Online System For Unclaimed Money To Be Up Next Year

Online System For Unclaimed Money To Be Up Next Year

A system to enable people to access and check the status of their unclaimed money online will be activated in the second quarter of next year.

The government is currently the custodian of a whopping RM5.96bil in unclaimed money as of October 31. Out of which 70% is from banking transactions, which includes money kept in savings and current accounts, as well as fixed deposits. Another 18% is from insurance accounts and the balance 12% constitutes other forms of accounts such as trade accounts.

According to Deputy Finance Minister Datuk Othman Aziz, this year alone, the department had received 50,015 applications. Of these, 34,353 applications were from around Kuala Lumpur.

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Othman said the system is expected to be activated in the second quarter of next year. The Accountant General’s Department, which manages unclaimed money, will also join the Mobile CTC (community transformation centre) programme organised by the Finance Ministry.

This to allow more people, especially those in rural areas, to check and claim what is theirs.

[Source]

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