What is a Current Account
A current account is a deposit account offered by all banking institutions in Malaysia and can be used either for personal or business. As a current account holder, you can make payment by cheques (checks). Therefore, you should know what the use of cheques before making any payment.
Every banking institution has different requirements for opening a current account. Product features offered by each banking institution is different for example only a handful of institutions that offer current accounts with interest. Therefore, it is advisable to make comparisons before opening your current account.
Current account features
As a current account holder, you can:
- Payment by cheque
- Deposit cash and cheques
- Account inquiries
- The transfer of funds in the same banking institution
- Payment of bills
- Money transfer to a different bank (GIRO)
- You will also receive a free statement every month. This statement records all deposits and withdrawals that you did to help you calculate the current balance of your account.
Your responsibilities as an account holder
- Always keep your account number and PIN
- Always keep your account statements in a safe place
- Always destroy or tear the canceled cheques
When to notify the bank
Immediately notify your banking institution if:
- There is any change of address or phone number
- Loss of a cheque or cheque book
- There is an error, discrepancy or unusual transaction in your bank statement
When you open a current account, the bank will get your specimen signature. The bank will compare your signature on the cheques with the specimen signature you provided. If the signatures are different, the bank has the right to decline and return the cheque.