Withdrawals Made Via MyDebit Cash Out Will Have A RM0.50 Fee Beginning 1 July 2022
This method of withdrawal allows cardholders to get quick access to cash without going through an ATM.
By Yap Wan Xiang — 20 Jun 2022, 10:37 AM
A RM0.50 fee will be imposed on withdrawals made via MyDebit Cash Out beginning 1 July 2022
According to Sinar Harian, banks such as Alliance Bank, CIMB, HSBC, Bank Islam, OSBC, and Standard Chartered have all released a statement to inform about the change.
"Effective 1 July 2022, MyDebit Cash Out fee of RM0.50 per transaction will be imposed at any MyDebit selected merchants/retailers," CIMB said in a statement dated 9 June.
"MyDebit Cash Out fee will be payable by the cardholders. The maximum limit for MyDebit Cash Out withdrawal is RM500.00 per transaction."
Standard Chartered noted that there was no fee for withdrawals made via MyDebit Cash Out prior to the change.
What is MyDebit Cash Out?
Not to be confused with the RM1 interbank ATM withdrawal fee, MyDebit Cash Out allows cardholders to withdraw money at points of sale, also known as cashiers, at participating merchants and retailers.
The maximum withdrawal limit at these point-of-sale terminals is RM500.
The purpose of MyDebit Cash Out is to give users easy access to cash so that they do not have to find an ATM to get banknotes on their hands.
The withdrawal method made at points of sale is common in many countries around the world.
Image via Live ChennaiMyDebit Cash Out is a service provided by PayNet
Sinar Harian reported that the change does not affect other services from PayNet, such as DuitNow, JomPAY, DirectDebit, FPX, and Interbank GIRO.
At the time of writing, PayNet has yet to release a statement about the matter on its website.
It is also reported that Affin Bank, Maybank, Public Bank, UOB, and other banks in Malaysia have yet to make an announcement about the change.
