Joint Accounts

[fizzychickensoup]

Now there is a good question, and unfortunately I don't have the answer

I know many couples like to have their own bank account/funds, but there are some significant advantages in having joint bank accounts should one suddenly and unfortunately meet an untimely demise (I guess it will happen to all of us sooner or later...the demise that is & not necessarily sudden!)

Having said that most but not all of our accounts are in joint names.....maybe I should practice what I preach

[papaya]

I know many couples like to have their own bank account/funds, but there are some significant advantages in having joint bank accounts should one suddenly and unfortunately meet an untimely demise (I guess it will happen to all of us sooner or later...the demise that is & not necessarily sudden!)

I'm struggling with that one FCS.  I thought that ALL bank accounts of a deceased person had to be frozen on death.  So if you had all joint accounts, wouldn't the one who had not popped their clogs be unable to access any of the bank accounts?

[fizzychickensoup]

Perhaps there are different kinds of 'joint bank accounts'!
With ours, either party can add or debit funds from the accounts with out the signature/endorsement of others, so I logically conclude from this that should one die, then the other still has the right to continue to use the account.

I may be wrong....and as this develops we might need to split it off to a new thread!

[MartinB]

Hi All

I believe that joint accounts can be used by the surviving member if one of the account holders dies.
This was the case when my Father died and it allowed my mother time to sort things out then put the accounts into her sole name.They had looked into this many years ago so I guess they got the info from the bank. I was always told to have joint accounts for this reason. I would advise checking with your Bank just to make sure.
Regards Martin

[scott]

hi,

I have pretty much the same understanding as Martin. All of my accounts are joint. In the event of my demise, which I will be very upset about, the instructions to the memsahib are to :

a). Leave the grieving till later. 
b). Leave the body. 
c). Leave the gin/booze alone.   

d). Get down to the bank as a first priority and cash-out the joint accounts.
e). And then phone the authorities.

f). Organise the wake. 

regards, Scott

[papaya]

Thanks Martin.  Okay, will have to bear this in mind for the future and have a chat with our banks.

Scott - yeh,  .  But how to clear out a fixed deposit quickly?  No don't answer that.

[scott]

hi,

That's a very good question, Papaya.

Can a couple have the mm2h FD in joint names?

Anyone know?

regards, Scott

[donohue]

Hi
this might help (In practice banks allow access for living and funeral expenses but no big withdrawals. The practical advice is make a good size withdrawal before telling the bank that the other account holder has died.)

Cheers
Donohue

Once death has occurred and the fact is notified to the bank or building society they may choose to prevent access to joint accounts. This comes at the very moment when the surviving spouse may need access to the funds. The bank or building society may continue paying out standing orders or indeed stop all transactions. If the balance of the joint account was low at the time of death this can cause defaults on critical payments such as the mortgage, car loan repayments etc.

If a couple only have a joint bank or building society account, the surviving spouse is advised to consider opening a separate account in their own name before the death of their partner takes place.

By opening a new account and paying all monies into that account, these funds can be used to pay into the joint account to ensure payment of the standing orders until the direct debits can be transferred to the new account.

[Danny]

Can a couple have the mm2h FD in joint names?

A couple with a joint account can have FD in their names, as we do. In fact Maybank offers that option when creating an e-FD (electronic FD). But our FD's are not for MM2H purpose.
Don't know if that will make a difference.

[YvonneLim]

Dear All,

Q: Can a couple have the mm2h FD in joint names?

Answers:

1) Applicants can include their spouses’ name in the bank accounts provided the spouses were in the same MM2H application.

2) Applicants may have joint accounts with their dependants whose names were on the MM2H Conditional Approval Letter.

3) Applicants are advised to instruct the banks to use the option of “Either one to sign” for the joint- FD’s or any other accounts.

All the above are allowed under the MM2H Programme.

Best Regards,
Yvonne Lim

[scott]

hi,

Thanks for the info Yvonne.

I've also just had an email reply from Cindy Lim at the mm2h centre. She also confirms that if the married couple is named in the approval letter then they are permitted to have the FD in joint names.

So there you have it. Confirmed by 2 sources.

regards, Scott

[papaya]

Once death has occurred and the fact is notified to the bank or building society they may choose to prevent access to joint accounts. This comes at the very moment when the surviving spouse may need access to the funds. The bank or building society may continue paying out standing orders or indeed stop all transactions. If the balance of the joint account was low at the time of death this can cause defaults on critical payments such as the mortgage, car loan repayments etc.

If a couple only have a joint bank or building society account, the surviving spouse is advised to consider opening a separate account in their own name before the death of their partner takes place.

By opening a new account and paying all monies into that account, these funds can be used to pay into the joint account to ensure payment of the standing orders until the direct debits can be transferred to the new account.

Is this across the board D?  I mean, are we talking about UK banks, Malaysian banks?  The same for Singapore banks?

[donohue]

This is pretty much the same for all common law countries which includes Sinagapore, Malaysia the UK Oz and NZ.  If it is a big issue i suggest you get some local advice.
Cheers

[Shirley Liu]

hi,

That's a very good question, Papaya.

Can a couple have the mm2h FD in joint names?

Anyone know?


regards, Scott

Hi,

WE got our MM2H FD joint names.

Cheers,
Shirley.

[Mary]

Hi all,

Very interesting info as we will be flying to Malaysia tomorrow to open our FD. Looking so much forward to be in Malaysia :-)