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Tuesday, June 30, 2020

Do You Have Unclaimed Money? Find Your Windfall Here!

Do you know if you have any unclaimed money from the government? Do you know as of the end of 2019, there are a total of RM8.75 billion remained unclaimed, higher than the almost RM7 billion recorded at the end of October 2019 despite efforts by the authorities to return the money to their owners. Fret not, you can now check online for FREE!

Here are more information in details regarding Unclaimed Money extracted from Accountant General's Department of Malaysia. 

Definition of Unclaimed Moneys
1. Moneys which are legally payable to the owner but have remained unpaid for a period of not less than one year. Examples under this category are:
  • Salaries, wages, bonuses, commissions and other payments due to employees;
  • Dividend;
  • Profits declared for distributions;
  • Insurance claims which have been approved for payment;
  • Bank draft, cashier's order and other documents of similar nature which validity period have lapsed;
  • Fixed deposits (without automatic renewal instructions ) which have matured;
  • Tender deposits for which the intended purpose has been fulfilled;
  • Sundry creditors or sundry debtors with credit balance.
2. Moneys standing to the credit of an account that has not been operated in whatever manner by the owner for a period of not less than seven years. Examples under this category are:
  • Saving account;
  • Current account;
  • Fixed deposit (with automatic renewal instructions).
3. Moneys to the credit of a trade account that has remained dormant for a period of not less than two years. Examples under this category are:
  • Trade creditors account
  • Trade debtors account with credit balance.

If you found yourself having unclaimed money, then proceed to claim it back right away since there will be no interest earned in there. You can find everything you need to know from the government official website (Click this Link) or call 03-20568000 to find out more!

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