MOF welcomes move to drop bank charges for over the counter transactions and CDM

Publish date: Fri, 27 Sep 2019, 04:42 PM

PUTRAJAYA: The Finance Ministry has welcomed the termination of transaction charges imposed by 26 commercial banks on cash and cheque transactions for credit cards and financing repayments over the counter of up to RM2 and 50 sen at cash deposit machines.

Its Minister Lim Guan Eng said the Association of Banks Malaysia (ABM) had done well to heed the ministry's advice to listen to the views of the public and consumers.

He said the transaction charges were first implemented in December 2017 under the previous government to promote the migration to e-payments.

"However, the charges have proved burdensome for low-income earners and those with poor access to Internet connectivity to conduct online and mobile banking.

"The termination of the charges effective Sept 26, demonstrates that the commercial banks are committed to serving consumer needs, using the latest technology without financially burdening them.

"ABM has also demonstrated that it is not obsessed with profits from these fees and charges by abolishing them for the first time since introduced in 2017," he added.

-BERNAMA

Discussions
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FoolsGold

turbochart, you keep discrediting yourself with your pure 100% nonsense comments, as usual, that clearly shows your deep-seated bias towards the minister.

I'm sure you realise, someone from the ministry must have tekan the ABM, who fought so long n hard for these charges, to enable their member banks, to make extra non-interest related profits.

You think the ABM is so considerate to remove these charges, on their own initiatives ?
WHO COULD BE SO PERSUASIVE TO CAUSE ABM TO RECONSIDER N REMOVED THESE CHARGES ?
(IF NOT FOR THE MINISTER HIMSELF?)

2019-09-28 18:28

DreamKentut

THESE EXTRA CHARGES ARE BASED ON FLIMSY EXCUSE, THAT IS TO "FORCE CUSTOMERS TO USE ONLINE TRANSACTION". THIS SUBTLE FORCING IS AKIN TO PENALTY CHARGE ON CUSTOMERS FOR NOT USING ONLINE TRANSACTION. THE CUSTOMERS SHOULD HAVE THE RIGHT TO CHOOSE THE TYPE OF TRANSACTION THAT THEY ARE COMFORTABLE WITH.

I DO NOT TRUST ONLINE TRANSACTION ESPECIALLY MALAYSIAN PORTALS.
WITHIN DAYS OF REGISTERING YOUR PHONE NUMBER ON THESE PORTALS YOU WILL BE RECEIVING UNKNOWN PHONE CALLS AND MESSAGES PROMOTING LOANS AND OTHER SERVICES. THIS SHOWS THAT THERE ARE PEOPLE LEAKING PERSONAL INFORMATION.

2019-09-29 12:37

pang72

This extra charges shall not be implemented and announced in the first place.

So, FM will save time to welcome stupid pull back of the charges.

announce and then pull back are in PH goverment standard procedure?

2019-09-29 12:43

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