Bank Joint Account in Malaysia

"Just to share with you one recent article I read and shocked me a lot.

It happened in west Malaysia , about a husband and wife and one son.

The husband passed away due to accident.

The husband had a RM50,000 joint saving account
with wife in a local bank.

What happened is the wife ,like most people think, when husband passes away, she will get the money automatically since it is a joint account.

But to her surprise, She could not withdraw even a single cent from the bank.

Joint saving account is meant for convenience when spouse needs it the most.

But most people always assume once the other holder dies, another 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 educational thoughts or for you to be aware.

When one person dies, the other joint holder of the saving account will get the money automatically only if that particular bank practise 'JOINT TENANCY'.

This terms means one party die, the other joint party gets money automatically.

But unfortunately, not all banks practise JOINT TENANCY, some foreign banks practise and most local banks don't practise.

If you want to be sure, just ask your bank whether your joint saving account based on JOINT TENANCY.

If it is yes, get the black and white.

Can you all imagine, when husband passes away, the wife already suffers emotional loss. Now she will have to suffer the problem of having 'NO MONEY', although it is in joint account.

Because of husband's ignorance, now the wife and the son have to pay for it.

Hope the above can help for you.

Just take note.