Banking on banks to give us a ‘bang’…

Banks can really give us heart attack at times. Last week I went to the bank to collect my cheque book only to be told that they have destroyed it due to my failure to collect it within the first 6 months after setting up my account. There goes the RM15 duty fee… but nevermind as I know that it is MY fault. Who ask to delay so long right?

Then the other day, Darling received this letter…

Out of no where, he got a letter notifying him regarding ‘Upliftment of Fixed Deposit Account’! You know what that means right? I dunno! So I read the BM part – Pengeluaran Akaun Simpanan Tetap. It means to notify you that someone withdrew your fixed deposit. Darling almost fainted when he got that letter! Who withdrew his money? WHO? *Don’t look at me, I have NO AUTHORITY whatsoever over his money!*

It was not a good day and receiving that letter made it worse. He called the bank to clarify and this is the reason…

If your FD has been left idle for more than 7 years, the bank will automatically withdraw it and open a new FD account for the said amount. The reason?

Bank Negara’s regulation is such that if you don’t touch your FD account for more than 7 years, the banks will have to surrender it to Bank Negara and there goes your money!

So basically the bank is actually doing Darling a favour by ‘renewing’ his FD! Got such thing? NOW we know.. @_@ Apparently we are encouraged to update the FD from time to time… O…I…C!

So what say you? Cheque and FD have given us the heart attack. What about online credit card applications ? Have you ever done that?  Who can live without credit cards these days? ME! :D

About the Author: Merryn Tan

9 Comments + Add Comment

  • //

    Ouh…now only I know there is such a rule from our country's bank. :)

  • //

    Wahhhhhh!!!!! You have so much money, got FD in the bank and you do not remember…even after7 years? Come,come! Give to me…I "jaga" for you! LOL!!!

  • //

    Me very rajin….every 3 months go update…..sked duit hilang. Padahal amount sikit saje….LOL!!!

  • //

    good that it is a renew, phew~~ not own by Bank Negara…

  • //

    huh?? is there such a rule for FD?? i never know that woh.. i thot FD is really a savings and most probably you'll just leave the money there for a long period?? but then i guess if you are paying the interest back into the principle, that would means there are transaction and doesn't fall into the "idle" category right??

  • //

    what do they mean "do not touch" for 7 years??

    cannot just leave it there and let the interest grow?? o.O

    • //

      Not until 7 years lor it seems…

  • //

    wah. thank you for posting this up. i better go back and inform my family and friends about this. =)

  • //

    yes, the 7 years rules… if you have a bank account that idle for 7 years with no transaction, the bank will automatically close it and surrender whatsoever balance in the account.. if you want it back, you are to pay a fee… so, don't open too many bank accounts..

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MeHome is where MY heart is.
I am a mother to two boys; Ethan and Ayden and a wife to Darling William. I'm a stay at home mum who blogs to break the monotony of life and to avoid feeling jaded. Would love to get to know all the Super Mommies and Daddies and Babies or Singles out there with the hope that we can learn more from each other. Most of all, I am a happy person, and I hope YOU are too.

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