If the bank account has not been used for more than a year, the account will be charged RM10 each year.
Notice! Bank savings accounts with no transaction records in the previous year will be declared inactive and will be assessed a RM10 annual fee.
Many people open bank savings accounts at various banks for various reasons. When applying for a student loan, for example, students must open a certain bank account, and when applying for a credit card, they must open an account in a specific bank. Many people simply forget about their bank account.
If a bank savings account has been inactive for longer than a year, it is deemed inactive. The term “no transaction” refers to the absence of a record of an entry or withdrawal, and some banks require users to make a withdrawal transaction at least once a year.
If you haven’t traded your bank savings account in over a year, the bank will start charging you a RM10 annual fee, and it won’t be transferred to the Malaysian Accounting Department’s Unclaimed Property Department until the seventh year. The savings account will be automatically cancelled if it is debited within these seven years.
Different banks’ procedures for dealing with inactive bank accounts vary, so check with yours for more information.
