I have voiced my concern with OCBC before its a survival clause thingy.

Sharing some points from my recent event.

If the deceased did not have a will, then you need to get an administrator (with docs like death certificate, property/asset docs, family agreement to appoint this administrator etc). Check with govt dept on how to do this.

Once the administrator is approved, then he/she can process the assets etc.

Cheerio.

Thanks. But getting the legal process and documents sorted out might take at least 6 to 12 months if there's a will. No will take even longer.

So I guess the best thing is still better to withdraw when both account holders are still alive.

Survival clause thingy? Mind to explain more?

AA
Even with administrator, it is weeks (maybe in Sarawak it is faster?)

BB
If both are still OK, then to avoid headaches later, might as well withdraw now. I did not know this is the case here.

Cheerio.

OK, just found the below on survival clause:

http://www.laweddie.com/wordpress/lawyers-...nt-in-malaysia/

You can search Google and get more info.

Thanks. This helps a lot. Would have to read it carefully and check with the banks about this survival clause.

The account will be frozen if someone make known the death to the bank.
If the withdrawal condition is either one to sign, the other joint account holder can still withdraw if no one inform the death to the bank and the account still remain active.

Nope, promotional FD have to be placed at the bank unless specifically mention e-FD promo.

Last year I emailed to May Bank to make an enquiry regarding joint account with either one to sign. My question was, in the event of the demise of one of the account holder, will the remaining joint account holder be able to withdraw the money from the bank account, and subsequently I got the following reply from them.

For accounts with balance exceeding RM 5,000.00,Letter of Administration (LA) or Grant of Probate (GP) must be produced for withdrawal of funds from a deceased account.

In an event of demise of a joint account holder, the remaining joint account holder may either close the account or continue to operate the same. A Letter of Indemnity (LI) from the remaining joint accountholder is required.

However, if estate of the deceased joint account holder is duly represented, e.g, by Grant of Probate or Letters of Administration and comes forward to claim the deceased’s share of the monies in the joint account, the Bank can allow at least ½ share of the monies to be released to the representative. Nonetheles, this is only allowed prior to the release of all the monies in the account by the Bank to the surviving joint account holder premised on the principle of survivorship.

I hope this could help shed some light regarding your question.

In my previous experience safest and easiest (if there's an ATM card) is just withdraw everything yourself. Bank will not know unless disclosed to them, and if amount is relatively small (not in millions) then withdrawing first saves a lot of time and hassle.

This is for savings/current not FD though. Currently FD is mainly online for me, so same principle, can just login to the online account to do it.

I have a question to ask about Mach By HLB. In the website it says min RM1000 to open a saving account, is this saving account works as FD also? Example, i bank in Rm1000 for 6 mths it stays there means I'm entitled for fd rate of 3.25%p.a.?

Opening account only needs rm50. Then u can deposit rm1000 into yr savings acct. login to hl connect click on yr savings acct,then click on fixed deposit. There is a drop down list to select the promo 3.7% for 6months

Don't understand? Check this thread previous post from page 50 onwards or go to Mach branch where yr questions will be answered

if i remember correctly i only did RM50, anyway you can withdraw almost instantly once you have the account.

I just created saving account in Mach by HLB in Pavilion today.
Just need deposit RM50 to activate, and I also setup ebanking.
15 mins done. Quite efficient..

Many thanks to those that have answered my question. Lots of technical terms like LA/GP/LI but I'll try to find out more from banks.

So far I've visitted HSBC, Hong Leong and Bank Rakyat:

HSBC - no problem at all for surviving account holder to withdraw money or close the joint FD/Savings A/C.

Bank Raykat - Same as HSBC, infact when you sign the FD contract, there's a term that states that the money goes to the other account holder in the event if one of the account holder is no longer around. So pretty sure no issue with this bank.

HLB - Legally the account should be frozen but if the death is not made known to the bank, the money can still be withdrawn and joint accounts can be closed (I think the bank just close 1 eye).

The Guy could be a Tan Sri since BR has to deliver 2 high grade hampers to him.. ....don't play play..Ha Ha..

Thanks for the Bank Rakyat info.....

If no will, don't put the condolence message on any newspapers, withdraw all money from all banks first, then look for Amanah Raya or local town Land Office (Pusaka) to settle all other remaining assets like properties, shares. Amanah Raya will charge slightly higher fee than Pusaka.

Hong Leong 6 Months Step-up FD Promo -- Effective Rate is 3.43%
Effective from 2 Jan to 28 Feb 2014

Min FD placement: RM 5K
Max FD placement: RM 1 Million

Drawback: Need to place 8% of the FD amount in CASA for 3 months

Source:
http://www.hlb.com.my/promo/pfs/dep_6mthFD/index.jsp?s=promo

This post has been edited by BoomChaCha: Feb 5 2014, 02:52 AM

Hormat, hormat ! I woke up now !!

You will be investigated & charged ........................

This post has been edited by bbgoat: Feb 5 2014, 09:00 AM

Hello everybody...a few days didn't lurk here...how's everyone? ho seh bo?

GONG XI FA DA CHAI...

Will take quite a while to read all the posts here. Looks like no increase in FD rate this round. Let's see what will happen in the next BNM meeting.

Hi, I am new to FD.. Thinking of FD few K's into CIMB's FD.. Is there any risk for Investing in FD?