9th March 2023 - 2 min read
The Association of Banks in Malaysia (ABM) has expressed that its member banks are ready and committed to assisting customers who have been impacted by the latest round of floods within the country.
In a statement, ABM said that its member banks have already prepared “specific, accessible, and compassionate flood relief assistance” for their customers, which will be tailored according to each individual’s unique situation and needs. Among other things, the assistance offered include deferment of loan and financing repayments, as well as waiver of fees and charges to replace lost or damaged bank documents and cards.
ABM also urged customers in flood affected areas to refer to their respective banks for announcements on the application process of these relief assistance; each bank will have its own set of procedures and requirements to go through. The banks will also post notifications and announcements of these aids at its branches, in addition to its websites and social media.
“As part of emergency flood preparations to ensure operations remain unaffected, ABM member banks have also implemented various measures to ensure that basic and convenient banking services remain available to flood affected customers. Notices will be put up at affected branches as well as the banks’ websites informing customers of the nearest alternative bank branch to carry out their banking,” ABM further shared.
ABM’s statement came alongside Prime Minister Datuk Seri Anwar Ibrahim’s recent announcement that Maybank and CIMB Bank – as Malaysia’s largest banks – have agreed to offer a moratorium of six months to borrowers who are affected by the floods in Johor. Both banks also said that they will waive penalty charges during the relief period, as well as fees for the replacement of credit and debit cards, and statement requests – among other things.
Datuk Seri Anwar further stated that the government has also reached out to other banks to join the effort in assisting individuals who were impacted by the recent calamity. The flood has affected several states in Malaysia, including Sabah and Sarawak, but Johor was the worst-hit, with more than 40,000 people in the state displaced from their homes during the height of the catastrophe.
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