The National Union of Bank Employees (NUBE) has launched a signature campaign to abolish the RM1 interbank ATM cash withdrawal fee imposed by Bank Negara Malaysia. The campaign aims to collect one million signatures, which will then be presented to the Finance Ministry to highlight the impact of this fee on the lower-income population in the country. J.
Solomon, the general secretary of NUBE, emphasized that while RM1 may not seem like a significant amount to many, it accumulates over time and becomes a burden for the lower-income group. “It is an injustice for PayNet to continue raking in millions by charging RM1 for ATM withdrawals from banks other than the issuing bank. In 2023 alone, PayNet reported RM544 million in gross revenue and a net profit of RM271 million,” Solomon stated.
Campaign to abolish RM1 ATM fee
“The rich are getting richer, while the poor continue to suffer.”
Solomon further added, “In pressing times like these, every sen counts. NUBE is committed to helping alleviate the burdens faced by lower-income groups.
We urge all our fellow Malaysians to support this cause and help make this signature campaign a success.”
The campaign will be conducted online through NUBE’s official website and Change.org, as well as through physical outreach where NUBE members will engage with the public nationwide. The union has been campaigning to abolish the interbank withdrawal fee for weeks. The government had introduced a waiver on the MEPS system in 2020, at the height of the Covid-19 pandemic, to allow people to withdraw cash from ATMs during the Movement Control Order without having to pay the RM1 charge.
However, banks reinstated the fee from February 1, 2022, onwards.
