Hi Guys,

Appreciate some help on this question.

For joint FD or joint saving account with 2 names and with condition that either 1 can withdraw the money. However, if one of the account holder pass away unexpectedly, would the account be frozen until a court order is release, or can the other account holder still be able to withdraw or close the account after the other account holder passed away?

Thanks.

I have asked around and none can tell me the actual reason. Just wonder if 1 tries to take out the money, would this person be stopped by the bank or would the bank take legal action to get back the money if bank found out that the other account holder has passed away.

May have to go to bank and ask the bank officer but worried different bank officer might give different answers. Wonder any one here has any experience in this kind of situation.

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?

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

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HLB - Legally the account should be frozen but if the death is not made known to the bank, the money can still be withdrawn and joint accounts can be closed (I think the bank just close 1 eye).