Maybank To Charge Customers For Using Cash And Cheques For Card And Loan Repayments

by Hayatun Razak

Personal Finance News

Maybank To Charge Customers For Using Cash And Cheques For Card And Loan Repayments

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.

(Source: Maybank)