Unclaimed Money in Malaysia: What You Need to Know
In Malaysia, unclaimed money is a topic that often goes unnoticed. Many people are unaware that they may have unclaimed funds sitting idle in various accounts, waiting to be claimed. Unclaimed money can be found in bank accounts, insurance policies, investment accounts, and other financial instruments. It is estimated that billions of Ringgit are lying unclaimed in Malaysia, and individuals and businesses alike need to be aware of their rights and take steps to recover their unclaimed funds.
Unclaimed money refers to funds that have been dormant or forgotten for a long period of time. This can happen for various reasons, such as when an individual or business moves without providing updated contact information, when a bank account becomes inactive due to lack of transactions, or when a beneficiary is not aware of an insurance policy or investment account left by a deceased family member. In Malaysia, unclaimed money is governed by the Unclaimed Moneys Act 1965 (UMA), which sets out the procedures and guidelines for the recovery of unclaimed funds.
Types of Unclaimed Money
Unclaimed money can come in different forms in Malaysia. Some common types of unclaimed money include:
- Unclaimed Bank Accounts:
When a bank account becomes inactive due to lack of transactions or the account holder fails to update their contact information, the funds in the account may be considered unclaimed money.
- Unclaimed Insurance Policies:
If a policyholder passes away and the beneficiary is not aware of the existence of an insurance policy, the proceeds from the policy may be considered unclaimed money.
- Unclaimed Dividends:
Dividends from stocks, bonds, or other investments that are not claimed by the rightful owner within a certain period of time may be considered unclaimed money.
- Unclaimed EPF (Employees Provident Fund) Funds:
If an employee does not claim their EPF funds after reaching the age of 55, the funds may be considered unclaimed money.
- Unclaimed Fixed Deposits and Savings Certificates:
Fixed deposits or savings certificates that are not claimed by the account holder or the rightful owner within a certain period of time may be considered unclaimed money.
Recovering Unclaimed Money
You may register yourself in this website, search your unclaimed money by using your NRIC and submit the relevant documents required. Once approved, you will received your money in your bank account.