23rd March 2020 - 2 min read
Bank Negara Malaysia (BNM) has assured the Malaysian public that essential financial services will remain accessible to all during the movement control order. The central bank published an FAQ where it covered frequently asked questions regarding access to the nation’s essential financial services up until 31 March 2020.
Self-service terminals such as ATMs as well as cash, cheque, and coin deposit machines will be fully operational in accessible locations, although the daily operating hours are now restricted from 7a.m. to 10p.m.. Banking counter services are available, but on a very limited basis, so those who require them are advised to check the bank’s website or call the customer service hotline to find out which branches are open.
Online and mobile banking channels remain fully operational during this period, so customers are strongly encouraged to use electronic options instead of making unnecessary trips to bank branches. Those who do not have an online banking account should note that withdrawals, deposits, fund transfers, and bill payments can all be made at self-service terminals like ATMs and cash deposit machines.
Payment card services and cheque processing services are also fully operational, as well as money changing and remittance services at selected bank branches. Non-bank money changers and remittance service providers are not allowed to offer counter services at this time, but some providers have online services which are in full operation.
Meanwhile, services related to the processing and handling of insurance and takaful claims, issuance of guarantee letters, and annual renewal of insurance and takaful policies will also remain available to the public.
BNM has also reminded those who are facing financial difficulties during this period that all banks and development financial institutions stand ready to provide restructuring and rescheduling facilities if necessary.
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