In December 2017, I got frustrated when I wish to top up Manulife PRS investment through Maybank. I have done that before and I did share in my previous post. It was simple, quick and easy too.
But this time, when I wish to do my transfer, I saw additional detail which is the PRS account number. Not a problem because I have my PRS account number. But, the transaction was unsuccessful.
The error message mentioned ‘Unsuccessful – Invalid bill account/reference number. Rejected Code: [0087]‘.
Account number when top-up Manulife PRS online
I tried for the second and third time but still failed. At last, I called my PRS consultant and I told her the issue I faced. I sent her the error page as well.
That is when she told me to remove the last 2 characters of my PRS account number [PRS account number consist of 12 characters XXXXXXXXXX-X. I just omit the last 2 characters ‘-X’].
Finally, my transaction is successful. She reminded me to send her my Maybank online transaction slip, together with a print screen to prove that the Maybank account holder is under my name.
Because she told me, from 2017 onward, PRS transfer through the third party is not allowed. The reason is related to the Anti-Money Laundering Act.
Can you top up Manulife PRS on behalf of someone else?
There comes the second problem. Because a friend of mine had transferred her fund to me so that I can assist her to top up her PRS investment. The previous year, I had successfully helped her to top up her PRS fund.
Due to the Anti-Money Laundering Act, I had to transfer back the fund to her, so that she can do the Interbank GIRO (IBG) from her own bank account to the PRS Maybank account. Quite troublesome.
Luckily I had contacted my PRS consultant earlier when my bank transfer was unsuccessful. And she advised me that I will not be able to help my friend to top up her fund through my bank transaction.
Even if I can successfully transfer the fund, the fund will not be reflected in my friend’s PRS account. Because of different bank account names versus PRS account names.
Important notes when performing Manulife PRS top-up through online
So, 3 lessons learned:
- Double-check with PRS agent before performing any transaction.
- Online top-up must be through PRS member’s own bank account holder name only. Transfering from a third party account is not allowed.
- Alternatively, PRS member can choose to deposit cash but the original bank-in slip must be submitted to the PRS agent.
Final thoughts
I hope the above sharing is able to help PRS members who wish to top up their PRS retirement fund through Maybank online.
Lastly, do take note not to make the fund transfer on behalf of another person. Else, it is troublesome to get back your fund.
Updates on 8 August 2019
With effective from 2018, PRS members can register and top-up their PRS fund through the PPA website. For this, you might be interested to read my sharing on how to top-up PRS online with complete guidelines.
Read more: My first Private Retirement Scheme (PRS) investment
photo credit: Senior Guidance Piggy bank with dollar bills via photopin (license)
