Husband & Wife Bank Joint Account & EPF nomination rules In Malaysia‏

Am really not very sure but its always best to check it out and be forewarned.

Husband & Wife Bank Joint Account In Malaysia Dear All, Just to share with you one recent article I read and how it shocked me. It happened in West Malaysia ; husband and wife and a son. Husband passed away due to accident, husband had a RM50k joint savings account with wife. What happened is the wife / like what most people think, when husband passed away, she would get the money automatically since it is a joint account. But to her surprise, she could not withdraw even a single cent!! Joint savings account is meant for convenience when spouse needs it the most, but most people always assume once the other holder dies, the other half will get the money automatically which is very wrong. I would like to share my opinion with all of you, you may take it as an educational piece which brings awareness.. When one person dies, the other joint holder of the savings account will get the money automatically only if that particular bank practises 'JOINT TENANCY' - this term means when one party dies, the other joint party gets money automatically. But unfortunately, not all banks practise JOINT TENANCY, some foreign banks practice and most local banks don't practice. If you want to be sure, just ask your bank if their joint savings account is based on JOINT TENANCY, if it is yes, get the black and white. Can u all imagine, when husband passes away, the wife already suffers emotional loss, now she suffers the problem of having 'NO MONEY' although it is in joint account. Because of the husband's ignorance, now the wife and son have to suffer the consequences. Hope the above helps for you. Just take note.

EPF RULES

If ONE (1) of your Nominees in the EPF Nominees list dies, automatically the whole arrangement (EPF Nominees list) is VOID ..
Meaning if, you only put in One (1) name & unfortunately he/she dies before you automatically EPF will channel your EPF money to
trustee of AMANAH RAYA upon your death.


Even though if you have few names in the EPF Nominees list, - the whole arrangement is VOID & none of the individual
names left in the EPF Nominees list will get their portion & automatically EPF will channel your EPF money to trustee of AMANAH RAYA upon your death.

Piece of advice - if any of the your Nominees in the EPF Nominees list dies, please do immediately approach the nearest EPF counter & present
the Death Certificate of the individual & register your NEW / LATEST Nominee in the EPF Nominees list + NEW / LATEST percentage .

If, you & the other party (maybe spouse) involved in the same misfortune (accident / illness) that caused death to both
yourself / spouse please, please, please alert your siblings / relatives / parents to immediately approach the nearest EPF counter & share the
information within 3 day to AVOID all EPF money to be surrendered to trustee of AMANAH RAYA .

Upon surrender to trustee of AMANAH RAYA, your children will have to battle the money thru 3 channels;

1. Majlis Agama

2. Pejabat Tanah

3. Mahkamah

The normal period via above 3 channels usually takes 2-3 years (except if you have inside/tip top buddies / connection) at Amanah Raya.