Starting February 2022, Malaysian-based banks announced the RM1 fee for interbank cash withdrawals from ATM machines will be reinstated. Banks included are Maybank, CIMB, Ambank, Bank Islam, Public Bank, HSBC and Citibank, which made the announcement on their respective social media.
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
— Bank Islam (@myBankIslam) December 15, 2021
Bermula dari 1 Februari 2022, caj transaksi RM1.00 untuk pengeluaran Wang Tunai Antara Bank di ATM akan dilaksanakan semula. Pelanggan Maybank masih boleh mengeluarkan wang tunai tanpa caj* di mesin ATM Maybank. Info: https://t.co/woO1R2SupD pic.twitter.com/31ZwudLqDv
— Maybank (@MyMaybank) December 15, 2021
This is the RM1 MEPS fee that’s charged when users make cash withdrawals from a different bank’s ATM. For instance, when a user withdraws money using a CIMB card from a Bank Islam ATM machine. The fee is not applicable if doing cash transactions from an ATM belonging to the same bank.
Save a reminder on your calendar as it will be effective on the 1st of February. |
The government introduced the waiver on the MEPS system on April 6, 2020. This initiative was to allow people to withdraw cash from ATMs sharing the MEPS system without having to pay the RM1 charge. Moreover, it is also to avoid overcrowding at the bank during the movement control order (MCO). During the MCO, all of the ATM machines were only allowed to operate between 8 am to 8 pm. Eventually, the government lifted the operating hour restriction from 1st June 2020.
This issue has caused a spark among Malaysians. Many have condemned the initiative and expressed their disappointment on social media sites. Pakatan Harapan secretary-general Saifuddin Nasution Ismail stated that it is not the right time to reinstate the RM1 interbank withdrawal charge. Saifuddin has also urged the Finance Ministry to intervene immediately and cancel the reinstatement of the RM1 charge.
The whole country knows that banks are among the sectors that have reported healthy profits despite the pandemic and lockdowns
Saifuddin Nasution Ismail
Do you think that the reinstatement is too early in the current situation? Is it necessary to conduct the initiative now?
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