Knowledge Base Issues

What is a current account?
A current account is a form of deposit account that allows, among others, payment by way of cheques 1. This Knowledge Base category highlights the basic requirements relating to the operation and...
When does a current account become classified as inactive? What happens to inactive current account in Malaysia?
Where there has been no transaction (either a withdrawal or deposit) in the account for a period of seven years, the account will be classified as unclaimed moneys. Under the Unclaimed Moneys Act...
Who is eligible to open a current account in Malaysia? Where can I open a current account in Malaysia?
Different banks have different criteria for opening a current account. Generally, banks would only consider the application if the applicant is: 18 years old or above not a bankrupt of sound mind...
What is the legal definition of cheque under written law of Malaysia?
Under Section 73 (1) of Bills of Exchange Act 1949 (Act 204), a cheque (cheque in British English; check in American English) is defined as: Section 73 (1) of Bills of Exchange Act 1949 (Act 204)...
Who is responsible for dishonouring my cheque?
The paying bank is responsible for determining whether payment should be made to you.

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