RM1 fee waiver for ATM withdrawals proceeds smoothly

The Malaysian banking sector has smoothly implemented the removal of the RM1 fee for interbank cash withdrawals from automated teller machines (ATMs), a move that began on July 1. This initiative is part of the industry's effort to alleviate the cost of living for citizens and enhance accessibility to essential daily banking services.

Previously, customers across all Malaysian banks incurred a RM1 charge for cash withdrawals at ATMs belonging to other banks. However, this fee has now been abolished for withdrawals made at any bank's ATM or smart recycling machine (SRM) nationwide.

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The exemption only involves ATMs operated by banks across the country, while standard charges may still apply for transactions made at non-bank ATMs.

In a joint statement, the Association of Banks in Malaysia (ABM), the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM), and the Association of Development Finance Institutions Malaysia (ADFIM) confirmed the successful rollout. They emphasized that the exemption specifically covers ATMs operated by banks. Standard charges will continue to apply for transactions conducted at ATMs not managed by banking institutions.

This measure underscores the banking industry's commitment to fostering a more inclusive and accessible financial system, prioritizing the daily needs of the public. The implementation was carried out in close collaboration with Payments Network Malaysia Sdn. Bhd. (PayNet) to ensure a seamless process and immediate benefit to the populace. Customers seeking further details are advised to consult their respective banks' official communication channels.

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This move reflects the banking industry's commitment to developing a more inclusive and accessible financial system, prioritizing the daily needs of the people.