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

If you’re currently using Maybank to repay your credit card bills or loan, then you have to pay attention to this article!

According to The Malay Mail, Maybank will be charging their customers a small fee whenever they use cash or cheques to repay their credit card or loan financing, starting 1 October 2019.

There are several transaction methods in which customers can use cash or cheques to repay the above-mentioned bills but the ones that will require them to pay a fee are stated below and the fees range from RM0.50 to RM2.

• Over-the-counter (OTC) – RM2
• Smart Recycle Machine (SRM) – RM0.50
• Cheque Deposit Machine (CQM) – RM0.50

Source: The Malay Mail

Nevertheless, the fees for OTC will be waived for specific customers who repay their loans and credit card bills via Maybank. The customers who are exempted from paying the OTC fees are:

• Senior citizens 
• The disabled  
• People who don’t have access to their current or saving account with Maybank

Apart from that, customers who pay via ATM (automated teller machines) will also not be subjected to a fee. Take note, guys! 

Therefore, Maybank’s customers are encouraged to make payments through the Internet or mobile banking (M2U or M2U application), which are all free of charge. Online transactions are the way to go! 

Source: The Malay Mail

The report revealed that this could be Maybank’s attempt to encourage its customers to utilise online banking more. Do you agree?

Prior to this, Public Bank introduced similar fees for credit card and loan repayments, which were implemented this month (April 2019).

On that note, don’t forget to share this article with your friends and family who are Maybank users and if they repay their credit card bills and loans via cash or cheques. What do you think of this new fee system? Share your thoughts in the comments below!

Also read: Starting April 2019, Public Bank Will Charge Extra Fees for Card & Loan Repayments