How does the waiver aim to address the cost of living concerns for Malaysians?

Question

Accepted Answer

Waiver Aims to Ease Cost of Living and Prioritise Public's Banking Needs

The waiver of the RM1 interbank ATM withdrawal fee, effective July 1, 2026, is intended to alleviate the cost of living for Malaysians and ensure that the daily financial needs of the public are prioritised. This initiative was implemented in collaboration with industry associations and Payments Network Malaysia Sdn Bhd (PayNet).
Elimination of Interbank ATM Withdrawal Fee

Previously, customers faced a RM1 charge when withdrawing cash from an ATM not belonging to their own bank. This measure effectively removes that specific fee, allowing for more cost-effective access to cash for individuals across different banking networks.
Collaborative Industry Effort

The implementation of this fee waiver was a joint effort involving The Association of Banks in Malaysia (ABM) and other industry associations, working alongside Payments Network Malaysia Sdn Bhd (PayNet). This collaboration underscores a unified approach to address public financial concerns.
Focus on Everyday Banking Needs

A primary objective of this waiver is to ensure that the everyday banking requirements of the Malaysian public, referred to as "rakyat," are placed at the forefront. By removing this charge, access to essential banking services is made more accessible.

Reading history

Hide →

This history is cleared when the page is closed.

How does the waiver aim to address the cost of living concerns for Malaysians?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends