Drugs etc etc.. )
3.  Scams (Frauds committed in other countries, the proceeds is remitted into your acct and withdrawn fast fast)
4.  Suspected Involvement in Human Trafficking Activities.

Do note the online purchase of foreign goods which can easily be obtained from inside Malaysia, but sold online but suspicions that is operated by terrorists organizations overseas can be a cause t00. Monies are transferred electronically, but there is no evidence of goods send to the buyer. Too many such transactions can raise serious repercussions and that includes donations to, so called "charitable orgs" located overseas. There were allegations that in the bombings of the Thai King's Palace in Hua Hin, the Hindu Temple in Central Bangkok, in Puket, in Pattaya were linked to hundreds of "small donation" from several neigbouring countries causing a major money exchange company to have their license withdrawn in the aftermath.

The moral of the above story, never lend your banking account to any one once too many times, even to your siblings, parents and even your children.. !!
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answered on Apr 12, 2021 at 12:28
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edited Apr 12, 2021 at 12:29
by   jeff005
When the acct has been closed. Normally the bank would ask the acct holder to check with BNM. Then BNM officers will ask them to check with the banks. All ding dong here and there, running around will bear no fruits and will result in no answers given.

Making Police Reports is of no function as these are financial matters is of no concern of PDRM unless a scam report has been made against the acct holder.
 
My personal suggestions would be

Bring your current employment status to BNM. Show them proof of employment that you are required by Employment Laws that your employer will have to bank in your wages into a banking acct. BNM may issue you a letter of reference to open an acct (in one bank only of your choice).
 
For those who are self-employed, show proof of having paid personal tax to the Govt.
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answered on Apr 14, 2021 at 12:14
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edited Apr 14, 2021 at 13:01
by   jeff005
Am sad that people is still emailing me direct in the middle of the night. It does disturb my sleep as i,m medically a sick patient due to advanced age.



This is the month of Banker Predators  
The month of most garnishment of banking accts
Whereby some debtors gets their bonus or the contracted 13th month salary 

Please ask your Q under this thread.

Please also state what reasons the banks have given for the closing of the banking acct.

a)  Which accts are affected? Savings / Joint Savings / Current / Investment?

b)  How much moneys was involved?

c)  One or more banks are involved?

d)  Your occupation?
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answered on Apr 14, 2021 at 12:26
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edited Apr 14, 2021 at 12:51
by   jeff005
There are many ways your banking acct or accts can be closed

1. A particular bank closes it own client acct, which may also result in other banks doing the same.

2. BNM "blanket order" to all banks, usually for abuse of usage.

3. BNM specific "closing" of all accts under the Bankruptcy Order (BO). The moneys will be send to BNM after 14 days and later will be transferred to the estate of the bankrupt in JIM to repay POD Creditors. This 14 days period is for any contest to the BO. BNM, JIM, your bank have to be notified otherwise the execution process will be carried out. The expensive lawyer fees you are paying covers all these manual work.

4. There is a Garnishee Order to "beku" a debtor from a creditor. The acct would be freezed for withdrawals but bank-ins is allowed. If there is a garnishment, it remains inside the bank acct. The debtor can challenge the court order within 14 days (but cost expensive lawyers fees). After that, it would go the creditor but leaving the acct still "active" by the leaving of RM10 inside for acct holder to bank-in some more funds and later be "garnish" again (hehe)..

5. Closing of a bank acct by the operator, the bank will notify the acct holder to withdraw all moneys and close it within a specified period after which it would be sent to BNM under the "Unclaimed Moneys Act". If you did not update the bank of current address, then it is NOT goodbye to the moneys, you may /have to go direct to BNM to claim it back.

6. There is no law  that requires the bank to give reasons for the closure of a banking acct.
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