Retiree puzzled after bank can't track down RM32k in FD

• UPDATED 4.55PM | Added clarification that Goh had provided FD certificates to Maybank for tracing and tracking.

Fixed deposits are often touted as a safe and easy investment method, but for retiree Goh Gaik Siah, the experience far differs.

Over the past seven years, Goh, 73, had attempted to track down the status of her fixed deposits amounting to RM32,380, which had allegedly disappeared.

In June 2014, she was told by Maybank that it had no record of her fixed deposit (FD), which was opened with Maybank Finance Bhd in 1998, and that perhaps she had withdrawn the deposit but had forgotten about it.

Since June 2014, Goh had made several inquiries on the matter but failed to get information on the status of the funds.

Subsequent inquiries over the years failed to yield any information on the status of the fixed deposit, or whether it had been declared as unclaimed money.

Goh formally wrote to Maybank in September 2014 requesting an update but no written response was received from the bank.

This was despite her having provided her FD certificates to the bank to assist in tracking and tracing her deposits.

“This went on for another year. Finally, in October 2015, I submitted a request for the bank to once again check if my FD was declared as unclaimed money.

“The bank called me to say that it was still unable to locate my FD. However, I never received any written reply from Maybank,” she told Malaysiakini.

Goh’s plight comes to light after a lawyer reportedly found that RM1 million in life savings held in fixed deposits at a renowned international bank had gone missing.

Funds were found transferred to an unknown individual's account without the lawyer’s knowledge or consent, news portal the Vibes reported on the incident, which is unrelated to Goh’s plight but highlights possible issues within the FD system.

‘No notification of withdrawal’

Goh said after 2015, her husband took over liaising with the bank on the matter until he passed away in 2019. Two years later, she followed up with the bank again.

“I went to see another bank officer. After checking on her system, I was told they still could not locate my FD.

“The executive told me that maybe I had forgotten that I had claimed my FD or my son could have done so,” she said.

Goh said that her son was a joint account holder to her FD. However, she is unclear if either she or her son can make withdrawals from the account unilaterally.

Joint accounts may require the consent of both account holders for withdrawal, or just one, depending on what is agreed upon by the parties.

Goh’s son denied that he had withdrawn the FD.

“How can anyone else withdraw my money without any notification from the bank?

“After so many years and attempts, the bank still could not tell me anything,” Goh lamented.

Banks are required to keep records for up to seven years. This means there might not be any records of withdrawals that happened before November 2014.

Maybank: One of four FDs under Goh’s name withdrawn

When contacted, a Maybank spokesperson said they are still in the process of locating the records for Goh’s four fixed deposits, which were placed with Maybank Finance more than 20 years ago.

It added that it has started an investigation to determine the status of the FDs, and has located one of them. Based on its probe, that particular FD has been withdrawn.

“The said FD was converted into a Maybank FD (from Maybank Finance) and subsequently uplifted by the customer.

“Due to the confidentiality restrictions imposed on us under the Financial Service Act 2013 and/or Islamic Financial Services Act 2013, the bank will not be able to divulge further details but has provided the necessary updates to the customer,” the spokesperson said.

In banking terms, to uplift means to withdraw funds from an FD.

Maybank took over the operations of its wholly-owned business unit Maybank Finance in 2004.

The spokesperson added that it is currently working to locate the documents for the other deposits and will continue to update the customer on the progress of the remaining three fixed deposits.

“We advised Goh to recall if she may have uplifted the FD on her own and also to check with the other joint FD account holder on the same.”

Maybank said it will notify Goh in writing on the outcome of the investigation once it is completed.

Despite the drawn-out process to locate her allegedly missing funds, Goh has not lodged a police report on the matter.

“If they still can’t get back to me, then my next step will be to make a police report,” she said.