Unclaimed money

Unclaimed Money! I would like to touch on this issue a rather  important one as many  are probably not aware that if your money remained idle for a certain period of time, don't be surprised if this cash was suddenly deposited with the unclaimed money department of the Accountant General. I had an experience with regards to my insurance money which was sent to this place and that caused me unnecessary inconvenience having to visit the office located at the Menara Maybank,Kuala Lumpur. In fact I remember they are still keeping  a small sum of my  money at the unclaimed money department as I lost the letter informing about the transition of my money to this destination.

I would like to touch on the following that if the 'Rakyat di dahulukan' that would mean that the 'rakyat' need not be made to run around for their money. That will be absolutely fine everyone. Well, coming back to my case,regarding my insurance money.Upon achieving my retirement age I went and consulted the  company about my insurance policy money and to my surprise I was told that they had sent it to the Unclaimed Money Department after failing to trace my whereabouts.  OMG! This must be a joke. How come, it was easy for them to deduct my monthly payment and  they too can sent my yearly statement, yet this was the answer  given. For me this is just sheer incompetency.

Now that's OK, at least I know my money was still intact and safe in the unclaimed money department.After the hustle I finally got what was due to me. Now let's move on to the part of the Accountant General' s responsible with regards to the unclaimed money. The list I got from my insurance company shocked me as, besides me,  many  people too had their money  sent to the same destination as they too were not located. How ridiculous this sounded and also it  indicated the lack of initiative on behalf in that department. I just don't know what the officers in the department responsible for handling this matter were doing. Of course we expect  some efficiency on their part on this. At least they can run a quick check against the identity card numbers of those on the list  with the National Registration Department for the latest whereabouts. Looks like they prefer to leave the list undisturbed in the file.

After all the registration department too will be able to tell whether the person is alive or dead. Further more, the registration department maintains a family tree of every individual concerned so the next of kin can also be easily traced to hand over the money to the one legally entitled to it. So then why was nothing done and the money allowed to remain for years with the unclaimed money department? Are they  merely expecting some guardian angel to come and whisper in their ears about the whereabouts of those in the list?

Ok that's one issue. Now how do we tackle this situation. All of us  are aware that EPF requires the contributor to name his or her beneficiaries.Similarly insurance company, Socso,Tabung Haji and some other financial institutions also required beneficiaries to be nominated. This obviously makes distribution of the monies simple as directed by the depositor.

So to make matters easy to depositors on this issue, I suggest that the MOF  direct all banks to compel all account holders  name their beneficiaries. In case the depositor dies then the hustle and problems connected to the money will not be an issue. There is no need to channel the money to Amanah Raya but merely follow whatever was stated in the beneficiary column. Under this circumstance the Amanah Raya just need to handle the property aspect of the person concerned. Cases of families members fighting over the cash money left by the depositor in his account   upon his or her demise can be averted .  

So all new and old account holders with all the banks in the country need to adhere to this regulation and only by this way we can be assured that there will not be a battle over the cash left behind because all will be taken care off. So if institutions like Tabung Haji, insurance company, EPF can ask for beneficiaries why not the commercial banks? The money need not go to the Unclaimed money or the Amanah Raya I hope the MOF can give a serious thought to this suggestion simply to make life easier for the 'rakyat'. That's about all.

                                          FOR THE BENEFIT OF THE  '1 MALAYSIA'