Saturday February 2, 2013
A real hassle over unclaimed funds
I WENT to a bank in Subang Jaya recently to close my account and to my horror, all my savings had been sent to The Registrar under the Unclaimed Monies Act 1965.
The staff informed me that they had sent a letter to me, but I did not receive it. They said it would take eight months for the Registrar to release the funds back into my account. My savings was more than RM11,000.
Shouldn’t we raise the bar on the duty of care? Shouldn’t the bank exercise reasonable care by at least giving me a phone call or sending me the notice by registered mail? This would save all the hassle for all parties concerned.
On a related matter, the Inland Revenue Department took 11 years to give me a release of payment letter for a sum of money withheld by my employer. My advice is that we be fully aware of the laws that restrict our access to our own money.