Unclaimed money is a common phenomenon in many countries, including Malaysia which has the eGUMIS system for unclaimed money refunds. It refers to funds left untouched or where the account has been left format without any transactions in various financial institutions, such as banks, insurance companies, and government agencies, for an extended period.
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Contents
Unclaimed Money Act
The Unclaimed Moneys Act 1965 is a Malaysian law that outlines the procedures for managing funds that have been left dormant and are considered unclaimed. This legislation mandates the transfer of unclaimed money, such as that in dormant bank accounts, unclaimed dividends, and insurance proceeds, into the Federal Consolidated Fund after a certain period.
Financial institutions and other entities are required to report and handle these unclaimed funds according to the Act’s provisions, ensuring proper management and the possibility for rightful owners to claim their money in the future.
Section 8 – refers to the definition of “unclaimed money”
(a) all sums of money which are legally payable to the owner and have remained unpaid for a period of not less than one year after they have become payable;
(b) all sums of money to the credit of an account that has not been operated in whatever manner by the owner for a period of not less than seven years; and
(c) all sums of money to the credit of a trade account which has remained dormant for a period of not less than two years.
Section 10 – refers to the registration and lodgment of unclaimed money
(1) Every company or firm holding unclaimed moneys shall maintain a record of all unclaimed moneys in a register to be kept at its principal office or place of business in Malaysia in the form to be determined by the Registrar.
(2) The company or firm shall annually, not later than the lastday of March, lodge with the Registrar at his office a copy of the contain particulars of all unclaimed moneys which have remained unpaid up to the last day of December of the previous year together with all the unclaimed moneys reported in the register.
Section 13 – refers to the payment to the claimant.
(1) If any claimant makes any demand against the Registrar for any unclaimed moneys credited to the Consolidated Trust Account, the Registrar upon being satisfied that the claimant is the owner of the money shall authorize payment thereof to be made to him out of the Consolidated Trust Account or, if the money had been transferred to the Consolidated Revenue Account, the Minister shall direct payment of a like amount to be made to him; and such amount shall be charged upon the Consolidated Fund and be payable out of the Consolidated Revenue Account
What is eGUMIS?
In Malaysia, the government has established an online system called eGUMIS or in the longer format, Electronic Government Unclaimed Money Information System to help individuals reclaim their unclaimed money.
The system was officially launched in 2020 as an initiative by the Malaysian Accountant General’s Department to facilitate the public in claiming unclaimed money. This online portal serves as a centralized system where individuals and companies can search for and claim their money which may include funds from savings accounts, current accounts, fixed deposits, insurance policies, salaries, dividends, and other related financial assets that have not been claimed over a certain period.
The establishment of eGUMIS has significantly streamlined the process of claiming money, making it more accessible and convenient for users to check and retrieve their funds efficiently.
Before the existence of the system, the public was only able to get their money back by going to the Central Bank branches or authorized centers (one of which was at Maybank’s Head Office). With the system, the search for the amount to be refunded is automated, and personal information verification is done online. Once this is done, the money is credited through bank transfer eliminating the need for the Government to issue cheques.
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To check for unclaimed money from the Accountant-General’s Department, Malaysia (JANM), you can easily do so online. First, visit the official eGUMIS website and sign up for an account. Once registered, log in and use the search function to find any unclaimed money under your identification number. If there are any funds, you can follow the provided steps to claim them, which typically involves submitting necessary documents and providing your bank account details for the transfer.
How does eGUMIS work?
The first step in reclaiming money through the system is to visit the official website of the system at https://egumis.anm.gov.my/. Once on the website, users can register for free and then search for their funds by entering their identification details, such as their IC number or company registration number. The system will then generate a list of matching records, which users can review to identify their funds.
Once the rightful owner has identified their unclaimed money, they need to submit a claim application online through the system itself. The application will require the individual to provide supporting documents to prove their ownership of the funds. These documents may include identification documents, proof of address, and any other relevant evidence.
As an individual, the key document to be uploaded is the image of the NRIC (of both front & back in one file) and a bank statement having the same name as the applicant. Please make sure that the bank statement is recent and active. A dormant bank account may not be accepted and the Accountant General office may require additional documentation.
After submitting the claim application, the system will verify the provided information and documents. This verification process ensures that only rightful owners can access the unclaimed funds. Once the verification is complete, the individual will be notified of the status of their claim.
Why is eGUMIS beneficial?
The system offers several advantages over traditional methods of reclaiming unclaimed money. Firstly, it provides a centralized database, eliminating the need to contact multiple financial institutions or government agencies individually. This saves time and effort for the individual searching for their funds.
Secondly, the system ensures transparency in the process. The system provides clear guidelines on the required documents and the steps involved in reclaiming unclaimed money. This transparency helps prevent any potential scams or fraudulent activities, as individuals can trust the official government platform.
Furthermore, the system simplifies the claim application process. By submitting the application online, individuals can avoid the hassle of physically visiting different offices or mailing documents. The online platform streamlines the entire process, making it more convenient for the claimant.
Between 1977 and 2023, Malaysia accumulated approximately RM14.1 billion in unclaimed money, a substantial sum that represents assets forgotten or left dormant by citizens. The introduction of the Electronic Government Unclaimed Money Information System (eGUMIS) has significantly expedited the process of reclaiming these funds. As a result, around RM3.2 billion has been successfully claimed back by rightful owners. Image source: Bernama
Tips for using eGUMIS effectively
To enhance the likelihood of recovering unclaimed funds, individuals should adhere to several key strategies. Firstly, regularly checking databases for unclaimed assets is crucial, as these funds can arise from various sources such as dormant accounts, tax refunds, or inheritances.
Secondly, maintaining updated personal information with financial institutions ensures that any unclaimed money can be easily traced back to its rightful owner. Lastly, understanding the claim process and required documentation can expedite the recovery, avoiding common pitfalls that may delay or prevent the retrieval of funds.
By implementing these practices, individuals can more effectively navigate the system to reclaim what is theirs.
- Ensure that you have accurate identification details before searching for unclaimed funds.
- Double-check the information provided in the claim application to avoid any errors or discrepancies.
- Submit all the required supporting documents along with the claim application to expedite the verification process.
- Regularly check the status of your claim to stay updated on its progress.
- Be patient, as the verification process may take some time depending on the complexity of the claim.
By following these tips and utilizing the system effectively, individuals can increase their chances of successfully reclaiming their unclaimed money.
Final Say
The phenomenon of unclaimed money, often lying dormant in various financial institutions, presents a unique challenge in Malaysia. Recognizing this, the Malaysian government has taken a proactive step with the launch of eGUMIS, an electronic Government Unclaimed Money Information System.
This innovative online platform revolutionizes the traditional approach to reclaiming unclaimed funds. It serves as a centralized repository, where information regarding unclaimed money is meticulously compiled and made accessible to the public.
The system’s user-friendly interface is designed to guide users through a streamlined search process. Individuals can now easily navigate through the database to locate any funds that may belong to them. The claim application process has been equally simplified, with clear instructions and support provided at every step. This ensures that even those who are not technologically savvy can use the system with ease.
The impact of the system on the financial landscape in Malaysia is significant. By facilitating the return of unclaimed money to its rightful owners, not only resolves individual financial issues but also contributes to the overall economic health of the country. The money reclaimed can be reinvested into the economy, stimulating growth and development.
In conclusion, the system stands as a beacon of innovation in public service. It exemplifies how technology can be leveraged to address complex issues, making processes more efficient and user-friendly. As more individuals become aware of and utilize this platform, the issue of unclaimed money in Malaysia will undoubtedly diminish, securing the financial rights of citizens and bolstering the nation’s economy. The success of the system could serve as a model for other countries grappling with similar challenges, showcasing the potential of digital solutions in modern governance.