Michael has 2 Fixed Deposit accounts with ABC Bank Berhad in the total sum of RM100,000.00 which he has deposited since 2010. He heard that the Bank Negara Malaysia will forfeit the money as unclaimed moneys as his bank accounts have remain inactive for more than 3 years, hence he will not be able to recover a single cent.
Therefore, Michael money will only be considered as unclaimed money if the Fixed Deposit accounts remain inactive for more than 7 years.
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