The National Union of Bank Employees Malaysia (NUBE) has taken to social media to start a campaign to abolish the RM1 charge on PayNet ATMs in Malaysia after the national provider of financial market utilities allegedly earned a substantial amount through this RM1 charge.
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Taking to their Facebook page, NUBE wrote, “In 2023, PayNet earned RM544 million in revenue and RM271 million in net profit, while maintaining RM1.43 billion in retained earnings and assets worth RM2.1 billion. NUBE urges PayNet and its shareholders to abolish this (RM1) charge immediately, to help the poor who are being squeezed.”
They believe the RM1 charge is a crime
In a media statement, NUBE went on to describe PayNet charging RM1 anytime someone withdrew money from their ATMs as a crime, leading to their substantial earnings.
“Where is the justice? This profit is the result of the oppression of the poor, working class. And Bank Negara conspired in this matter,” shared NUBE Secretary-General, J Solomon.
NUBE went on to argue that it is extremely unfair to make those from the B40 and M40 communities pay this RM1 charge, “which exacerbates their financial challenges while PayNet executives enjoy profiting from it”.
Besides Bank Negara Malaysia, there are 11 other financial institutions including cooperative banks listed as joint shareholders.
Many agreed with NUBE’s stance on this matter, further adding to the call to have the RM1 charge abolished.
Some also took the opportunity to point out that banks should take care of and make themselves more accessible to their patrons by installing their own ATMs in more locations, rather than forcing patrons to use interbank networks.
WORLD OF BUZZ has reached out to PayNet for comment but has yet to receive a response.
What do you think of this whole situation? Do feel free to share your thoughts in the comment section.
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