PETALING JAYA: Payments Network Malaysia Sdn Bhd (PayNet) and its shareholders, which include Bank Negara Malaysia (BNM) and 11 banks, have been urged to remove its re-imposition of the RM1.00 interbank ATM cash withdrawal fee by the National Union of Bank Employees (NUBE).
In a statement, today, the union opined that the fee which is charged to customers withdrawing cash from automated teller machines (ATMs) not affiliated with their respective banks, as a burdensome for lower income families still recovering from the economic fallout of the Covid-19 pandemic.
“During the pandemic, PayNet announced a waiver of this RM1.00 fee on April 3, 2020, recognising the financial strain faced by many Malaysians.
“However, in February 2022, this fee was reinstated, placing additional financial pressure on those who rely on ATMs for their cash withdrawal needs.”
The union further stated that the majority of customers impacted by this fee are from lower-income groups including a large population of NUBE members who are already struggling to make ends meet.
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“Imposing this fee on individuals who frequently use ATMs outside of their banking network is not only unfair but also exacerbates the financial challenges they face.
“Many of these customers need to make withdrawals while on the go, and the added cost of RM1 per transaction can accumulate quickly, further straining their limited resources.”
In early October, NUBE said that it had written to the shareholders of PayNet, namely BNM and the commercial banks asking them to advise PayNet to remove or exempt this payment.
“NUBE’s position is that it is PayNet and its shareholder’s moral obligation, corporate social responsibility and sustainable ESG in the interest of the Rakyat and nation to waive this RM1 fee for all its customers who are in the lower-earning income group.
The union acknowledged while there were responses to these letters, from BNM and some banks, none of them gave a firm commitment that the RM1 fee would be waived.
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“We urge PayNet and the banks to prioritise empathy and social responsibility in their operations,“ said NUBE general secretary, J. Solomon.
“The RM1 withdrawal fee disproportionately affects those who can least afford it.
“As we strive for economic recovery, we should not impose additional burdens on our most vulnerable communities,” he added
