The National Union of Bank Employees (NUBE) has launched a signature campaign aimed at abolishing the RM1 interbank ATM cash withdrawal fee imposed by Bank Negara Malaysia.
The campaign seeks to gather one million signatures, and the petition will then be presented to the Finance Ministry to highlight the impact of this fee on the lower-income population in the country.
NUBE general secretary, J. Solomon, said while RM1 may not seem like a substantial amount to many, it adds up to a huge amount over time and this is a burden to 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 said.
“The rich are getting richer, while the poor continue to suffer.
“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,” he added.
The campaign will take place online, via 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 now. The government 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.
The fee, however, was reinstated by banks from Feb 1, 2022 onwards.
