RM1 ATM interbank transaction charge re-instated tomorrow

 

-NSTP file pic, for illustration purpose only.

KUALA LUMPUR: The RM1 transaction charge for withdrawal through the automatic teller machines (ATMs) will be re-instated on customers effective tomorrow.

Several banks including Maybank, Bank Islam Malaysia Bhd, CIMB Bank, RHB Bank, Citibank and HSBC posted a notice to the effect on their social media platforms since mid-December last year.

A social media notification saw Maybank stating that from Feb 1, interbank cash withdrawal transaction charges at ATMs will be re-implemented.

"Maybank customers can still withdraw cash free of charge at Maybank ATMs," the bank said.

CIMB in a posting said: "Dear Customers, effective Feb 1, 2022, an RM1 transaction charge will be levied on interbank cash withdrawals for transactions made at non-CIMB Bank/CIMB Islamic ATMs/vending machines."

Bank Islam said: "For Bank Islam cardholders, there is no charge for withdrawals using Bank Islam ATMs."

On the social media platform, consumers responded with some saying that the RM1 charge would cause people to return to long queues at ATMs at their respective banking facilities.

Some also criticised the bank as stingy for not being able to absorb the RM1 charge.

"Even the bank can't absorb the cost. It's stingy," said one Twitter user.

The government introduced an exemption to the transaction on the MEPS system on April 6, 2020.

The move was to enable the public to withdraw cash from ATMs that share the MEPS system during the movement control order period without having to be charged RM1.

RM1 charge is imposed by Payments Network Malaysia Sdn Bhd (PayNet) to customers.

Bank Negara Malaysia (BNM) is the largest shareholder in PayNet, while the remaining shares are controlled by a consortium of 11 banks. - NST