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NUBE: Campaign to abolish RM1 ATM withdrawal fee ‘gaining momentum’

A woman signing the 'One Million Signature Campaign To Abolish RM1 Interbank ATM Withdrawal Fee' by the National Union of Bank Employees.

With over 20,000 signatures collected since its launch in late December, the National Union of Bank Employees (NUBE) remains confident that its ‘One Million Signature Campaign To Abolish RM1 Interbank ATM Withdrawal Fee’ will achieve its target by next month.

“We are gathering signatures both online and in physical form, and we believe we will achieve our target of collecting 1 million signatures by March 31,” said NUBE’s general-secretary J. Solomon.

“We continue to raise awareness on the widespread opposition to the RM1 fee, and we are also gaining momentum on our signature drive both online and on the ground,” he said.

Solomon also said that NUBE was confident that the government would abolish the RM1 fee, given its impact on the population, especially those from the lower-income groups.

“If the government is sensible and wants to do the best for this country, then they will abolish it (the RM1 fee). If they are self-centred, egoistic, and arrogant, then they will not do it,” he said.

“Their actions regarding this matter will show if they are compassionate to the people’s voices.”

The campaign, which was launched last December, aims to urge Payments Network Malaysia Sdn Bhd (PayNet) and its largest shareholder, Bank Negara Malaysia, along with the 11 shareholder banks (Maybank, CIMB, Public Bank, RHB, Hong Leong Bank, Bank Islam, Bank Muamalat, Affin Bank, AmBank, Alliance Bank, and Bank Rakyat), to abolish the RM1 ATM interbank withdrawal fee for cash transactions.

Solomon had previously said that it is an injustice for PayNet to continue raking in millions by charging RM1 for ATM withdrawals from banks other than the issuing bank. Solomon noted that data from 2023 shows PayNet reported RM544 million in gross revenue and a net profit of RM271 million.

In the past month, several civil society groups have supported NUBE’s call to abolish the RM1 fee and have urged banks to absorb the RM1 charge for each interbank withdrawal instead of imposing the fee on customers. The groups include the Malaysia Trades Union Congress (MTUC), the Federation of Malaysian Consumers Associations (Fomca), and the Social Protection Contributors’ Advisory Association Malaysia.

Several politicians, including DAP Kepong MP Lim Lip Eng, PKR Selayang MP William Leong, and former Penang deputy chief minister P. Ramasamy, have also supported calls to abolish the RM1 fee.

Solomon said people must be more sensitive and understand how the RM1 fee burdens those from the lower-income groups as well as students.

“Students, for example, tend to make more cash withdrawals, and the amount is usually lesser than those in the T20 group,” he said.

“We must also not forget that there are those living in areas where their own banks are not easily accessible.

“Our checks show that, on average, a person can be charged a total of RM24 on their interbank cash withdrawals,” he added, noting that the fee burden was also felt by NUBE members.

Established in 1958, NUBE has over 15,000 registered members throughout the country. NUBE is legally the sole representative union of all clerical and non-clerical employees of banking and financial institutions throughout Peninsular Malaysia.

To sign the petition, visit NUBE’s website at https://www.nube.org.my/hapus_caj_rm_one, and the Change.Org site at https://www.change.org/HapusCajRM1.

Main image: NUBE / Facebook