Lim to banks: Good job in removing over the counter charges

Lim to banks: Good job in removing over the counter charges

PUTRAJAYA: The Finance Ministry has welcomed the termination of transaction charges, imposed by 26 commercial banks on cash and cheque transactions for credit cards and financing repayments over the counter of up to RM2 and 50 sen at cash deposit machines.

Minister Lim Guan Eng said the Association of Banks Malaysia (ABM) had done well to heed the ministry’s advice to listen to the views of the public and consumers.

He said the transaction charges were first implemented in December 2017 under the previous government to promote the migration to e-payments.

“However, the charges have proved burdensome for low-income earners and those with poor access to Internet connectivity to conduct online and mobile banking.

“The termination of the charges effective Sept 26, demonstrates that the commercial banks are committed to serving consumer needs, using the latest technology without financially burdening them.

“ABM has also demonstrated that it is not obsessed with profits from these fees and charges by abolishing them for the first time since introduced in 2017,” he added.