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Announcement

Update of Terms & Conditions for Deposits Product

Dear Valued Customers,

Please be informed that the Terms and Conditions for the following Products have been amended. The amended terms and conditions shall take effect on 20th October 2021.

  1. Alliance Bank Deposits Account (Current Account, Savings Account and Fixed Deposit)
  2. Alliance Bank Foreign Currency Account
  3. Islamic Deposit Terms and Conditions

A tabulation of the amended/revised clauses are set out in the table below:
 

Product Name Clause No. Deleted/Amended Clauses
Alliance Bank Deposits Account (Current Account, Savings Account and Fixed Deposit)
 -
 
Existing Clause :
  • You are required to produce the original Fixed Deposit receipt or certificate/Alliance FDGold receipt or certificates duly endorsed for renewal or withdrawal of the Fixed Deposit/Alliance FDGold receipt/certificates. This requirement is not applicable for Fixed Deposit Account and Alliance FDGold Account opened via Digital Banking One System (DBOS).

24.1(a)
 
Revised Clause :
  • Effective 1st December 2021, you are not required to present the original Fixed Deposit/Alliance FDGold receipt or certificate duly endorsed for renewal or withdrawal of the Fixed Deposit/Alliance FDGold.
24.1(b)
 
  • The Fixed Deposit/Alliance FDGold receipt or certificate serves only as a confirmation of the placement of the Fixed Deposit/Alliance FDGold and is not a document of title.
24.1(c)
 
  • If there is any inconsistency  between the physical evidence of Fixed Deposit/Alliance FDGold receipt or certificate produced by the you or other evidence of whatsoever nature/description and the Bank’s record/system, the latter shall prevail in respect of such inconsistency.
24.1(d)
 
  • The Fixed Deposit documentary evidence produced by you cannot be used against the Bank and in the event of any dispute or conflict between the Bank’s records and the documents produced by you, the Bank’s records shall prevail.
24.1(e)
 
  • Pursuant to the “Unclaimed Moneys Act 1965 (Revised 2002)”, the funds/balances in the Fixed Deposit/Alliance FD Gold will be sent to the Registrar of Unclaimed Moneys (“RUM”) if the last transaction date (including auto renewal instruction date) is more than seven(7) years. Prior to such transfer of funds/balances to RUM, the Bank will send a notice advising you to renew or withdraw the Fixed Deposit/Alliance FDGold to avoid the monies being transferred to the RUM.
24.1(g)
 
  • Only Fixed Deposit/Alliance FD Gold placed via allianceonline can be withdrawn via allianceonline.
24.1(h)
 
  • Any other placement of Fixed Deposit/Alliance FDGold other than via allianceonline will not be able to be withdrawn via allianceonline
24.1(i)
 
  • Renewals or withdrawals of a Fixed Deposit by a company at the Bank’s branch must be supported by a letter of instruction signed by the authorised signatory(ies) of the company. Such letter of instruction shall include authorisation for a third party if the renewal or withdrawal transaction is done by a third party at the branch.
Foreign Currency Account
(Foreign Currency Fixed Deposit)
24(h)
 
  • Effective 1st December 2021, Customers are not required to present the original FCFD receipt for renewal or withdrawal of the FCFD.
24(i)
 
  • The FCFD receipt serves only as a confirmation of placement of the Fixed Deposit and is not a document of title.
24(j)
 
  • If there is any inconsistency between the physical evidence of FCFD receipt produced by the Customer or other evidence of whatsoever nature/description and the ABMB’s record/system, the latter shall prevail in respect of such inconsistency.
24(k)
  • The FCFD documentary evidence produced by the Customer cannot be used against ABMB and in the event of any dispute or conflict between ABMB’s records and the documents produced by the customer, ABMB records shall prevail.
24(l)
  • Pursuant to the “Unclaimed Moneys Act 1965 (Revised 2002)”, the funds/balances in the FCFD shall be sent to the Registrar of Unclaimed Moneys (“RUM”) if the last transaction date (including auto renewal instruction date) is more than seven (7) years. Prior to such transfer of funds/balances to RUM, the Bank will send a notice advising you to renew or withdraw the Fixed Deposit/Alliance FDGold to avoid the monies being transferred to the RUM.
24(m)
  • Renewal or withdrawal of a FCFD by a company at ABMB’s branch must be supported by a letter of instruction signed by the authorised signatory(ies) of the company. Such letter of instruction shall include authorisation for a third party if the renewal or withdrawal transaction is done by a third party at the branch.
Islamic Deposit Terms and Conditions
(Term Deposit-i and Junior Smart Term Deposit-i)

 -
 
Existing Clause :
  • The customer is required to produce the duly endorsed receipt/certificate for ATD-i/JSTD-i in order to renew or withdraw the ATD-i /JSTD-i certificate. This requirement is not applicable for ATD-i/JSTD-i opened via Digital Banking One System (DBOS).

 -
Revised Clause :
  • Effective 01 December 2021, customers are no longer required to present the original receipt/certificate for renewal or withdrawal of ATD-i/JSTD-i. Renewals or withdrawals of an ATD-i by a company must be supported by a letter of instruction signed by the authorised signatory(ies) of the company. Such letter of instruction shall include authorisation for a third party if the renewal or withdrawal transaction is done by a third party at the branch.
 -
  • ATD-i/JSTD-i receipt/certificate is not a document of title and acts only as an evidence of placement for the ATD-i/JSTD-i account. If there is any inconsistency between the physical evidence of ATD-i/JSTD-i receipt/certificate produced by the customer or other evidence of whatsoever nature/description and the Bank’s record/system, the latter shall prevail in respect of such inconsistency.
 -
  • Documentary evidence produced by the customer for ATD-i/JSTD-i cannot be used against the Bank and in the event of any dispute or conflict between the Bank’s records and the documents produced by the customer, the Bank’s records shall prevail.
 -
  • Pursuant to the “Unclaimed Moneys Act 1965 (Revised 2002)”, funds/balances in the ATD-i/JSTD-i will be sent to the Registrar of Unclaimed Money (“RUM”) if the last transaction date (including auto renewal instruction date) is more than seven (7) years. Prior to such transfer of funds, the Bank will send a notice advising the customer to renew or withdraw the ATD-i/JSTD-i to avoid the monies being transferred to the RUM.
Please log on to www.alliancebank.com.my/update-of-tnc-for-deposits-products-oct-2021 for a copy of the amended Terms and Conditions.

Should you have any queries, please do not hesitate to contact our Customer Service at 03-5516 9988.

Thank you.
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