GEORGE TOWN: A group representing 26 commercial banks in Malaysia has defended the 50 sen fee for transactions using the cash deposit machine, after it came under criticism from vocal pressure group Consumers Association of Penang (CAP).
The Association of Banks in Malaysia (ABM) said the fee is to push customers to use the online banking platform.
It also pointed out that customers aged above 65 years as well as the disabled are not charged the RM2 fee for over-the-counter transactions.
“In order to encourage customers to move from cash to e-payments, some of our member banks currently impose fees for cheque and cash payments for credit card and financing payments performed over the counter (via teller at bank branch) and via Cash Deposit Machines.
“These fees may be debited from your credit card and/or financing account,” ABM said in a statement.
Yesterday, CAP criticised the move to allow banks to impose a 50 sen charge for use of the cheque deposit machines and RM2 for over-the-counter transactions, beginning next month.
“We have written to Bank Negara Malaysia to state our objection to the new transaction fees, and ask them why they are allowing this.
“There has been no response and we can take their silence as tacit approval of banks profiting from their customers in this way,” CAP president Mohideen Abdul Kader had said.
ABM said electronic transaction is the future of banking, and will also mean cost savings.
“In line with the above rationale, the banking industry in Malaysia has put in place the necessary infrastructure and systems to facilitate e-payments,” it added.
ABM said most banks do not charge customers for bill payment and money transfer whether online or through ATMs. - FMT
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