No more charging fees for credit card and finance repayments

Banks will now cease charging fees for cheque and cash payments for credit card and financing repayments over the counter and at cash deposit machines.

The Association of Banks in Malaysia (ABM) said in a statement today that for walk-in customers, there are free and convenient alternatives to conduct banking transactions such as via automated teller machines.

“Currently, certain customer segments are already waived from these charges, such as for disabled persons and senior citizens,” the association said in a statement today.

ABM said its member banks would be communicating with customers via their respective communication touchpoints, including the banks’ websites.

They have also ready to assist their customers to familiarise themselves with these alternative channels or on any queries they may have in relation to this matter, it added.

Earlier this week, the Consumers Association of Penang and National Union of Bank Employees 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.

In response to the criticism, the association said yesterday the fee was to push customers to use the online banking platform.

ABM represented 26 commercial banks in the country.

- Bernama