Which banking associations jointly issued the RM1 fee waiver statement?

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The RM1 Interbank ATM Cash Withdrawal Fee Waiver Statement Was Jointly Issued by Three Key Banking Associations

The RM1 fee waiver for interbank ATM cash withdrawals, which took effect on July 1, 2026, was jointly announced by 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 initiative aims to reduce costs for consumers and enhance the accessibility of banking services across the nation.
Joint Statement Issued by ABM, AIBIM, and ADFIM

The three prominent banking associations collaborated to issue the statement detailing the implementation of the RM1 fee waiver. This collective action underscores a unified approach by the Malaysian banking sector towards improving customer convenience and financial accessibility.
Effective Date and Scope of the Fee Waiver

The removal of the RM1 fee for interbank ATM cash withdrawals became effective nationwide on July 1, 2026. This means customers no longer incur the RM1 charge when withdrawing cash from ATMs operated by banks other than their own, a move designed to directly benefit the public.
Application to Bank-Operated ATMs and Non-Bank ATMs

The fee waiver specifically applies to cash withdrawals made from ATMs operated by banks throughout Malaysia. However, it is important to note that standard fees may still apply if customers choose to use ATMs that are not operated by a banking institution.
Collaboration with Payments Network Malaysia (PayNet)

The successful implementation of this initiative was facilitated through close collaboration between the banking industry, represented by ABM, AIBIM, and ADFIM, and Payments Network Malaysia Sdn Bhd (PayNet). This partnership was crucial in ensuring a smooth rollout and immediate positive impact for consumers.

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Which banking associations jointly issued the RM1 fee waiver statement?

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