Maybank: RM2 fee for selected OTC cash withdrawals??? YAU MOU GAU....CHOR!!!
Malayan Banking Bhd (Maybank) will charge a RM2 fee for over-the-counter (OTC) cash withdrawals of RM4,500 and below for only selected account categories from Sept 1.
Maybank’s head of consumer banking Spencer Lee said on Aug 2 the move was part of the bank’s ongoing effort to encourage the use of self-service machines.
He said the implementation of the fee was not a means to create an additional income as it would only apply to less than 15% of its customers.
“Instead, we are trying to persuade this group to join the majority of our other customers who are already using self-service terminals, for which we have invested significantly and which operate beyond banking hours,” he said.
Lee said the new fee did not apply to senior citizens (aged 55 years and above), minor account holders (below 18 years of age), disabled/handicapped customers and charitable organisations, clubs/societies accounts.
Other categories which will not be charged were all basic savings account (BSA) or basic current account (BCA) holders; joint account holders who are not eligible for ATM facility and when the ATM facility at the branch is out-of-service.
He added those who would not be charged were customers whose ATM cards could not be read, customers whose cards were retained by the machine; customers who lost their card and were unable to apply for a new one as he had lost the identity card and business customers as they were not eligible for ATM cards.
Lee said RM4,500 was set as this amount could be withdrawn via ATMs at no cost through three transactions of RM1,500 each.
Cash withdrawals of RM1,500 per occasion at Maybank ATMs are free of charge, irrespective of how many times in a month it was carried out, he said.
Lee said Maybank had invested significantly over the years and today it has the largest network in Malaysia offering its services even in rural areas where it was the sole provider of financial services.
“We also serve over seven million customers, managing their varied financial needs with a wide range of products and service convenience.
“In view of growing competition, the need to continuously enhance our efficiency is important and this change that we are implementing will enable us to become more efficient and service our customers better,” he said.
Lee said Maybank would continue to play its role as a leading corporate citizen and invest considerably in technology, self-service machines as well as other electronic and cashless payments channels to ensure that it is able to offer greater convenience for customers.
He added that Kawanku or al-Wadiah saving/current account customers who wished to enjoy a waiver of the RM2 fee could convert their account to, or apply for, the Basic Savings Account (BSA) and Basic Current Account (BCA) respectively.
BSA/BCA customers enjoy unlimited OTC transactions or ATM withdrawals by paying the annual fee of RM8.
If they do not wish to pay the RM8 annual fee, they will still receive free OTC withdrawals and will be given eight (8) free ATM cash withdrawal transactions per month (the 9th onwards will be charged 50 sen per withdrawal).
The Maybank ATM card (Maybankard) allows access to the bank’s range of over 1,500 self-service terminals including ATMS, cash and cheque deposit terminals.
With the Maybankard, customers can perform cash withdrawals, account inquiry, fund transfer and payments of utilities, telcos and various services at ATMs.
The card is also a debit card for payment convenience at many outlets including supermarkets, shopping malls and petrol stations as well as enabling customers to apply for Internet banking and undertake cash withdrawals at ATMs when overseas.
Maybank’s head of consumer banking Spencer Lee said on Aug 2 the move was part of the bank’s ongoing effort to encourage the use of self-service machines.
He said the implementation of the fee was not a means to create an additional income as it would only apply to less than 15% of its customers.
“Instead, we are trying to persuade this group to join the majority of our other customers who are already using self-service terminals, for which we have invested significantly and which operate beyond banking hours,” he said.
Lee said the new fee did not apply to senior citizens (aged 55 years and above), minor account holders (below 18 years of age), disabled/handicapped customers and charitable organisations, clubs/societies accounts.
Other categories which will not be charged were all basic savings account (BSA) or basic current account (BCA) holders; joint account holders who are not eligible for ATM facility and when the ATM facility at the branch is out-of-service.
He added those who would not be charged were customers whose ATM cards could not be read, customers whose cards were retained by the machine; customers who lost their card and were unable to apply for a new one as he had lost the identity card and business customers as they were not eligible for ATM cards.
Lee said RM4,500 was set as this amount could be withdrawn via ATMs at no cost through three transactions of RM1,500 each.
Cash withdrawals of RM1,500 per occasion at Maybank ATMs are free of charge, irrespective of how many times in a month it was carried out, he said.
Lee said Maybank had invested significantly over the years and today it has the largest network in Malaysia offering its services even in rural areas where it was the sole provider of financial services.
“We also serve over seven million customers, managing their varied financial needs with a wide range of products and service convenience.
“In view of growing competition, the need to continuously enhance our efficiency is important and this change that we are implementing will enable us to become more efficient and service our customers better,” he said.
Lee said Maybank would continue to play its role as a leading corporate citizen and invest considerably in technology, self-service machines as well as other electronic and cashless payments channels to ensure that it is able to offer greater convenience for customers.
He added that Kawanku or al-Wadiah saving/current account customers who wished to enjoy a waiver of the RM2 fee could convert their account to, or apply for, the Basic Savings Account (BSA) and Basic Current Account (BCA) respectively.
BSA/BCA customers enjoy unlimited OTC transactions or ATM withdrawals by paying the annual fee of RM8.
If they do not wish to pay the RM8 annual fee, they will still receive free OTC withdrawals and will be given eight (8) free ATM cash withdrawal transactions per month (the 9th onwards will be charged 50 sen per withdrawal).
The Maybank ATM card (Maybankard) allows access to the bank’s range of over 1,500 self-service terminals including ATMS, cash and cheque deposit terminals.
With the Maybankard, customers can perform cash withdrawals, account inquiry, fund transfer and payments of utilities, telcos and various services at ATMs.
The card is also a debit card for payment convenience at many outlets including supermarkets, shopping malls and petrol stations as well as enabling customers to apply for Internet banking and undertake cash withdrawals at ATMs when overseas.
posted by SEE FU at 7:39 AM
0 Comments:
Post a Comment
<< Home