PETALING JAYA: Support for the removal of the RM1 interbank withdrawal fee continues to gain traction with Seputeh MP Teresa Kok the latest lawmaker to express her disagreement with the imposition of the controversial fee.
Saying that RM1 interbank ATM withdrawal fee, causes hardship for the B40 and M40 groups while enriching a private company, the veteran MP threw her support behind the call to abolish the fee, citing increasing financial pressure due to the rising cost of living on Malaysians in recent times, particularly on low-income earners.
“The fee of RM1 is charged on every interbank ATM withdrawal which has led to huge gains for a particular private company, which is responsible for imposing this fee.
“I am certain this amount runs into the hundreds of millions annually - on the backs of most Malaysians.
“We have not only to deposit any form of earnings we have into these banks but are charged to withdraw our own cash to survive.
“This does not make sense,” she said.
“How much profit is then accumulated by the banking system in a day from these transactions?” Kok asked.
“As the welfare of the people is the most important point of focus by the government, there is no reason why the RM1 fee should not be abolished,” she added.
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Recently, Pasir Mas MP Ahmad Fadhli Shaari also called for its immediate abolition on grounds that it places an unnecessary financial burden on Malaysians, particularly low-income earners.
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Last December, the National Union of Bank Employees (NUBE) has called for action, urging the government to direct Bank Negara Malaysia (BNM) and financial institutions to abolish the RM1 fee.
The union insists that the fee places an unjust financial strain on millions of Malaysians, particularly those who are already financially vulnerable.
NUBE general secretary J. Solomon, had then emphasised that the fee is especially problematic given the current economic challenges, where many Malaysians are already struggling with rising living costs.
