TYPES OF ACCOUNTS (CURRENT)
A Coggle Diagram about signatories and changes of signatories
, usage of a current account
, requirements to open a current account
, types of current accounts
, a deposit account available at all banking institution in Malaysia and can be used for either personal or business purposes
, who can open a current account?
- generally, banks would only consider the application of the applicant is:
- 18 years old and above
- not a bankrupt
- of sound mind and has the mental and physical capacity to operate the account properly
- for business owners and professional entities, they must ensure that they are properly registered with the relevant authorities
- the bank has the discretion to accept or decline on application to open the account
- different banking institutions have different requirements for opening a current account
- it is advisable that you seek and compare what each bank has to offer before opening up a current account
, a current account holder is allowed to use cheques as a way to make payments
- as a current holder, you will be able to make:
- cheque payments
- cheque and cash deposit
- account euquiries
- funds transfer within the same banking institution
- bill payments
- inter-bank transfers (GIRO)
- you will also receive free monthly statements delivered to you
- these statements will help you keep records of all deposits and withdrawals that you've made and calculate the current balance
and your responsibilities as an account holder
- Always keep your account numbers and PINs that have been issued to you confidential.
- Always keep your account statements in a safe and secure place.
- Always destroy or shred cancelled cheques.
- Immediately inform your banking institution of any of the following:
- any change of address or telephone number
- loss of cheque or cheque book
- any discrepancy in your bank statement