Maybank Denies Imposing A Penalty On Users For Late Debit Card Replacement
First time replacement is FREE!
By Tang Ruxyn — 16 Dec 2016, 10:51 AM
Over the last few days, a message has been circulating on social media regarding a penalty that is being imposed on users for debit card replacement
In the message, it was alleged that Maybank, CIMB, RHB, Bank Simpanan Nasional (BSN) and other banks are charging their customers an RM12.70 penalty if they fail to replace their existing debit card with the new one before the respective deadlines.
However, Maybank has refuted these allegations about the penalty charge
"Dear Maybank Customers, please be informed that FB postings and messages that are circulating with regards to a penalty of RM12.70 being charged for Debit Card replacement are not true and not authorised by Maybank. If you receive such messages, please ignore it," Maybank said in a statement on its official Facebook page.
It stressed that consumers are encouraged to replace their ATM/Debit Card by 18 December in order to avoid inconvenience, especially the festive rush.
Maybank also reiterated that no charges will be involved for first-time replacements.
What will happen if customers fail to replace their debit cards with the new 'MyDebit' card?
According to Maybank, generally, "there will be no issue for the card usage and withdrawal if the card is not replaced after the said date".
"However, to prevent an interruption from the old card usage if the card is not replaced after 18 December 2016, we encourage our valued customer to replace the card in due time," it added.
From 1 January 2017 onwards, all payment terminals in Malaysia will only accept PIN & PAY cards.
It was said that the existing signature-based cards shall gradually be phased out and terminals shall also be upgraded.
Those who have yet to replace their existing debit card with the new version may refer to their respective banks for further information
Beginning this year, consumers in Malaysia are introduced to the new 'MyDebit' card which has the PIN & PAY feature, where they can make purchases by keying in a PIN (Personal Identification Number), with no signature required.
This is an industry-wide initiative, where all card transactions in Malaysia will be PIN & PAY from 1 January 2017 onwards.