For years Malaysia has practiced an ATM withdrawal fee and Malaysians have no choice but to see their banking balance cut by RM1 for every transactions.
Now, there are voices against this practice that is considered unhelpful to the account holders while it seems the practice has ‘enriched’ banks.
ATM Withdrawal Fee
Perikatan Nasional MP Ahmad Fadhli Shaari has thus called on the government to abolish the RM1 inter-bank ATM withdrawal fee.
He argues that it unfairly burdens low-income Malaysians. He highlighted the massive profits banks and PayNet have made from the fee, calling it a form of exploitation that must be stopped.
PayNet the winner?
Ahmad Fadhli Shaari is calling it a form of exploitation of the poor. He highlighted that Payments Network Malaysia Sdn Bhd (PayNet) made RM544 million in revenue and RM271 million in net profit in 2023 alone.
“Since its inception, this fee has contributed to a cumulative profit of RM1.43 billion,” he said.
Fadhli criticized the system for disproportionately benefiting the rich and called the 2022 reinstatement of the fee a “step backwards” after its Covid-19-era waiver.
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