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CHAPTER 3 : ACCOUNT OF CUSTOMERS 5C (3.1 TYPES OF CUSTOMERS (Natural…

- - - - 2) Must not be a bankrupt or insane
      - 3) No need introducer for savings account but require an intoducer for
      - 1) Age must be 18 and above
      - 4) Minimum deposit
        :credit_card: CIMB requires minimum initial deposit of RM20 for a savings account and RM500 deposit for current account
    - - 1) Photocopy of identity card or passport
      - 2) Specimen signature. To sign on bank specimen card.
    - - SAVING ACCOUNT
      - CURRENT ACCOUNT
    - - An account whether savings or current account which is conducted by two or more person normally between members of family
      - Bank will normally require obtaining a mandate from joint account holders covering the execution of documents
        
        MANDATE: A written instruction given by a customer to his banker, instructing the banker that a named 3rd party is authorized to do certain act for the customer
      - Documents to be submitted to bank:
        
        2) Specimen signatures of all joint holders
        
        3) Mandate form and method of signing
        eg: either one,all sign or other arrangements
        
        1) Photocopy of identity cards or passports of all joint
        holders
      - Doctrine or Rule of Survivorship
        
        :check: In case of death of any joint holder, the survivor joint holder is entitled to the whole balance in the account (credit balance) after clearance from Pejabat Duti Setem
        :check: The matter will be resolved in court between the survivor and the personal representatives
        
        If one of the joint account holders becomes bankrupt, the bank should take the following actions:
        1) Stop any withdrawal by the surviving parties
        2) Any withdrawal should be made with the consent of the Official Assignee and the solvent parties
    - - Mean that together and in separation liability.
        
        JOINT LIABILITY
        
        Means: Each defendant is responsible for paying the demages in a liability lawsuit, up to the total amount
        
        SEVERAL LIABILITY
        
        Means: Each defendant is responsible for paying their own share of the demages, determined according to fault