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

Effective 1 October 2019, credit card and loan repayments made using cash and cheques at Maybank will be charged a fee.

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)


Agree or disagree with this post? Questions? Be the first to post!