Terrible Experience with Banks in Malaysia (Part 2)
Time flies, in March 2021, we finally obtained the Grant of Probate for our late father. Even we have Grant of Probate, but due to the pandemic lockdown, we can’t go to banks to unfreeze or release the estates.
Finally we have a break in May 2021, with Grant of Probate on hand, I contacted the relationship manager from RHB bank that handle my late father account, seek her advice on what need to do next. Because, this is account have most of the monies, that’s why I contacted her first. The relationship manager asked me if I am interested to open premium banking account with RHB bank, and I explained to her that, this monies are not belong to me alone, it is our family fund, and I need to discuss with my siblings. Guess what happened? The relationship manager just said: “You can go to his home brunch at Kepong and check with the officer there. tu…. tu…. tu….”, she just hanged up the call….
Come on, I understood that you can’t get me as your new client, but don’t be suck a jerk and hang up the call like that? You are NOT just represented your bank, but also yourself, if you ever go to other bank and we shall meet again, I will not have you as my banker too.
I went to RHB Kepong brunch, the officer on duty was kind enough to assist me with the processes. Minutes later, she come out with some documents for me to sign and she told me, the cheque will be issued under the name of my brother and I, a joint name account is needed to deposit the cheque.
I did ask the officer in charge, why the cheque is issued to the joint name of the executors instead of The Estate of the Deceased? He explained that in the Grant of Probate, it said so, hence the bank act according to the Grant of Probate.
I received the cheque a week later, but I can’t deposit it for the next 5 months.
Not a good idea to have joint executors for your Will.
My late father has two sons and a daughter, I’m the eldest. My sister is working in United Kingdom, where my brother is working in Hong Kong. My brother and I are Joint Executor and Trustee for our late father Will, can you see what’s the problem now?
The first problem we are facing is, my brother and I don’t have a joint name bank account, hence if the rest of the bank issue the cheque under the joint name, we won’t be able to cash it.
If the bank issue the cheque in the name of “The Estate of Deceased’s name” we also can’t deposit it, because the estate bank account just wasn’t there. To open such an estate account, banks require both Executors present in front of the officer in person, which at this pandemic situation, it is nearly impossible.
After discuss with one of my best friends who also a lawyer, she suggested me to consider to ask my brother to assign me the power to execute on behalf on him regarding to the matter via Power of Attorney. My brother agreed. Our lawyer drafted the documents, and my brother make a trip to Malaysia High Commission at Hong Kong, and signed the document in front of the officer there. Mail back the signed document and our lawyer immediately go to register it with High Court of Malaya. Again, due to the Movement Control Order (MCO), we only managed to get it done in late July 2021.
August 2021 is the worst month of pandemic for Malaysia, daily confirmation cases were between 16K to 24K.
Thanks to the aggressive vaccination program, the inflections rate dropped significant, and the business activities are resume stage by stage.
I’m trying to open an joint account and an estate account, so I contacted those banks which our late father still have accounts with them. See if possible they can assist us to open the needed accounts.
The main challenge for opening the joint account and estate account simply because one of the executors are not in Malaysia in-person. The bank have challenge to complete KYC (Know Your Customer) process, but it is not impossible according to my other friends who working in financial industry.
According to my friends, it is all about how far the bank officer want to go, and how knowledgeable they are in navigate all the process. With this in mind, the most simplest way is, to open an joint account with the bank which my brother already have account with, this meant, he don’t need to do KYC any more, he is already existing customer, the only person need to be KYC is me.
My brother has account with OCBC Bank, and happened that our late father also their customer. I contact the relationship manager of my late father in OCBC bank, make an appointment with her, to tell her that our intension.
When we meet, I show her the following documents, Grant of Probate, Power of Attorney, Death certificate. She took all the documents and go back office to check with other officers. About 10minutes later, she returned and told me that her colleague told her that I need to get Letter of Administration, the Grant of Probate is not what they want.
I’m so shock, I’m not a lawyer, I’m just a software development and trainer, yet I know these two documents have the same legal power, yet they said it is NOT. Insisted me to get Letter of Administration (LA), only then the bank will proceed with account closing. On the account opening side, she just said the other person must be present in person.
Fortunately, my brother has an ex-colleague in Hong Kong who are now working for OCBC Hong Kong. After my brother told him that the challenges that we facing to open the accounts, he said he can send the email to relationship manager in Malaysia and guide them how the Hong Kong office can assist it.
Few days later, we established email communication which include OCBC HK, Relationship Manager in OCBC Malaysia, my brother and myself. From the first email, already clearly stated that OCBC Malaysia Kepong branch can send the documents to OCBC Hong Kong Branch or OCBC Wing Hang branch (HQ), for joint account and estate account opening.
The local office here said they need to check with OCBC Hong Kong office see which office able/willing to assist, but… that information already sent to them in the first email clearly stated which branch are offering their service. Then, the local branch here ask the permission from my brother to forward his detail to OCBC Malaysia HQ for account opening process. My brother ask, if this request is for both type of account or just estate account opening, coz my brother received the document is just for estate account opening.
When my brother asked that question, the manager replied that “Usually for deceased, is open an estate account, not a joint account.”
Hej, vi hade redan sagt till dig i början, vi skulle vilja öppna ett gemensamt namnkonto och ett fastighetskonto.
We don’t speak the above language… Yes, the manager is right, that’s “usually”, but in our situation is different, did he ever spent a minutes or so to read the email? or just act “usually”, if he does read it, he won’t answer that way.
I think a day or two after we started the email communication, the manager of relationship manager contact me via phone, he told me that the Power of Attorney that I show them previously is invalid. The reason for it is, the signature of my brother is witness by the officer in Malaysia High Commission Hong Kong, but the Power of Attorney is register with High Court of Malaya by Malaysia law firm.
I asked him, what is the correct process, he said the Power of Attorney should be registered in High Court in Hong Kong, I’m like…. Are you serious? Can a Hong Kong High Court document have any legal ground in Malaysia? My lawyer friends, please enlighten me.
Again, the Power of Attorney is nothing to do with the account opening process, but I don’t know why it being brought up for discussion.
After a week or two (late October 2021), finally the joint account, estate account for our late father is finally opened. Even thought the officers from OCBC Malaysia make and ask tons of stupid things, most importantly, they are the only one manage to get the thing done. I still gratefully thanks them for their services.
And finally we manage to deposit the RHB Bank cheque…
By now, you might wonder, what about Citibank? You already have all the necessary court documents….
That’s the stories for part #3.
