Some banks now include "survivorship clause" in their TnC. In the event of death of one of the joint account holders, the surviving joint account holder is entitled to the monies in the joint account. Bank will pay the account balance to the surviving account holder(s) and Bank is indemnified against any proceeding, claims etc.
So if you have joint-account in these banks, the surviving party will get account balance.

https://forum.lowyat.net/topic/4154481/+27768

Some of the Banks TnC
https://www.pbebank.com/pdf/Banking/pbeFD001eng.aspx
Public Bank
Joint Account
8.1 We, the account holders agree that in the event of the demise of one account holder, the Bank is authorised to pay the
balance standing to the credit of this account to the survivor(s) and such payment shall constitute a valid discharge by the
Bank of the amount due in this account.
We jointly and severally agree to indemnify the Bank and keep the Bank indemnified at all times from and against any
proceedings, claims, losses, damages, penalties, charges, costs and expenses brought against or suffered or incurred by
the Bank as a result of the release of the credit balance in the account to the surviving account holder.

https://www.ocbc.com.my/assets/pdf/Help_and...ort/ocbc_en.pdf
OCBC
8.2 Upon notice of death of any one or more of the joint accountholders, the Bank shall be entitled
to pay the deposit, credit balance or investment, as the case may be, to the survivor and if more
than one survivor in their joint names. The Bank is authorised to set-off the indebtedness of any
of the joint accountholders under any account with the Bank .The Bank may permit the surviving
accountholder(s) to continue to operate the Account subject to terms and conditions

Yes, I'm specifically referring to his inquiry that when the bank don't allow any withdrawal without probate/LOA.

RHB TnC for joint account holders are more specific in the event of death of one of the joint account holder.
Different for All to sign or either to sign.

If either to sign, SOP is the same. If joint-account is jointly operated by the account holders (All to Sign), then bank will freeze the account and surviving account holder need to get probate/LOA to proceed.

https://www.rhbgroup.com/general-info/pdf/account-terms.pdf



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thanks. TIL.

I say it is a trap because for me it is.. Bolded part is not the intention of opening the joint account. As money is solely mine, but opened joint account (all to sign actually) for the purposes of "responsibly" managing the money and not spending it as i like..

If based on bolded part, say if i joint account with my parent, does that mean upon my parent death, the next of kin which say would be other parent/siblings can get their hands on the cookie jar?

Well mine is all to sign anyway, did recently thought of changing it to either to sign.. But upon learning this, i guess both types would still end up having to go through legal process to claim the money if one of the party died. Guess I have to rethink all this, probably from next fd move it to sole account.


do you know about BI? whether they have any such clauses? cause recently placed with BI

If there's no survivorship clause, yes legally the next of kin are entitled to the money. The executor/administrator has to distribute the money according to the will/distribution act. Hopefully the other parent/siblings won't "telan" your money.

Best to check with BI directly if they have this clause.

This post has been edited by poweredbydiscuz: Jul 13 2023, 12:34 PM

From BI website, TnC effective 19/1/23...

https://www.bankislam.com/wp-content/upload...TC-23122022.pdf

As suggested, can get further clarification with BI on the exact SOP. I remember some posts back, someone mentions need to bring death certificate to the branch etc.


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This post has been edited by L3SME: Jul 14 2023, 11:06 AM

MBB any guarantee money does not go missing?

Maybank 7 months Islamic fd @ 4%, fund must from fpx
July 14 - Aug 8

with the fpx failure cases reported, make me think twice with MBB FD via FPX

PIDM up to RM250k

Don't click any links & fill up your banking details 😏

I can only select fund from Maybank, not other banks.

What happened to those cases? All solved?

I had done a small placement this morning for MBB eFD 4% 7mth via FPX using desktop.
1st time MBB eFD placement via FPX, wary of previous reports of possible problem - process not complete successfully but fund already debited from the other bank etc.

Placement process went smoothly. Intend to do more placements next few days when FD matured in other bank.
Probably do multiple smaller placement amount rather than 1 big placement just in case system encounter problem.

MBB eFD placement allow option of not auto-renewal on maturity, so that will save the hassle of having to redeem multiple FDs on maturity.


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should be solved by now... just that ur money will stuck elsewhere n u lose ur daily interest while waiting for refund...

When can you view your e certificate? Mine was not shown up.

Ya, mine did not shown up immediately after placement. But after I log off and log back, there was a Fixed Deposit tab where I can view my eFD

Thanks for info.

Manage to place with the promo rate, just very slow on certain stage, not sure is due to lot of people grab.

I heard icbc fd rate 4.3% for 12 months until Oct 23, but can't find any more info from their websites, does anyone knows of this offer?