PETALING JAYA: For copywriter MK Liew, 33, making cash withdrawals often came with an added cost.
As there are no ATMs belonging to her issuing bank in her residential area, she frequently had to pay an extra RM1 to withdraw cash.
“The number of times I’ve paid that RM1 fee is enough to purchase a meal and drink at a decent restaurant,” she said with a laugh.
Liew added that there were occasions when she chose not to make a withdrawal because of the charge.
“Removing the withdrawal fee is a great move as we can now make withdrawals without any financial repercussions,” she said.
She is among many Malaysians welcoming the removal of the RM1 interbank ATM withdrawal fee from July 1.
Human resources executive J. Kumar, 29, said the move would spare him the inconvenience of travelling to his issuing bank’s ATM whenever he needed cash.
“Currently, I make it a point to drive to my nearest issuing bank to make cash withdrawals. This itself is about a 10-minute drive from where I live.
“At least now, I can just make withdrawals from the ATM nearby, without having to pay the RM1 fee,” he said.
An operations manager, who wished to be known only as Suhaimi, 38, said the change would particularly benefit his parents in Perak, where residents have limited banking options.
“It’s really sad how people there, including my parents, have to pay an extra RM1 every time they make withdrawals,” said Suhaimi.
“While the RM1 fee may seem small, it does go a long way, especially if you no longer have an active income,” he added.
The Federation of Malaysian Consumers Associations (Fomca) described the move as a significant win for consumers, removing an unnecessary cost for accessing their own money.
“It will particularly benefit consumers in rural and semi-rural areas, senior citizens and those who may not have access to their own bank’s ATM network.
“Now, they have the flexibility to withdraw cash without worrying about additional charges,” said Fomca secretary-general T. Saravanan.
He added that Fomca hopes the measure would become a permanent thing.
“This decision demonstrates that consumer interests can be prioritised while supporting greater financial inclusion and improving the overall banking experience for Malaysians,” he said.
Source: happy-to-save-rm1-atm-fee
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