LETTERS: Despite the efforts of the Accountant-General's Department to return unclaimed money to owners, the initiatives have not brought the desired results.
Deputy Finance Minister Datuk Seri Ahmad Maslan sad the unclaimed amount had reached more than RM11 billion up to last month.
He urged owners to claim their money by submitting applications.
With due respect to Ahmad, the owners will do so if they are aware of the money.
Unclaimed money are savings in inactive bank accounts, unclaimed fixed deposits that have matured or expired, insurance pay-outs as well as dividend cheque payments that have not been banked in.
The department should find more effective ways to return the money.
Why hasn't the department done so, besides carrying out an online system to register and then check the status of unclaimed monies?
The fact that the figure keeps ballooning each year shows that the approach is not effective.
Here are reasons why there are many who have yet to claim their money.
These include those who are ignorant or unaware, the forgetful, the elderly, those who have died and their next of kin are unaware of unclaimed money.
There are also those living overseas and are not aware or bothered to make any claims.
Here are two ways to make it easier for people to get back their money:
APPROACH owners at their last- known address. Expect many letters to be returned to the sender as the individuals may have moved; and,
PUBLISH the names of owners, without the amount. The list could be updated every few months.
Ahmad said the government intended to amend the Unclaimed Moneys Act 1965.
Here is a golden opportunity to make it mandatory for the government to either inform people directly or prepare a list of names to be posted online, which should be updated every few months.
In addition, the act should require institutions such as banks to update the address and contact number of their clients every two years.
Banks should send reminders to inactive account holders to update their status.
Fear of fraudulent withdrawals due to the publication of names?
Yes, it can happen. No system is foolproof.
The good news is that there is no time limitation for the application of unclaimed money.
DR POLA SINGH
Kuala Lumpur
The views expressed in this article are the author's own and do not necessarily reflect those of the New Straits Times