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 (1965), such funds will be transferred to the Registrar of Unclaimed Moneys.

Prior to the funds being transferred, banks will send notices requesting the customer to reactivate or close the account.

The owner of the unclaimed moneys may recover the moneys from the Registrar either in person or in writing.

To do this, you will need to submit the following documents:

• Application form for refund of unclaimed moneys (UMA-7). The form can be obtained from the Registrar's office or downloaded from the website of Jabatan Akauntan Negara 1


• Documents to support your claim over the unclaimed moneys, such as a bank statement or a letter from your bank


• Copy of your identity card

The address of the Registrar is as follows:

Registrar of Unclaimed Moneys
Jabatan Akauntan Negara
Tingkat 42, Menara Maybank 100,
Jalan Tun Perak
50050 Kuala Lumpur
Malaysia

References

1. The official website of the Accountant General's Department (Malay: Jabatan Akauntan Negara Malaysia JANM)

Reprinted with permission from BankingInfo (A Consumer Education Programme by Bank Negara Malaysia)

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