5 hours Ago
KUALA LUMPUR, Dec 2 — The National Union of Bank Employees (Nube) has called on Payments Network Malaysia Sdn Bhd (PayNet) and its shareholders, including Bank Negara Malaysia (BNM) and 11 banks, to abolish the RM1.00 interbank ATM cash withdrawal fee, citing financial hardships faced by lower-income groups. In a statement today, the bank worker union said the RM1.
00 fee, charged for cash withdrawals from automated teller machines (ATMs) outside a customer’s banking network, was waived in April 2020 during the Covid-19 pandemic but reinstated in February 2022. It argued that the fee disproportionately impacts lower-income families still grappling with post-pandemic economic challenges. “The RM1.
00 withdrawal fee disproportionately affects those who can least afford it. As we strive for economic recovery, we should not impose additional burdens on our most vulnerable communities,” said Nube general secretary J Solomon. Nube asserts that many affected individuals, including its members, rely on interbank ATM withdrawals due to necessity rather than choice.
“For those frequently withdrawing cash while on the move, the RM1.00 fee accumulates quickly, further straining already limited financial resources,” the statement read. In October, Nube appealed to PayNet’s shareholders — namely BNM and the commercial banks — urging them to waive or exempt this fee.
The union emphasised that it is a moral obligation and part of the shareholders’ corporate social responsibility to alleviate the financial burden on lower-income groups. While responses were received from BNM and some banks, no commitments were made to remove the fee. “We urge PayNet and the banks to prioritise empathy and social responsibility in their operations,” Solomon added.
The union is called for the complete abolition of the RM1.00 interbank ATM withdrawal fee or the development of alternative measures to reduce the financial pressure on affected groups and stressed the importance of fostering an inclusive banking environment that supports all Malaysians, especially those facing economic hardship..
