A consumer association has questioned the RM1 charge imposed on each automated teller machine (ATM) transaction, describing it as profiteering, with operating companies reportedly earning millions in profits.
In a Utusan Malaysia report, Kedah Consumers Association (Cake) president Mohd Yusrizal Yusoff said the fee provides no clear benefits to the 15 million users and leaves them feeling exploited.
“We withdraw our own money, but they earn millions in profit. While RM1 may seem insignificant, it is valuable to the people, particularly with the rising cost of living,” he said.
He explained that only bank account holders from the B40 group primarily use ATMs, while wealthier individuals prefered Internet banking.
“Millions of people in Malaysia have bank accounts, and it is estimated that 80 per cent of them belong to the B40 and M40 groups. This means millions of people are affected by the RM1 fee.
“This fee only makes the rich richer, while the poor continue to struggle. In today’s high cost of living, even RM1 places a burden on them,” he said.
He added that the government should instruct Bank Negara Malaysia (BNM) and other banks to stop this service charge. – NST ONLINE
