M’sian Banks Will No Longer Charge Extra Fees For Payments Made Via CDMs & Over The Counter

A few days ago, some Malaysians voiced out their fury over have to pay extra transaction fees for payments made over the counter (RM2) and via cash deposit machines (RM0.50).

Following the outrage, The Star reported that all Malaysian commercial banks (26) have axed the charges for “cash and cheque transactions” for credit card and loan repayments which are made via OTC (over-the-counter) and CDMs (cash deposit machines).

For illustration purposes | Source: Cooperate Office

The Association of Banks in Malaysia said in a statement that all 26 banks – which are represented by them – will no longer charge a fee for the transactions made via OTC or CDMs. In their statement, ABM wrote,

“Currently, certain customer segments are already waived from these charges, such as for disabled persons and senior citizens.”

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

Banks in Malaysia will stop charging fees for cheque & cash payments for credit card & financing repayments over the counter, and at Cash Deposit Machines (CDM). This is amid backlash from customers, who were charged RM2 for over the counter services & 50sen for using the CDMs pic.twitter.com/UMCvLoX33q

— BFM News (@NewsBFM) September 27, 2019

Bernama wrote that ABM further added that the banks’ staff will be assisting and communicating with the customers through their “communication touchpoints” and the respective banks’ website. Not only that but the staff will also help customers with alternative channels and their doubts regarding this issue.

Well, that’s great, isn’t it? Do you think it was a good move to remove the extra charges mentioned above? Let us know in the comments below!

FYI, six months ago, banks (eg, Maybank) announced that they will be charging extra fees for loan and credit card repayments made via cash/cheque through OTC and CDMs. You can read more about it below! 

Also read: Starting Oct 2019, Maybank Will Charge Extra Fees If You Repay Cards & Loans via Cash or Cheques