Banks To Drop Transaction Fees In Response To Uproar
Author Avatar


Banks To Drop Transaction Fees In Response To Uproar

Malaysian banks will stop charging customers for using cash and cheques for repayments of credit card or loan financing in-branch. This was announced in a statement made by the Association of Banks in Malaysia (ABM), following two days of public uproar over the matter.

The fees in question were RM2 for transactions made over the counter (OTC) and RM0.50 for payments made using cash deposit, cash recycling, and cheque deposit machines. Customers who used cash and cheques to make their credit card or loan financing repayments through these methods would have had to pay the charges.

The first complaints were raised by the Consumers’ Association of Penang, who wrote to Bank Negara Malaysia to state its objection to the new transaction fees. Similar statements were subsequently made by the National Union of Bank Employees (NUBE) and Federation of Malaysian Consumers Association (FOMCA), arguing that the practice was unfair to those who did not do their banking via digital channels.

Among the banks that introduced these fees this year are Affin Bank, CIMB, and Public Bank, with announcements by AmBank and Maybank stating that their fees would commence on 1 October.

According to ABM, these fees were implemented to encourage customers to move from cash to e-payments. However, senior citizens and disabled individuals were exempted from the OTC transaction fees. Moreover, banking transactions through ATMs remained free of charge.

NUBE secretary J. Solomon said that ABM’s response to axe the transaction fees was welcomed. “It’s the fundamental right of the customers to use the services of the bank employees for counter services and the banks cannot impose a fee on customers for that,” he said. “It’s also the duty and obligation of the bank as custodian of the customers’ funds to give the best service to customers with no charge over the counter.”

(Source: The Star)


0 0 votes
Article Rating


Comments (0)

Notify of

Inline Feedbacks
View all comments
Top Banking Articles
Top Banking Articles
Post Image
Best Fixed Deposit Accounts In Malaysia – September 2023
- 5th September 2023
We provide monthly updates on the best fixed deposit rates in Malaysia with tables showing the top 5 rates for the duration of 1, 3, 6, 9, and 12 months.
Post Image
Frequently Asked Questions About Credit Cards
Guo Heng
- 28th June 2018
Do you have questions about credit cards or are you looking to apply for your first credit card? Check out our FAQ on credit cards for all the need-to-know information.
Post Image
Best High Interest Savings Accounts In Malaysia (September 2023)
Pang Tun Yau
- 11th September 2023
Make your money work for you by depositing them into the best high-interest savings accounts in Malaysia!
Post Image
Old Malaysian Ringgit Notes and Coins Are Worth More Than You Think
Gavin Pereira
- 24th January 2019
Through the years there have been certain denominations of our Malaysian Ringgit that has been discontinued. Do you have any of these? It may be worth a lot now.

Related articles

Related Posts Image
Related Posts Image
Related Posts Image
Related Posts Image