15th December 2021 - 1 min read
Various banks in Malaysia have confirmed that the MEPS RM1 ATM withdrawal fee will be reinstated from 1 February next year.
As per our report on Monday, Citibank was the first (and only) bank to make the announcement, but other banks have now followed suit with a similar message: the banking industry will reinstate the RM1 transaction fee for interbank ATM withdrawals starting 1 February 2022.
The fee was waived to encourage people to move only within nearby areas during the MCO and utilise any bank’s ATM to withdraw cash. When it was announced by then-Defence Minister and current Prime Minister Dato’ Sri Ismail Sabri bin Yaakob, he stated that this waiver will continue until the end of the MCO period. To date, the RM1 waiver has been in effect since 6 April 2020.
The MCO was effectively lifted in August as the government progressively switched to the National Recovery Plan to help ease the country back onto its feet.
Several banks in Malaysia have made similar announcements on their social media pages today as well as on their respective online banking pages. Other banks are expected to follow suit as it is an industry-wide announcement.
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