Headnote:-

  1. Definition of Unclaimed Moneys
  2. Check Unclaimed Moneys online
  3. Guideline on application for Unclaimed Moneys
  4. No fees/charges imposed on application of Unclaimed Moneys
  5. NO deadline to make application of Unclaimed Moneys
  6. The government is legally entitled to use or dispose of the Unclaimed Money
Do You Have Any Unclaimed Monies With The Government? Claim It Back!

 

Q1. What are Unclaimed Moneys?

Answer:

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.

Q2. How is the time period of seven years calculated?

Answer:

It starts from the date of the last standing instruction issued by the account holder.

Q3. Why are there Unclaimed Moneys?

Answer:

Some key factors that cause such moneys turned over to the Registrar of Unclaimed Moneys are:

• Change of address without notifying business contacts
• Forgetting small deposits of money in bank
• Owner dies and legal heirs are unaware of the moneys
• Leaving an account with low balance instead of closing it
• Bank mergers resulting in name changes and branch closings and owner is unsure of which bank holds an account to which he or she has entitlement

Q4. How Do I Know If I Have Unclaimed Moneys?

Answer:

You can check for any Unclaimed Money online through the Electronic Government Unclaimed Money Information System (eGUMIS), or by going to the Registrar’s office counter or at any Accountant General’s Department state, branch, or by checking the Government Gazettes available at the National Library.

Q5. Does The Registrar of Unclaimed Moneys appoint agents or any individuals/companies help me claim my Unclaimed Moneys?

Answer:

The Registrar of Unclaimed Moneys does not appoint any individual or company as a middle person or agent in matters relating to claim of Unclaimed Moneys.

Q6. How to Claim Unclaimed Moneys?

Answer:

You may submit the completed application together with the supporting documents by post or by hand to the following address:

Registrar of Unclaimed Moneys
Accountant General’s Department of Malaysia
Unclaimed Moneys Division,
Level 42, Menara Maybank
100, Jalan Tun Perak
50050 Kuala Lumpur

Supporting documents:-

1. Application By Individual

• A copy of the applicant’s identity card (both sides)/passport (for noncitizen).
• The original document (e.g.: bank account passbook/fixed deposit certificate etc).
• A confirmation letter from the company/firm which surrendered the Unclaimed Moneys to the Registrar, if the original document is not available.
• A copy of the front page of an active account passbook/bank statement of the applicant (payment will be directly credited into the account)

2. Claims of Unclaimed Moneys by the Heir/ Administrator of a Deceased

• A copy of the applicant’s identity card (both sides)/passport (for noncitizen).
• The original document (e.g.: bank account passbook/fixed deposit certificate etc).
• A confirmation letter from the company/firm which surrendered the Unclaimed Moneys, if the original document is not available.
• A Letter of Administration or Grant of Probate from the High Court, the Department of the Director-General of Federal Lands and Mines/Amanah Raya Berhad.

3. Application By Company/Firm

• A copy of the certificate of registration of the company/firm.
• The original document (e.g.: bank account passbook/fixed deposit certificate etc).
• A confirmation letter from the company which surrendered the Unclaimed Moneys to the Registrar, if the original document is not available.
• A copy of a bank statement (active current account) bearing the name and account number of the company/firm (payment will be directly credited into the account).

Q7. Who is authorized to sign application form?

Answer:

a) Company: Director, Company Secretary and any of its officers or party given the authority.

b) Corporation: Any of its officers or party given the authority.

c) Firm: Partner, manager or any of its officers or party given the authority

Q8. My company / cooperative / organisation has been dissolved, how should I make the application of Unclaimed Moneys?

Answer:

For application by company / cooperative / organisation which has been dissolved, please refer to the following agencies:

• Company: Companies Commission of Malaysia / Malaysian Department of Insolvency
• Cooperative: Malaysian Cooperative Societies Commission
• Society / Union: Malaysian Department of Insolvency

Q9. Will I be charged any fees in claiming Unclaimed Moneys?

Answer:

No. People who claim the money will not be charged any fees, and neither will any interest rate be applied to it.

Q10. Is there any deadline to make application of Unclaimed Moneys.

Answer:

No. There is no time limitation for the application of Unclaimed Moneys.

Q11. Is the government legally entitled to use the Unclaimed Moneys?

Answer:

Yes. The government is legally entitled on the basis of common law principles to use or dispose of the Unclaimed Money in any way that it sees fit so long as it’s not contrary to the Constitution, public policy or morality.

THIS FAQ IS PREPARED AND PUBLISHED BY GENERAL LITIGATION, CORPORATE INSOLVENCY AND APPELLATE DEPARTMENT OF THE DISPUTES RESOLUTION OF MESSRS GAN & ZUL, ADVOCATES & SOLICITORS.
Prepared by:

Ben Lee Kam Foo (Partner)
Head of Dispute Resolution
Arbitrator & Adjudicator
Fellow of ADR, AIAC
Cross Border Taxation Planning

Shafihani Binti Md Ali (Associate)
General Dispute Resolution
Appellate Division
Contractual, Land and Commercial Disputes
Pre and Post Liquidation Disputes

Gan & Zul is an established legal firm in Malaysia which consists of experienced litigation lawyers. Our firm provides a wide spectrum of legal services covering various aspects of laws includes dispute resolution, debt recovery, land, bankruptcy, insolvency and corporate dispute. We are also a firm construction lawyers based in Kuala Lumpur.
If you have any queries or require additional information, kindly email us at kul.litigation@ganzul.com or call us at 03-2242 3836

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