EPF only allows withdrawal from account 1 to UTMC's once every 3 months, that's the main limitation. Other than that would be the amount that you must have (minimum savings) in account 1 according to your age.

I've posted before that ASW still has about 6 figures allocated for EPF scheme but I'm not sure how much is left now. Again, there's no harm in trying. There's no cost involved even in the even the transaction fails.

Looking at how fast this thread moves and how many hunters are here, I'm not entirely surprised to be honest

So far no news.

My insider said the new chairman has been visiting each and every department and making time to see the staffs. There hasn't even been whispers never mind rumors of a new FP fund. My insider says biggest stumbling block is still SC so it would need a typically blatant disregard for laws/regulations such was the case for AS1M and ASB2 for a new FP to be launched.

Sorry ladies and gents but unless we get a new PM, likely-hood of a new FP fund from PNB/ASNB is pretty slim. In fact, my insider said SC is even contemplating disallowing re-investment of dividend as it seems they finally realized it's a loophole that PNB/ASNB has been exploiting since no new FP funds are allowed.

I guess that explains why PNB/ASNB lately has been advising their customers in dividend press statements to update their info at ASNB to prepare just in case SC does not provide approval for increase in fund size. As you know, paying dividends by cheque is not cheap and may get PNB/ASNB into trouble with BNM who's pushing for electronic payments.

That's the polite way to say We cannot launch anything new even if we wanted to and knowing there's a demand for it because SC would not allow us to do so

Exactly. Favorite punching bag for PM agents have always been ASNB's products so if suddenly their own parent start selling ASNB products, than everything the PM agents have said will come back to haunt them.

You keep saying how your funds are better than ASNB then how come ahh your own parent company selling ASNB product?

The feature is available but only at ASNB branches. This is done to prevent abuse by agents. As it is, ASNB had been blamed previously for supposedly supporting "syndicates" of people who leave their passbook at counters when in actual fact, it's actually bank's own prerogative and is not endorsed by ASNB.

The previous chairman was over 70+ while Tan Sri Hamad is more than 60 years of age. Look at their website and you'll see most of the senior management is also 60+ so a change in leadership is pretty much a given.

The only failure would be their inability to promote from within. When your second-liners are also the same age as you, you have no choice but to look outside. PNB should learn from EPF and BNM in ensuring their potential successors are at least able to serve for 5 years or more

Long time never post here. Anyways, here's what's the latest insider info I got.

Rest assured that the days of having to go to branches to hunt for those oh so valuable FP units would soon be over. ASNB is supposed to launch its own online portal with online-real time transactions processed by the host system. As you know, the current M2U, Clicks, RHB are all on batch mode now.

My insider said they were testing out the system last week and you can view your account balance online and perform additional top-up real time too.

I guess they're now in the SC approval and testing phase so pay close attention to ASNB's announcements on their website or their social media channels towards the end of the year.

They'll probably be using SMS-TAC like all other internet banking websites so if you haven't updated your info with them, can start preparing now.

I do not believe they'll show the available units in the website, even their agents can't see it except for ASNB branches. My guess they'll implement some sort of booking mechanism while you confirm payment. If don't respond within a few seconds, booking cancelled. I think so lah.

On charges? I'm not sure it can be free. Even IBG costs RM0.10 but let's all wait and see yeah

Let me introduce to you to the FATCA law; or in the financial industry we call it the Finding All The Cheating Americans law

Well the actual name of the US-IRS law is Foreign Account Tax Compliance Act.

It's a G2G arrangement established between countries ie: basically if you wan't to do business with the americans, one must allow for this law to be "applied".

You don't have to be an american citizen or PR or green card holder for the law to apply. If you've ever worked/studied/stayed/have an account in US or heck even have a PO box in US the law applies

This post has been edited by hyelbaine: Oct 7 2016, 11:11 AM

You're still allowed to open your account, no problem. It's the responsibility of the financial institution to then submit your details to LHDN who would then work with the IRS accordingly.


If you don't declare and don't get caught, no problem. If you don't declare and then get caught, then as Russel Peters would say; Somebody gonna get hurt real bad