16th June 2022 - 2 min read
Several banks have announced that they will begin charging a RM0.50 fee for each withdrawal transaction that is made through the MyDebit Cash Out feature, starting from 1 July 2022. This means that the service, which is currently offered at no charge to debit cardholders, will no longer be free.
Among some of the banks that have made the announcement include Alliance Bank, Bank Islam, CIMB, HSBC, OCBC and Standard Chartered. Meanwhile, PayNet – as the provider of the MyDebit Cash Out service – has yet to issue any word on the imposition of this fee. Other major banks that also offer this feature – such as Maybank, Public Bank, and Hong Leong Bank – too, have not made such announcements as of the time of writing, although it is highly likely that they may do so in the near future.
For context, MyDebit Cash Out is a debit card feature that allows you to withdraw cash from your bank account through a participating merchant or retailer, via their point-of-sale terminals (capped at RM500). This means you do not need to head to a bank ATM on purpose just to withdraw money, thereby offering more convenience, especially if your nearest ATM is still quite out of the way. It is also one of the many efforts that were rolled out by banks to to address urgent cash needs of communities in several underserved areas.
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