Kuching: HSBC Bank Malaysia Berhad has been urged to act with urgency and transparency in resolving a dispute involving a customer’s decades-old fixed deposit amounting to RM120,000.
Special Assistant to Stampin MP Chong Chieng Jen, Michael Kong Feng Nian, called on the bank to conduct a thorough investigation into its historical records and provide a clear explanation regarding the status of the deposit belonging to Mr Chong.
“Depositors must have confidence that their money placed with financial institutions is properly safeguarded and that they will not face unnecessary obstacles when attempting to retrieve their own funds.
“I will continue to follow up on this matter and ensure that Mr Chong receives the assistance and answers he deserves,” he said.
He said this in response to the issue stemming from a fixed deposit placed many years ago with HSBC Finance (Malaysia) Berhad by Mr Chong.
Mr Chong still holds the original receipt, and according to the terms governing the fixed deposit, withdrawals can only be made upon the presentation of the original receipt.
Kong said that as the receipt has always remained with the account holder and has never been presented to the bank, there is strong reason to believe that the fixed deposit has never been withdrawn.
“Mr Chong has previously attempted to contact HSBC to obtain details regarding his fixed deposit and to recover his funds.
“However, he was informed that the account is too old to be located in their records, and no further assistance was provided,” he said.
He added that, on top of that, HSBC claims that the document was not a receipt but merely an “advice of deposit”, despite it stating that “this Receipt is not transferrable”.
“Given the seriousness of the matter, I wrote formally to HSBC in January this year seeking clarification and requesting that the bank verify the status of the fixed deposit.
“Unfortunately, the bank has maintained their earlier position. As a result, I met the assistant manager and asked them to investigate the matter thoroughly, particularly when their document clearly indicates that it was a receipt, contrary to their claims,” Kong further explained.
He pointed out that the case raises important questions about accountability and record management within financial institutions.
“Banks hold deposits in trust for their customers, and they carry a duty to ensure that depositors can access their funds, regardless of how long the deposit has been maintained.
“The fact that the original fixed deposit receipt is still in the possession of Mr Chong is a crucial piece of evidence that must be taken seriously. Simply stating that the account is “too old” cannot be an acceptable explanation when a depositor is seeking the return of his own funds,” he said.
