I was about to transfer some donation to a personal Maybank account. After I key in my TAC number, I received: Unsuccessful – Account is not authorized. Reject Code: 
I was quite surprised. Because I am pretty sure that I still have sufficient balance. So I did some research on Maybank Facebook Page. I foundout that error code 0076 refers to account not authorized normally due to:
Account status (account dormant/ inactive and maximum transaction numbers in audit trail).
For fund transfer, either sender or/ and recipient account reached the maximum limit of account transaction number (audit trail).
Account status (account blocked due to loan/ credit card payment issue).
Amount payable is not matched with the outstanding/ due amount (for credit card/ loan payment).
So my guess is that maybe the account has too many transactions. Did you know that for Savings Accounts, the number of transactions that can be done is limited to 30 pages/bank book pages or 120 transactions within the 5th to 20th day of the month or the 21st to the 4th day of the following month.
This is because savings accounts are intended for savings or income/salary credits. If your account has a high account transaction frequency, your ‘audit trail’ of your account will be full and transactions are not possible.
How To Solve
To resolve this, please bring your ID, ATM card and bank book (if available) and visit the nearby Maybank branch counter for the branch to assist you in updating (clear audit trail) of your account.
If you intend to use an account for business purposes, Maybank will recommend that you apply for a current account opening that can accommodate an unlimited number of transactions.
You can request a M2U Premier account opening with a minimum deposit of RM500 only. Applications can be made online through Maybank2U. For more information, please refer to the following link:
http://goo.gl/z22Hu – Maybank2u.Premier
If you have Maybank2u access, you can apply by following the steps below:
> Login> Home> Apply Online> Maybank2u Premier
If you do not have Maybank2U access, you can apply by visiting Maybank2U’s website at www.maybank2u.com.my and follow the steps below:
Apply Online> Maybank Account> Maybank2u Premier
* Please note that this service operates from 8:30 am to 5:00 pm daily.
5. You will receive On Time Password (OTP) sms, key in the OTP. Make sure your handphone number is correct.
6. Then you will need to key in your MyKad number.
You must have internet connection to use Secure Verification. To choose Secure Verification as the mode of authorisation, you will be prompted with a push notification message alert on your registered smartphone. You need to “Approve” or “Reject” the transaction within 30 seconds.
If you choose Secure TAC as your mode of authorisation, you can obtain the 6-digit number by tapping on ‘Secure2u’ button on the aybank App. Please enter the 6 digit number generated to approve your transactions.
According to MyCert, there is 3921 fraud cases reported in Malaysia last year. With the advance of technology and IT, phishing email can sometime look genuine. Once you click the given link, you will not aware that you are in a fake bank website.
Thus Maybank would like to introduce new security upgrades on Maybank2u website and mobile app to ensure online transaction is secure and protect from online threat. The 2 security upgrade will take effect on 4th March 2017.
Maybank2u Login Upgrade
User will be required to validate their security image and phrase upon login to Maybank2u. Before this user only have to check their security image and phrase after entering username.
This will ensure that user are accessing to Maybank’s official website or app and not a FAKE site. Enhanced Maybank2u Login also will protect user online banking transactions with Maybank.
No More Access from Jailbroken and Rooted devices
Today smartphone user prefer to Jailbreak and Root their devices to install third party software or to upgrade their smartphone kernel. Maybank decided not to allow rooted or jailbreak phone to use Maybank apps. Because rooted and jailbreak device are vulnerable to fraudulent attacks.
So if you want to install Maybank App on your jailbreak or rooted smartphone, you have to format it back to factory setting. Or you can login to Maybank2u using internet browser.
Nowadays with new online technology and security there are still some of my friend that go to Bank ATM to make payment and money transfer. They still feel insecure about online banking or have a lot of free time.
As for me, Maybank2u is my trusted online banking since living outside Malaysia. Every month I will make money transfer and payment from my Maybank saving account. Although before this I had a problem to receive TAC code.
This is because Maybank do not recognise overseas phone number to send TAC code. So I have to bought a prepaid U Mobile and register with Maybank2u.
Luckily, I can receive TAC Maybank2u code thru sms even using U Mobile prepaid sim card. UMobile using Vodafone Network in Turkey. So every month I need to top up my UMobile prepaid with Maybank2u. I will use the U Mobile credit accumulated when I’m back in Malaysia. Yes, you can use Malaysian telco to receive TAC code as long as your mobile use local network provider when travel to oversea.
New Maybank2U Mobile Apps
However for Maybank2u mobile app, I had a bad experience using it. Lack of useful features and some time hang during login process. I prefer using the Maybank2u online desktop version. Until I read on Maybank2u website that new mobile up is coming.
On March 7, 2016, Maybank has updated and enhance their Maybank2u Mobile Android Apps. First created in 2011 with 2 million downloads and numbers are increasing each day. I download and install on my Asus phone.
The all-new mobile Maybank2u apps have added 7 new features :
Cardless Withdrawal – With this new app, you can send money to anyone and recipient can withdraw without an ATM card.
Credit to Account – Transfer fund to anyone just using their mobile number. Yup, you can do pretty anything with mobile number nowadays.
eSign-up – Make a Fixed Deposit placement.
One-Off Bill Payment – Make an open bill payment for selected utility payees.
Promotion – Get the get latest promotions on dining, shopping, travel and more.
ARound Me – Scan your surrounding and find nearby Maybank branches, ATMs and promotions within 2km from where you are. This is useful when you travel and outstation.
Share It – Like something on the Maybank2u app? We’ve made it easy for you to share it on Facebook and Twitter. Sharing is caring rite!
Apply Online – Experience the simple steps to open our existing current account product i.e. Maybank2u.Premier.
Easy Mobile Transfer With Mobile Number
This feature come in handy when you are outside and need to transfer money urgently.
Recipient will be able to receive the funds via:
Cardless Withdrawal – withdraw cash at any Maybank ATM or;
Credit to Account – deposit the funds directly to account using the mobile app.
Steps to Send Money to a Mobile Number:
Step 1: Go to Funds Transfer and select Mobile Transfer.
Step 2: Key in the amount and select option for Recipient to receive funds i.e. Cardless or Credit to Account.
Step 3: Provide the SMS Code to Recipient for collection.
Steps to Receive Money via Cardless Withdrawal:
Step 1: Get the SMS Code from Sender.
Step 2: Go to any Maybank ATM and enter the SMS Code and Transaction ID for verification.
Step 3: Collect your cash!
Steps to Receive Money via Credit To Account:
Step 1: Get the SMS Code from Sender.
Step 2: Launch the M2U Mobile App. Select Mobile Transfer without logging in to M2U.
Step 3: Enter the SMS Code and Transaction ID for verification.
Step 4: Choose your desired bank and key in your account number.
Step 5: Your money will be deposited at real-time!
So far the Maybank2u mobile apps, have not let me down. No crash and error or even hang.
For security make sure you don’t store your user id and password on your smartphone in case of stolen.
Maybe on next entry I need to use mobile transfer to show how it really works.
Normally, for internationally money transfer, I would prefer Western Union to send money from Turkey to Malaysia, as the fee is much cheaper compare to Telegraphic Transfer (TT).
I believe a lot of businessman and parents are looking for a cheaper way to send money abroad either to pay for product from oversea or paying their children university tuition fee..
Maybank has introduced a cheapest way to send money abroad by using M2U Visa Direct.
M2U Visa Direct enables Maybank2u customers to transfer money to any overseas issued debit, credit or prepaid Visa Cardholders via Maybank2u and Visa Network.
You can make a real time fund transfer for a flat service that cost RM 10 to more than 200 countries. However you can send money for FREE /waived from 4 November till 31 December 2014.
You can send to any overseas issued Visa cards worldwide. However, M2U Visa Direct is not available to Visa cards issued in only 8 countries i.e.
Too bad USA is on the list, since a lot of Malaysian students are studying there. As for businessman you can always find other alternatives such as Singapore to buy your product. As nowadays, regional agent will take care all enquiries from ASEAN countries.
How To Transfer Money Abroad Using M2U Visa Direct
M2U Visa Direct is a cross border fund transfer service that allows Maybank Savings and Current account customers to perform fund transfers using Maybank2u online to overseas Visa debit, credit and prepaid cardholders via Maybank2u.
The funds are credited directly to the beneficiary’s card account where the beneficiary can either perform a cash withdrawal or spend at participating Visa merchants.
Please follow below instructions to use M2U Visa Direct using Maybank2u :
1) Open Maybank2u account online. Go to Transfers and click Open M2U Visa Direct.
2) Declaration and Terms and Conditions. This is Bank Negara Foreign Exchange Administration Rules, so you have to declare either you are Resident with or without Domestic borrowing. Click Agree to Terms and Conditions then click Accept.
3) Next step, you have to declare purpose of transferring the money abroad. Such as
i) Transferring to a Resident for Investment Abroad
ii) Transferring to Non Resident for Investment Abroad
v) Payment to Immediate family members
4) Key in recipient’s Visa Card number and name and click continue
5) On this next screen, please key in amount in USD or Malaysian Ringgit that you want to transfer. Bare in mind there is a transfer limit.
Minimum transfer amount – RM300
Maximum transfer amount – RM7,500 daily
Maximum transaction limit of RM50K or 8 transactions per calendar month
6) Request for TAC and key in your TAC code and click confirm and you are good to go.
* Notice that the Exchange Rate that bank charge is quite high 3.5397 as ringgit value is falling.
** Also you can see the Fast Fund Status on the screen.
Fast Fund – within 30 minutes
Non fast fund – within 2 working days
M2U Visa Direct Features
M2U Visa Direct Service is 24 hours x 7 days except during Maybank2u maintenance hours. Just make sure you have enough money in your Maybank account.
You can almost make a transfer on a real time directly to overseas Visa debit, credit and prepaid card accounts to more than 200 countries. The beneficiary has the option to use the funds directly at participating Visa merchants or cashing it out. No “hidden cost ” to beneficiary to receive the money.
My 2 cents
M2U is convenient and cheap way to send money to overseas. You don’t have to go to the bank to fill in forms and wait for your number like Telegraphic Transfer or Western Union.
However, due to the currency rate for Ringgit is worsening right now maybe its not the best time to send your money abroad.