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Wednesday, November 30, 2022

Rumours Said Withdrawal Fee Of RM1 At ATM Will Be Back Early Next Year

Social NewsRumours Said Withdrawal Fee Of RM1 At ATM Will Be Back Early...

In mid 2020, the government has instructed all banks in Malaysia to temporarily waive the RM1 fee charged when we make inter-bank cash withdrawals at an ATM machine.

This was done to prevent the people from having to move around so much during the peak of the Covid-19 crisis in the country, and to allow people withdraw cash at any ATMs that are closer to them without being charged.

This would also keep people from crowding at banks and ATMs during the pandemic too.

Source: Selangor Journal

However, it seems that this temporary waiver may soon be coming to an end.

According to a notice sighted by RinggitPlus, Citibank stated that the RM1 charge for inter-bank cash withdrawal will be reinstated effective 1 February next year.

The similar notice was announced by Kuwait Financial House (KFH) bank, according to Rnggt.

Meanwhile, some netizen seems to be already aware of the return of the fees and a debate was started among the netizens, asking if customers should pay such charges in the first place.

Source: Ringgit Plus

However, netizens generally disagreed that there should be charges for making a simple cash withdrawal at an ATM, despite being not with their own banks.

Some said the charge was unnecessary and rather expensive, adding that there were limited number of ATMs in some areas, especially in the more rural parts of Malaysia.

“I agree if the RM1 charge for inter-bank ATM withdrawals is repealed altogether. Are banks serious in making money from this. Some said its to reduce dealings at the counter. Just treat it as corporate social responsibility.” a netizen wrote.

“Can’t they give discounts first, maybe start with 20 sen or 50 sen fee.” another netizen said.

Meanwhile, another netizen pointed out that some rural areas had only 1 single ATM and the people who withdraw cash there are not wealthy too. He added that RM1 may be small to some of us, but its different for them.

Some also suggested to make transactions with e-wallets or online transfers to reduce the need for cash.

What do you think about this? Share your thoughts!

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