PETALING JAYA: Sarawak Pakatan Harapan chairman, Chong Chieng Jen has joined the call for banks to abolish the RM1 interbank ATM withdrawal fee.
The Stampin MP said there was no reason for the imposition of the fee as banks already gained substantial cost savings through service automation and digitalisation.
“Many banking services which have been automated have generated greater cost savings for each bank.
“As these banks have reduced their costs — for example, by reducing staff at counters and as less space is needed now for a bank to function — these cost savings can be used to absorb the ATM charge,” he said.
The National Union of Bank Employees (NUBE) had in December launched a campaign to abolish the RM1 interbank ATM withdrawal fee, claiming it was an additional burden for the people, especially those in the lower income groups.
Chong, who is also Sarawak DAP chief said it was absurd that consumers have to bear the additional RM1 ATM fee over and above each bank’s gains.
“No Malaysian consumer should be allowed to pay for large-scale profitability gained by these banks as it then becomes a burden to the consumer, more so adding a financial strain on low-income earners, particularly those from the B40 and M40 groups who reportedly make up 85% Malaysia’s population.
“As the banks gain substantial cost savings due to service automation and with the use of many banking technological advancements, consumers cannot be burdened with further charges after the fact that these banks earn huge profits.
“This makes the fee baseless,” he added.
