Fee is unjustifiable as it burdens low-income earners
: Kepong MP Lim Lip Eng opined that the present Automated Teller Machine RM1 interbank withdrawal fee is entirely unfounded and unjustifiable as it adds to the burden faced by low-income earners who make up some 85% of Malaysia’s population.
“Banks earned huge profits, some in the billions of ringgit in 2024 which seems to have followed the trend of previous years and it only makes sense for the banks to absorb the cost involved and not pass it on to the consumer. This is grossly unfair,” he said in a statement. “Let the matter be discussed and debated in the Dewan Rakyat, and hopefully we reach a favourable end in the interest of the people.”
At present, the RM1 fee for cash withdrawals at interbank ATMs is charged by Payments Network Malaysia Sdn Bhd for interbank transactions, which is owned collectively by Bank Negara Malaysia – as its largest shareholder – along with 11 other Malaysian banks, as stated on PayNet’s website.
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