Monday, February 25, 2008

Something to think about

After Ky's passing, I had to consolidate all her accounts: closing some and still maintain some. It's so cumbersome when she has few accounts here and there. But when she passed away and me not knowing where are all her accounts are. I have some regret over it. Why? Ist I don't know her account nos. 2nd. I don't know her ATM's password. 3rd the heck I don't know her internet banking ID and password as well. Tak ke mengelabah di buat nya. Itu tak termasuk account dia dipelbagai bank lagi tu: Maybank, CIMB Bank and Public Bank.

Luckily I got to trace all her accounts from the statements mailed by the banks and luckily she filed some of bank the statement in a file. So I got to sort out one by one.

For CIMB Bank, she got a few accounts from couple of branches. We had one joint accounts- that's fine. She got 3 other in-trust accounts for my 3 children because they don't hold an IC yet when they open this accounts. Then she has another personal current account from a different branch.

There's another joint current account in Public Bank and maybe another personal account in Maybank. Now the problems come in when I want to get the money out.

Luckily for me, for her CIMB personal account, I could withdraw all her money out because it's less than RM10,000 but I have to sign off an indemnity letter. That's fine with me. The rest of the in-trust account, I will deal with that later.

But for Public Bank, if the bank knows that she has passed away, they will automatically block the account - even though it's a joint account whereby anyone of us could sign. Itu yang menyusahkan tu. Fed up betul. Add salt to the wound, I don't know the the internet ID and password because all this while she has been operating the account alone. Tu lah padah nya kalau taknak ambil tau langsung.

Ky had also invested some money in the Unit Trust. Luckily for me, we signed off as a joint account as well. I therefore redeem them. But problem is where do I bank in the cheque into because the cheque is under her name. Aduih pening -pening. If I were to bank into the Public Bank account, I'm not so sure I can withdraw and I'm taking some risk if the bank finds out. Habis macamana?

Dulu masa Ky masih ada, we have discussed about this. I told her to list down all her account and all her password. Entah lah...cakap dah banyak kali but we didn't really sit down and do it. So bila dah macam gini, ha pandai-pandai lah settle kan masaalah hidup. Itu belum lagi credit card and all the bills yang kena settlekan.

So for those of you who are reading this, there some word of advice. This is based on my experience.
  1. Open a joint account with somebody you trust so that if you are not around, he/she can operate for you. It can be your spouse or your siblings or you children. At least they know what are the accounts.
  2. List down all the details of your accounts i.e which Bank, Branch, account type and account numbers.
  3. List your ATM password with someone you trust.
  4. If you have internet banking, list down the ID and password as well.
  5. Don't open to many accounts. Keep to one or two accounts only.
  6. If you have Tabung Haji account, it's best that you have a "Penama" or nominee just in case if something happens.
  7. If you have Units Trust Accounts, it good to have a joint name as well. It helps when you need the money.
  8. The same goes for EPF/KWSP. Take some effort to submit the form whereby you specifically put your nominees name.
  9. If you have insurance, let someone you trust knows where is the policy so that he/she can claim for you.
  10. If you have some landed properties, list them down as well. It's also good if you have MRTA over your loans because if you die, it will be fully paid by the insurance company. You don't want to burden the people you left behind.
So now do it something before it's too late. By the way, if the balance is less than RM20.00 don't waste your time hassling to the bank the get the money. It's not worth your time.


petite n powerful said...

Luckilly for me, we didn't have much harta. Though heart breaking, the weeks prior to my husband's passing, we changed most of the names of the house, car, accounts etc to my name. I didn't have the courage however to address the issue of a will. So, things like Insurance was kept in the beneficeries he had choosen which were myself and son (incase anything happened to both of us). Amanah raya decided to take my son's share of the insurance...but by some miracle, the insurance beneficery was changed all to my name and we got the money out. It is enough to sustain us for the time being as I finish off my Masters degree. Things do have a way of working themselves out. We try and plan, but The Almighty decides.
PS: The flower idea is great. I tried planting grass around his grave, but Pak Tam the cemetery caretaker decided to racun it with all the other weeds on the grounds....I think this time, I will buy some potted flowers and leave them in the pots there.

lilinbiru said...

en azam. i had all the said problems now.epf pun kene hold sbb xde penama, kete nama arwah, rumah joint name.sedih.what u should do is ask insider..(kalau ade) for arwah's password etc.

Phlegmatic Melancholic said...


Lucky for you petite. As for us, we have talked about it openly even to make a will. Tapi cakap aje,buat tak juga.Lepas tu baru menyesal. Tapi apa nak buat, I try to settle one by one.

Yang idea potted flowers tu ok, tapi kena lah rajin siram sikit sbb dia tak tahan lama.


As for kete, arwah pun ada kete atas nama dia. So I called up the Finance Co. and they told me to continue bayar dulu so that we can still use the car - unless I nak tak over the loan which I think lagi banyak hassle. So I keep paying the monthly instalment for now.

Now my eldest son yg bawa kete tu. Baru nak ambil lesen. Boleh lah dia hantar dan ambil adik dia dari sekolah.

BTW kalau dia ada life insurance, you can now claim the money. Boleh jugak pakai duit insurance dia untuk anak-anak you.