Banking tips for consumers


Below are some tips when dealing with banks. Hopefully these tips can help you to avoid problems and make your banking experience a pleasurable one.


Read your contract carefully

Don’t just sign the contract! Make sure you read and understand the terms and conditions of an agreement/contract for any loan or investment before signing any related documents.


Obligations of a guarantor

Guarantors are legally bound to make repayment if the borrower fails to settle a loan. That is one of your main obligations as a guarantor. So think really hard before agreeing to become a guarantor. Be smart!


Disclosure of financial information

Do not disclose your financial information such as account number, credit card number, password and other personal particulars to third parties either via telephone, e-mails or any links in websites.


Transactions at ATM machines

Do not allow third parties to make transactions at ATM machines on your behalf, even to those whom you know such as your spouse. Keep your ATM card and the PIN number to yourself.


Credit card

Use your credit cards only as a payment instrument, and not as a source to borrow money. If you must borrow, make sure you can pay back the whole amount within the interest-free time frame. Please verify the amount swiped after each transaction and make sure the card returned belongs to you.  


Submission of documents

Be cautious before submitting photocopies of your identification card or passport to third parties, other than to financial institutions or lawyers acting on your behalf.


Internet banking facilities

Do not be deceived into updating your internet banking password or PIN number online. If you’ve received an email requesting such update, it’s for sure not from the bank. It’s a scam! Banks will never request such update to be conducted online.

Do not open an internet banking account in order to win prizes or inheritance from an unknown party. This could be a scam! If you have already done so, contact and report to your bank and to the police immediately for their further action, also keep Bank Negara Malaysia informed.


Using internet banking

When accessing your internet banking from a cyber cafe or from a computer other than your own, make sure you use the onscreen keyboard to enter your password. This will minimize the risk of your password being recorded by a keylogger software.

Do make sure that you have log-out properly after using the internet banking and clear the memory cache after completing the transactions.

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