Banks to revive RM1 interbank withdrawal fee

 

The RM1 fee for interbank ATM withdrawals will be revived in February.

Checks show that Maybank, CIMB, Citibank, HSBC and several other banks have announced on their respective social media channels that the fee will be reinstated.

The government introduced the waiver on the MEPS system on April 6, 2020. OCBC and UOB waived the fee a month earlier.

The move was to allow people to withdraw cash from ATMs sharing the MEPS system during the movement control order without having to pay the RM1 charge.

A statement on Maybank’s website reads: “Kindly be informed that effective Feb 1, 2022, the ATM interbank cash withdrawal fee of RM1 will be reinstated by banks.”

The RM1 fee is under Payments Network Malaysia Sdn Bhd (PayNet), whose largest shareholder is Bank Negara Malaysia. Its remaining shares are held by a consortium of 11 banks.

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