Banks to waive RM1 interbank ATM withdrawal fee starting July 1

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By DayakDaily Team

KUCHING, June 15: Beginning July 1, banks in Malaysia will waive the RM1 fee currently imposed on interbank cash withdrawals at automated teller machines (ATMs) and smart recycler machines (SRMs) nationwide.

According to the Association of Banks in Malaysia (ABM), the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM), and the Association of Development Finance Institutions of Malaysia (ADFIM), this will enable debit cardholders to make unlimited cash withdrawals without additional charges.

In a report by The Edge, the associations said the move, which is being carried out in collaboration with Payments Network Malaysia Sdn Bhd (PayNet), enables customers to withdraw cash from any participating bank’s ATM or SRM regardless of the bank that issued their debit card.

They further added that the move is also to improve access to banking services and reduce the cost of obtaining cash, a payment method which many Malaysians still use.

“In line with this, the removal of interbank ATM cash withdrawal fee reflects the industry’s commitment to ensuring reliable, convenient and affordable access, while helping to ease the everyday financial burden of the rakyat,” said the associations. — DayakDaily

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