Banks to Stop Charging Extra Fees for Conventional Banking

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Twenty-six banks to stop charging fees for conventional transactions at their branches nationwide, following outrage from consumers who said the practice was unfair.

Malaysiakini

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 (CDMs), said the Association of Banks in Malaysia (ABM).

“Currently, certain customer segments are already waived from these charges, such as for disabled persons and senior citizens.

“For walk-in customers, there are available free and convenient alternatives to conduct banking transactions and obtain services as provided via automated teller machines (ATMs),” 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 (CAP) and National Union of Bank Employees (NUBE) 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.