Banks Drop RM2 Fee For Over-The-Counter Transactions After Facing Backlash

This comes a day after the Association of Banks in Malaysia (ABM) defended the move.

Cover image via Myanmar Business Today & New Straits Times

26 banks have decided to drop the surcharges imposed on several offline transactions

Association of Banks in Malaysia (ABM), which consists of 26 bank members, said that they will stop charging customers RM2 for transactions made over the counter and RM0.50 for transactions made via cash deposit machines (CDMs), Free Malaysia Today reported.

"Currently, certain customer segments are already waived from these charges, such as for disabled persons and senior citizens," ABM said in a statement, as quoted by Bernama.

"For walk-in customers, there are available free and convenient alternatives to conduct banking transactions and obtain services as provided via automated teller machines (ATMs)."

The association said that its bank members would notify customers about the change through their respective communication touchpoints

Image via Vulcan Post

Assistance will also be given to help customers familiarise themselves with alternative channels to receive bank services, it added.

The U-turn came a day after ABM defended the surcharges, stating that it was a move to encourage customers to use e-services instead

Image via Facebook

Several parties, including Consumers Association of Penang (CAP), National Union of Bank Employees (NUBE), and Parti Sosialis Malaysia (PSM), had previously criticised the fees for being unfair, especially towards the lower-income groups.

The issue first came to light after an audio clip of a customer confronting a bank teller went viral:

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