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There is a chain email spreading about some EPF rules, that makes members worry such as below: If ONE 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 name & unfortunately he/she dies before you? Automatically EPF will channel your EPF money to trustee of AMANAH RAYA upon your death. Upon surrender to trustee of AMANAH RAYA, your children will have to battle the money through 3 channels; Majlis Agama Pejabat Tanah Mahkamah Is it TRUE ??? According to EPF, if a member has more than one nominee, and one of the nominees dies during the member’s lifetime, ONLY the portion that was bequeathed to the deceased nominee will be invalid . Should the member later dies without updating his nomination, the other nominees will receive their portion accordingly. Only the portion that was bequeathed to the deceased nominee will be subject to procedures under ‘EPF savings without nom...

In general, banks define dormant account (sometimes referred as inactive) when an account does not have any transaction (deposit or withdrawal) for a continuous period of at least 12 months. When your account becomes dormant, the bank would send you a notice letter to the registered mailing address to remind you to activate your account. You may be required to withdrawal or deposit some money over the counter to re-activate your account. What are the charges? In addition, should your account balances be RM10 or less , the bank would also inform you of its intention to close the account. The bank will send you a 2nd reminder when it does not receive any response from you (i.e. for activation of account or objection to the closure) within 3 months after the 1st notice. If there is still no response after 2 notices, the bank may proceed to close the account and absorb the balances as service fee. For account with balances of more than RM10 , the account will usually be charged with a dor...