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New Money Lock feature now available on the MAE app

Dear Valued Customers,

We’re pleased to introduce our latest anti-fraud feature – Money Lock.

Money Lock is a first-of-its-kind counter fraud security feature on the MAE app, which allows you to lock funds in your Current or Savings Account(s). This added layer of protection keeps the funds in your account safe as it prevents online scammers from accessing your locked funds digitally.

With Money Lock, Maybank is the first bank in Malaysia to enable customers to digitally lock funds in the existing Savings and Current Accounts of their choice. Once you have activated Money Lock via the MAE app and locked your funds, you will also be able to increase the locked amount at any time in the event of an emergency.

For added security, you will only be able to unlock your funds or decrease the locked amount at any Maybank ATM or branch.

Click here for more information on Money Lock and step-by-step guides.

For further enquiries, please email us at mgcc@maybank.com.my.

 

FAQ

  1. What is Money Lock?

Money Lock feature is an added layer of security to better protect your money by locking your customised amount in your Current or Savings Account(s). You can lock your funds that are in excess of what you need for regular or budgeted expenses. Funds that are locked cannot be accessed digitally and can only be unlocked via any Maybank ATM or branch.

  1. Do my locked funds still earn interest?

You will continue to earn the same interest on the funds that are locked as it is part of your current or savings account balance.

  1. How do I lock my funds?

You can lock your funds via the MAE app.

Step 1: Launch your MAE app and tap 'Accounts' at the bottom navigation bar

Step 2: Select the account you want to lock funds for

Step 3: Once you’ve selected the account, tap the ‘Money Lock’ icon

Step 4: Read the on-screen information and tap ‘Lock Now’ to lock your funds

  1. How do I unlock my funds?

You can unlock your funds at any Maybank ATM or branch counter.

  1. Can I unlock my funds if I am overseas?

You are only able to unlock your funds at Maybank ATMs or branches. Please make arrangements to unlock your funds before you go overseas if you need to access your locked funds while you are away.

  1. What happens when my funds are locked?

When your funds are locked, they cannot be used for:

-New or existing payment arrangements (e.g. GIRO, standing instructions or future-dated transfers)

-Transfers to another Maybank account

-Transfers to another bank account (e.g. local and overseas transfers)

-Bill or credit card payments

-Fixed deposit placements or investments

-Loan or tax repayments

-Cheque payments

-ATM withdrawals or transfers

-Debit card usage

Kindly note that once your funds are locked, you will not be able to access them digitally. They will be kept safe until you are ready to unlock the funds. Please ensure that you keep enough available balance in your account to avoid any late fees or charges.

  1. Which accounts are eligible for Money Lock?

You can use the Money Lock feature for all Current and Savings accounts except Master Foreign Currency Account (MFCA), Imteen and Joint accounts.

  1. What happens if I have pending transactions or payments but my account has insufficient balance?

Please ensure that you keep enough available balance in your accounts to avoid any late fees or charges.

 

For funds that are locked

If you have any scheduled/recurring payments or standing instruction

For scheduled/recurring payments or standing instruction, the transaction will not be processed for the particular month and you may need to make the payment manually. However, the transaction will still continue for the following month subject to fund availability.

If you have any fees or charges

For current accounts, the fees will be deducted from your account. However, if your account balance is negative, it may incur additional charges and your account may be suspended.

For savings accounts, the fees will not be processed and your account may be suspended. If you also have a Current Account, the fees will be deducted from your Current Account instead.

If you issue a cheque and the Bank bounces/returns your cheque

The Bank may return your cheque and there will be additional charges to your account due to insufficient funds.

Note: In the event the Bank returns your cheque, your recipient will not receive the funds.
  1. How do I pay any outstanding fees or charges in my account?

You will need to manually top up funds into your account. Then, the Bank will deduct any outstanding fees or charges in your account the following month. 

  1. How do I unlock my funds If I do not have a card?

You will need to go to any Maybank branch to unlock your funds

  1. How much of my funds can I lock up?

You can lock a minimum amount of RM10 and up to the total available balance in your current or savings account.

  1. What are the operating hours of Money Lock?

You can lock and unlock your funds via ATM (6am to 11:30pm) or at the branch (9:30am to 4pm; click here for full list of operating hours).     

  1. How long will it take for my funds to be locked?

Your request will be processed immediately. We will send you a push notification to inform you that your funds have been locked.

  1. How long will it take for my funds to be unlocked?

The unlocking of funds will be immediate.

  1. How do I increase the amount locked in my account? Can I submit multiple requests to lock funds in the same account(s)?

You can increase the amount locked in your account at any time. You do not need to release your locked funds first.

For example: You have locked RM1,000 in your account today. However, you decide to lock another RM5,000 tomorrow.

To do so, just submit another request via the MAE app. Your funds will be locked immediately and your locked amount updated to RM6,000.

  1. Can I unlock some of the funds that I have locked?

Yes, you can partially unlock any amount of funds you have locked via any Maybank ATM or branch.