And apparently, we even have to spend on ATM withdrawals too.
RM1 fee set to be imposed
Be prepared for some not-so-good news, folks, as most local banks will be reimposing the RM1 Malaysian Electronic Payment System (MEPS) Interbank ATM withdrawal fee soon, New Straits Times reported.The withdrawal fee would be reimposed beginning 1 February 2022 after 20 months of waiver.
According to the report, Bank Negara Malaysia has yet to confirm the matter, but several local banks have posted notices on their websites and social media platforms on Wednesday (15 December).
So far, Maybank, Public Bank, CIMB, Ambank, Hong Leong Bank and Bank Islam have confirmed the news:
Starting from 1 February 2022, the ATM interbank cash withdrawal fee of RM1.00 will be reinstated. Maybank customers can continue to perform cash withdrawal transactions at Maybank’s ATM for free*. Info: https://t.co/NSXArsSJGu
— Maybank (@MyMaybank) December 15, 2021
*T&C apply. pic.twitter.com/khZsUXKGm2
Dear Valued Customers,
— AmBank (@AmBankMY) December 15, 2021
Please be informed, effective 1 Feb 2022, the banking industry will reinstate the transaction fee of RM1.00 when you perform Interbank Cash Withdrawal at an ATM or CRM.
For any enquiries, you may contact our Contact Centre at 03-2178 8888.
Thank you pic.twitter.com/dQFCQMoICd
The RM1 fee waiver was first announced on 6 April 2020, when the first Movement Control Order (OMG, do you guys remember that?) came into effect.
Then Senior Minister of Defence, Datuk Seri Ismail Sabri Yaakob, said the move was made to help reduce movement and congestion at ATM centers during the early phase of the MCO.
'Don't bring back withdrawal fee'
The announcement is indeed a tough pill to swallow for some, hence certain quarters are pleading with the government to intervene.Pakatan Harapan secretary-general Saifuddin Nasution Ismail said in a statement quoted by Free Malaysia Today that banks should continue to cover the cost as this is not the right time to reinstate the rule.
“The whole country knows that banks are among the sectors that have reported healthy profits despite the pandemic and lockdowns,” he said.
“There are other ways to ensure that banks can cover the cost of ATM charges,” Saifuddin was quoted as saying.
Image credit: RinggitPlus
The current economic situation has been tough on a lot of Malaysians, as many middle-income (M40) households have fallen into the lower-income group (B40), Saifuddin added.
He then urged the government to immediately intervene and instruct banks to cancel the reinstatement.
MAIN IMAGE CREDIT: New Straits Times