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> Withdraw to re-activate a bank account ?

ronnie
post Sep 11 2008, 09:53 AM


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Any reason why such a clause is created ?
Can't we just deposit to activate to show there's activity ?

Maybank charges RM10 for each year your bank account stays inactive...until no more money in the account. blink.gif

This post has been edited by ronnie: Sep 11 2008, 11:44 AM
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b00n
post Sep 11 2008, 10:36 AM


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Inactive account or what usually the term meant is "Dormant account" i.e. no transaction at all.
So if there's constant activity such as depositing money, it shouldn't be classified as "dormant account". Pls clarify further with the bank.
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ronnie
post Sep 11 2008, 11:43 AM


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I'm not sure if Inactive means dormant.
Do you classify Interest payment as deposit ?
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ronnie
post Sep 11 2008, 11:45 AM


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QUOTE(b00n @ Sep 11 2008, 10:36 AM)
So if there's constant activity such as depositing money, it shouldn't be classified as "dormant account". Pls clarify further with the bank.
*
Once the account is inactive, you need to withdraw to re-activate it... same with Maybank and CIMB.

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zenwell
post Sep 11 2008, 12:03 PM


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I think most banks will charge a yearly fee for dormant / inactive account. I remember Affin bank charge RM10 per year.
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b00n
post Sep 11 2008, 12:23 PM


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QUOTE(ronnie @ Sep 11 2008, 11:45 AM)
Once the account is inactive, you need to withdraw to re-activate it... same with Maybank and CIMB.
*

That shouldn't be the case.

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ronnie
post Sep 11 2008, 03:57 PM


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That's what happens to both my accounts in CIMB and Maybank
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b00n
post Sep 11 2008, 04:24 PM


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Have you confirmed with the bank?
Usually there's a RM8 charges per annum on ATM card issued for most banks.
Is the charge related to that?

Anyway inactive accounts or dormant account is under this act:
QUOTE
Where there has been no transaction (either withdrawal or deposit) in the account for a period of seven years, the account will be classified as unclaimed moneys. Under the Unclaimed Moneys Act 1965, such funds will be transferred to the Registrar of Unclaimed Moneys. Prior to the funds being transferred, banking institutions will send notices requesting the customers concerned to reactivate or close their accounts.

source click the "inactive account tab".

More information regarding banking procedures can be found here.
http://www.bankinginfo.com.my

So it's bullshit when they tell you that you need to withdraw only than the account is deemed as active.

Know your rights!

Complain to BNM if they insisted. That would get their attention.

This post has been edited by b00n: Sep 11 2008, 04:25 PM
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David83
post Sep 11 2008, 04:37 PM


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A deposit shall work.

Some banks charged for dormant fee.
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VyvernS
post Sep 11 2008, 05:03 PM


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I had this same issue with my Maybank account. Yeah its a stupid clause but for security reasons.

You need to have withdrawal to ensure your account remains active.

If you use Maybank2u to receive funds or transfer funds, this is not considered active withdrawal (I think). I did both in the course of 2007, but because i did not withdraw any money through ATM for 1 year, my account became inactive.

When it is inactive, you must go to the bank (not ATM machine) and make a withdrawal with your ATM card/passbook at a counter.

Sucks lah this.... mad.gif






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b00n
post Sep 11 2008, 05:13 PM


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Like I mentioned....complain to BNM if it's true as they are not following the right procedures!
Do not complain here and after being provided by information still stay quiet!
That's why they dare to take advantage on you guys.

Know your rights!
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ronnie
post Sep 11 2008, 05:52 PM


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The account will become inactive if there's no withdrawal within one year.... time to call BNM
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calvin00cool
post Sep 11 2008, 08:12 PM


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inactive: u r not performing any transaction OVER-THE-COUNTER. even u did receive money and withdraw money via ur ATM card,ur account status will remain inactive. (solution: withdraw a small amount OTC,for eg RM1.00)

dormant: ur account is 6yrs not in use and during the 7th yrs they'll transfer it to the unclaimed money account or easy to say,the bank or financial institution will close up ur account.

*they got their reasons to imposed these rules as they need to complied with the BAFIA(Banking and Financial Institution Act) and AMLA(Anti-Money Laundring Act) in order to fight those money laundring.

Just my opinion,...please correct me if im wrong smile.gif

*between,RM8.00 is charge for ur ATM card,if u r not using it,u can applied for a waived.

This post has been edited by calvin00cool: Sep 11 2008, 08:35 PM
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happy4ever
post Sep 12 2008, 03:13 AM


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QUOTE(calvin00cool @ Sep 11 2008, 08:12 PM)
inactive: u r not performing any transaction OVER-THE-COUNTER. even u did receive money and withdraw money via ur ATM card,ur account status will remain inactive. (solution: withdraw a small amount OTC,for eg RM1.00)

dormant: ur account is 6yrs not in use and during the 7th yrs they'll transfer it to the unclaimed money account or easy to say,the bank or financial institution will close up ur account.

*they got their reasons to imposed these rules as they need to complied with the BAFIA(Banking and Financial Institution Act) and AMLA(Anti-Money Laundring Act) in order to fight those money laundring.

Just my opinion,...please correct me if im wrong smile.gif

*between,RM8.00 is charge for ur ATM card,if u r not using it,u can applied for a waived.
*
I don't think bank accounts will be in active without over the counter transactions. Internet banking and ATMs are made to avoid any unnecessary use of the counters to cut down on the queue. Most of the time, tellers will address you to the ATMs even if you insist on using the counter, unless you really didn't take the ATM service
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calvin00cool
post Sep 13 2008, 01:09 AM


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QUOTE(happy4ever @ Sep 12 2008, 03:13 AM)
I don't think bank accounts will be in active without over the counter transactions. Internet banking and ATMs are made to avoid any unnecessary use of the counters to cut down on the queue. Most of the time, tellers will address you to the ATMs even if you insist on using the counter, unless you really didn't take the ATM service
*
cant get ur point? blink.gif
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b00n
post Sep 13 2008, 02:43 AM


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QUOTE(calvin00cool @ Sep 11 2008, 08:12 PM)
inactive: u r not performing any transaction OVER-THE-COUNTER. even u did receive money and withdraw money via ur ATM card,ur account status will remain inactive. (solution: withdraw a small amount OTC,for eg RM1.00)

dormant: ur account is 6yrs not in use and during the 7th yrs they'll transfer it to the unclaimed money account or easy to say,the bank or financial institution will close up ur account.
*

Dormant = inactive .... only different terminology.
Definition of dormant if you still doubt it:
http://www.thefreedictionary.com/dormant
http://www.answers.com/topic/dormant

QUOTE(calvin00cool @ Sep 11 2008, 08:12 PM)
*they got their reasons to imposed these rules as they need to complied with the BAFIA(Banking and Financial Institution Act) and AMLA(Anti-Money Laundring Act) in order to fight those money laundring.

Just my opinion,...please correct me if im wrong smile.gif
*

It had nothing to do with BAFIA or AML.
It is imposed because there's cost incurred in maintaining an account. So if there's no transactions and the accounts is dormant, basically the bank is spending money to "maintain" a "dead" account. Especially when the account has little money inside.

QUOTE(calvin00cool @ Sep 11 2008, 08:12 PM)
*between,RM8.00 is charge for ur ATM card,if u r not using it,u can applied for a waived.
*

Most bank would waive it (if they charges you in the first place) when you surrender your card. Not using i.e. no need card. Need card - have to pay.


Added on September 13, 2008, 2:46 am
QUOTE(calvin00cool @ Sep 13 2008, 01:09 AM)
cant get ur point?  blink.gif
*
The point is clear and straight. Look at the bold line.
QUOTE(happy4ever @ Sep 12 2008, 03:13 AM)
I don't think bank accounts will be in active without over the counter transactions. Internet banking and ATMs are made to avoid any unnecessary use of the counters to cut down on the queue. Most of the time, tellers will address you to the ATMs even if you insist on using the counter, unless you really didn't take the ATM service
*

So whatever transactions i.e. deposits and withdrawal, the tellers would ask you to go to the "machines" to minimize "over-the-counter" transactions. So it's totally bull to say only "over-the-counter" transactions would be considered as "active" transactions.

Anyway, that's what ATMs and Internet bankings are for....to minimize over the counter transactions.
So it doesn't make any sense to classify one account to be inactive/dormant if there's no "over-the-counter" transactions.

This post has been edited by b00n: Sep 13 2008, 02:48 AM
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post Sep 13 2008, 07:45 AM


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hey TS, what do you actually do with the account?

do you withdraw any money at all? How?

do you put in any money at all? How?


shocking.gif so confusing geh.
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athlon 11
post Sep 13 2008, 02:59 PM


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if you account is a passbook type,i don't think u need withdraw,just ask the teller to make a update.
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calvin00cool
post Sep 14 2008, 11:15 AM


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boon: thanks for ur point smile.gif

This post has been edited by calvin00cool: Sep 14 2008, 11:21 AM
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