tell your wife 'joint names' are risky as well, in case anything happens to you and the bank caught wind of it, your wife CANNOT withdraw immediately, yes, even though her name is IN there. E-fd is much safer since she can just use your password and do a withdrawal.

That's what I have been told by my bankers couple of years back. If there are any changes recently, I would like to be updated too.

This post has been edited by sweetpea123: Jul 5 2021, 01:57 AM

Actually the problem is my wife feels very insecure. Both of us are already 59 years old - she worked in Sydney Uni as well with me and she retired at 50. She also has quite a substantial portfolio of assets herself but since i worked until i was 59, i have substantially a lot more than her. Even with her own money (we keep our money quite separately), she can live quite comfortably till she die but then our emotions are always filled with greed. She loves Msia and have more confidence in Msia (she says she doesn't want to return to Sydney anymore) so she moved more of her super (epf) back to ringgit while i hardly touched my super and my super is still in Aust (as i have enough money outside my super to live on and don't need to touch my super). She has more than rm1mil in fixed deposits (on top of two condos in MK) under her own name - i told her to keep her own fds in her own name as we don't want to complicate things so that we know which term deposits (in Aust we call them term deposits) belong to who

One of my neighbors a doctor after retirement in Adelaide came back leaving grown up children behind. Yes it's ironic while most Malaysians will trade their souls to do the other way

Normally, such fixed deposit is performed with "Either One to Sign" instruction. In an unfortunate situation of a demise of one joint fixed deposit account owner, the other joint fixed deposit account owner is still able to uplift the joint fixed deposit account, right?

This post has been edited by kart: Jul 5 2021, 09:47 AM

Actually young people may want to go to Aust to work and if you are a good saver, you can probably save quite a fair bit of money. I started working in Sydney Uni in 1984 and then moved to Uni of NSW for 3 years before going back to Sydney Uni in 1988 - i was working with a student visa (in those days you were allowed to work unlimited hours as long as you have a student visa). I was doing a Masters program in 1984 and it was supposed to go for 4 years so i couldn't renew my student visa after 1988 so was forced to come back to Msia to apply for my PR (in those days you have to leave Aust to apply for your PR). In early 1989, I came back to KL and wages here were so low then so i did all kinds of naughty things while waiting for my PR application to be approved .

When we retire, we don't derive income from our employer anymore and have to resort to living on our 'nest egg' so it doesn't really matter which country we are at - we just need to find somewhere that we like and for me and my wife, Msia is perfect for us (maybe for now may have to be a bit more careful about Covid) .

This post has been edited by Garysydney: Jul 5 2021, 09:57 AM

Let's not get carried away and go out of topic here

Sorry ha ha.. speaking of which as point out by one of forummers there's shouldnt be any issues for joint account as long as the condition to sign is either one.. should one person pass away the other has no issues withdrawing unless off course the condition is both to sign

AFFIN ISLAMIC Term Deposit-i (Selayang Pasar Borong Branch; Not sure other branches)

OTC 12 mths @ 2.55%

This post has been edited by ykyloveu: Jul 5 2021, 02:29 PM

No, even EITHER ONE TO SIGN, you cannot withdraw if the bank SOMEHOW knows one party has passed. That's what I have been told. Can anyone confirm any changes recently?


I know right... somehow it escalated to this

I have been told by officers from 2 different banks that as long as the option is either one to sign, the joint signatory can uplift the FD even when I die. I usually take it with a pinch of salt as there might other T&C or rules imposed by BNM that I am unaware of.

Another officer did suggest me to give the online account credentials to the next of kin, but don't tell the bank that I have passed away. Meaning, the FD may need to be uplifted prematurely quickly.

So after considering these 2 options, I picked the joint FD either one to sign route as I hate performing premature withdrawal - even I am already dead

I have actually asked my lawyer this question when i made my will in Sydney as my wife is worried that my will may be challenged by my sisters when i pass on.

In legal terms, when a bank account is in two joint names (whether it is either to sign or both to sign), by law each party is entitled to half the proceedings. In the event of one party being deceased, his half share of the proceedings goes to his estate. This is why it is so important to have a will that is water-tight. In Aust, it is very common for people to challenge wills especially when there are children involved and the deceased has remarried. I have had my will altered many times because my financial circumstances has changed over the years. The last thing anyone wants is to have your loved ones fight over your assets when you die

The law may be different in Malaysia but i suspect it will follow the path of 'fairness'.

Haha, interesting. Sure if either one to sign, the other party can withdraw the FD. But if withdraw the FD (either after FD matured or pre-maturely) the action is still in gray area. Unless the party that withdraw the FD is the sole inheritor of the estate. But if there is a challenge on the will, then still an issue.

Anyway, that is just my view point.

This post has been edited by bbgoat: Jul 5 2021, 05:00 PM

This is the correct legal position.

Unless otherwise specified, the ownership of joint account holders are shared in equal portion.

In the event of one party being deceased, his share of the deposit goes to his estate., which may not be be the joint account holder/s.
This is not to be confused with the account operation mandate of " either own to sign".

I've asked many bank managers how they handle such situation in real life.
99% of the time, I get answer like

"If you don't declared openly to the bank of the demise of the other joint account holder/s,we will usually "buat tak tahu" and allow the withdrawal."

So, the advice is to be prudent and no go to the bank in mourning clothes!

This post has been edited by ??!!: Jul 5 2021, 05:02 PM

In terms of withdrawing, fine. Provided no legal complications .................

Spot on.

When no one knows, there is no problem. There is only a problem when people know. So don't go around bragging that you have withdrawn the money (that other beneficiaries are not aware of) just to spite them

Betul jugak, lah.

Kena kes 'fraud" tak??? If the one withdrawing is not the beneficiary

Well, legally speaking ..............

Yes unless you are a big shot your face is all over news.. to be safe probably might want to read the terms and conditions

If I am not wrong, some banks have already alter their terms n conditions years back whereby if one of the joint account holders dies, the other surviving account holders stands entitled to the deceased account holder's share.

Hi sorry for noob question, i tried to open an e-FD in RHB via FPX transfer from another bank. However it seems that they only allow max of RM30k to be transferred/day. If i wanted to place 100k in FD does it mean i have to do it in multiple transactions over multiple days?

Although i could do it OTC but then it wouldn't qualify for the current RHB e-FD promo. Any suggestions?