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Money Lock

Protect your savings with our new anti-fraud feature

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What is Money Lock?

Money Lock feature is an added layer of security to better protect your money by locking a 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 can only be unlocked via any Maybank ATM or branch.

This added layer of protection keeps the funds in your account safe as it prevents online scammers from accessing your locked funds digitally.

Benefits

  • Locked funds in your current or savings account(s) cannot be accessed until you unlock them for use. 
  • Continue to earn the same interest/profit on your current or savings account(s) for your Money Lock funds.
  • Flexibility to increase the locked amount at any time via the MAE app.
  • Unlock your funds or decreased the locked amount at any Maybank ATM or branch.

How to lock your funds

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

Step 5: Enter your preferred amount to lock

Step 6: Review and agree to the Terms & Conditions shown

Step 7: Review the details and tap ‘Confirm’

Step 8: Approve the transaction via Secure2u and you’re done!

Your locked amount will appear on your account card in the ‘Accounts’ page.

How to increase locked amount

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

Step 2: Select the account you want to increase your locked amount

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

Step 4: Enter the amount you wish to increase

Step 5: Review the details and tap ‘Confirm’ to increase your locked amount

Your updated locked amount will appear on your account card in the ‘Accounts’ page.

How to unlock your funds or decrease your locked amount

To unlock your funds or decrease your locked amount, visit your nearest Maybank ATM or branch.

Unlock or decrease your funds via a Maybank ATM:

Step 1: Choose a language and input your 6-digit card pin

Step 2: Select ‘Other Transaction’ on the Main Menu

Step 3: Select ‘Money Lock’

Step 4: Choose an account to unlock

Step 5: Select ‘Unlock/Decrease Amount’

Step 6: Enter an amount to unlock

Step 7: Enter your ID number for verification

Step 8: Select ‘Yes’ to confirm and you’re done!

FAQ

  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 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. 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 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.

Click here to read the full FAQ.