PETALING JAYA: The ongoing campaign by the National Union of Bank Employees (NUBE) to remove the RM1 Automated Teller Machines (ATM) charge has gained traction from student unions as university students mostly from the lower income group would benefit hugely from it.
Describing the potential removal of the RM1 fee as “a breath of fresh air for the lower income group”, Suara Siswah Universiti Malaya president Abqari Anuat said he was in full agreement with Nube.
The charge should be abolished as it burdens the people including university students, especially those from within the lower income group, he stressed.
READ MORE: NUBE kicks off campaign to abolish RM1 Interbank ATM withdrawal fee
“The RM 1 charge may seem like a small fee, but it can amount to a lot over time. For example, if a person does over 200 ATM withdrawals over a year, the banks have taken RM200 from them.
“That it is no small amount and is especially burdensome for those in the lower income group. Abolishing it can be a huge relief for them.”
He pointed out banks are already making huge profits and abolishing this fee would not affect them.
Abqari gave an example of PayNet which reportedly earned RM544 million in revenue with RM271 million coming from this fee.
He added even without the fee; the company was still making RM273 million in profit.
“There is no need to keep this charge,” he said.
He called on MPs, who are elected representatives to fight for the people.
“I urge all MPs, be it from government or opposition, to work together and abolish this fee,” he added.
So far, several MPs from both sides for the divide have expressed support for the abolishment of the RM1 fee.
This includes Seputeh MP Teresa Kok, Pasir Mas MP Fadhli Shaari, Stampin MP Chong Chieng Jen and Kepong MP Lim Lip Eng.
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Last December, NUBE officially launched a signature campaign aimed at abolishing the RM1 interbank ATM cash withdrawal fee.
The campaign seeks to gather a million signatures to be presented to the Finance Ministry, highlighting the impact of this fee on the lower-income population.
NUBE general secretary J. Solomon, said RM1 may not appear big to many, it adds up to a huge amount over time and this is a burden to the lower-income group.
He pointed out that the majority of those affected by the RM1 fee are from lower-income groups.
READ MORE: Sarawak PH chief supports call to abolish RM1 interbank ATM withdrawal fee
