Maybank will be charging a fee for customers using cash and cheques for repayments of credit card or loan financing starting 1 October this year.
If the transaction is made over-the-counter ( OTC), the fee will be RM2.00, while RM0.50 will be charged for transactions via Smart Recycle Machine (SRM) or Cheque Deposit Machine (CQM).
|Types of Fees & Charges||Amount|
|Credit Card and Loan/Financing Repayment using Cash or Cheque via Over-the-Counter ( OTC)||RM2.00|
|Credit Card and Loan/Financing Repayment using Cash or Cheque via Smart Recycle Machine (SRM) / Cheque Deposit Machine (CQM)||RM0.50|
However, the over-the-counter charge is waived for senior citizens, the disabled, and those who do not have access to their current account or savings account with the bank.
(Source: Cambodia Asia Life)
As such, customers are encouraged to make payments via the Internet or mobile banking (M2U or M2U App) and the automated teller machines ( ATM), which are free of charge.
This move by Maybank is likely aimed to encourage the use of mobile banking. It is not the first time a Malaysian bank has made such an announcement as similarly, Public Bank will start charging customers using cash and cheques for card and loan repayment effective this April.