Maybank to charge RM 2 for OTC cash withdrawals from Sept. 1st onwards!

[Adrian Wong]

Believe it or not, but Maybank just announced a new charge... This time, it's for over-the-counter cash withdrawal.

Maybank today clarified that a fee of RM2.00 will be applicable for over-the-counter (OTC) cash withdrawals of RM4,500 and below, for selected account categories effective 1 September 2006.

This move is part of the bank’s ongoing effort to encourage the use of self-service machines where possible. It will enable the bank to enhance its level of service to customers undertaking transactions at the counter which are not able to be done through machines.

Maybank’s Head of Consumer Banking, Mr Spencer Lee said that the bank is ever conscious of its corporate social responsibility in providing financial services to the public

We have invested significantly over the years and today, we have the largest network in Malaysia, offering our services even in rural areas,, where we are of the sole provider of financial services. We also serve over 7 million customers, managing their varied financial needs with a wide range of products and service convenience.”

“Notwithstanding this, we are also conscious of the need to balance our corporate responsibility against our shareholders’ expectations at all times. 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,” added Mr Lee.

The bank, he said, will 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.

“This move to implement a fee is not a means to create additional income for the Bank as it would only be applicable to less than 15% of our 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,” said Mr Lee. “It will also reduce queue time and allow us to provide better service to customers who require more attention for specialized transactions at counters,” said Mr Lee.

Mr Lee also clarified that the new fee will not be applicable at all to numerous categories of customers, as follows:
• Senior citizens (aged 55 years and above)
• Minor Account holders (below 18 years of age)
• Disabled / Handicapped customers
• Charitable organisations, Clubs / Societies Accounts
• All Basic Savings Account (BSA) or Basic Current Account (BCA) holders
• Joint Account (both to sign) holders who are not eligible for ATM facility
• When the ATM facility at the branch is out-of-service
• Customers whose ATM cards cannot be read by the machine
• Customers whose ATM cards are retained by the machine
• Customers who lose their ATM Card and are unable to apply for a new ATM card as he/ she lost the identity card
• Business customers as they are not eligible for ATM card.


“Customers who withdraw amounts above RM4,500 will continue to be provided OTC cash withdrawals with no fee,” he said.

Mr. Lee explained that the amount of RM4,500 was set as this amount can be withdrawn via the ATMs at no cost through 3 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 is performed.

Mr Lee further 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.

The BSA/BCA customer can enjoy unlimited OTC transactions or ATM withdrawals by paying the annual fee of RM8.00. If they do not wish to pay the RM8.00 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 1500 self-service terminals including ATMS, cash and cheque deposit terminals. With the Maybankard customers can perform cash withdrawals, account enquiry, 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. The Maybankard card also allows customers to apply for internet banking and undertake cash withdrawals at ATMs when overseas.

TBH, it's been ages since I've done any OTC cash withdrawals but I think it's offensive for them to implement such a policy.

What if the ATM machines are down? TBH, I've often gone to a Maybank outlet only to find all their machines down, or under maintenance. What then? Go hungry? Or pay RM 2 to withdraw some money over-the-counter?

[The_YongGrand]

I heard that before. yeah, must I pay the RM2.00 for the troubles if the ATM machine is down???

[angel1011]

If the ATM is down... I rather go take from another bank's ATM.... RM1 MEPS charge is definitely better than RM2 OTM charge.

But it's really ridiculous laa.... they are charging us over our own money.... OUR MONEY! whatever thing we're doing with OUR OWN MONEY also they want to charge us for processing fees. and this is not helping as we all know that the line, especially at Maybank ATMs, are farking long especially at town centers!

and another thing, how much cash are they going to put into ATM machines, for all I know this will cause the cash to run out faster than ever. Plus I thought Maybank got impose additional charge on ATM withdrawal if one exceed certain times of withdrawal?

[redness]

Ya, I believe the first 5 withdrawal of the month from Maybank ATM is free. The rest will be charge RM1 per transaction, either way we lose.

[doraemon]

they even charge when we change notes to coin...or coin to notes.....

[strawroot]

its a crazy implementation. but luckily i dont own a maybank acc hehe

[angel1011]

customer withdraw ATM over 8 times (failed attempts + successful attempts): MB charge RM0.50

customer withdraw ATM stop at 8th time, then go OTC: MB charge RM2 per transaction. It's not like their service are at top-notch ya know?

customer OTC RM4500 one shot over the counter, customer pay nothing. But how many of us wana do that? never got robbed before is it?

customer do online transactions, some got charged for RM1 each transaction. What is this? Self-service pun mau bayar, orang lain service pun mau bayar, apalah....

the next thing they probably will come up for the reason "...part of the bank’s ongoing effort to encourage the use of self-service machines where possible...." is that customer will be charged when bank in money through OTC, due to "Cash Deposit Machines" are available throughout the country. later boss say want to deduct our salary to cover the charges... then really siap la...

[Adrian Wong]

Originally Posted by redness

Ya, I believe the first 5 withdrawal of the month from Maybank ATM is free. The rest will be charge RM1 per transaction, either way we lose.

Actually, the first FOUR withdrawals less than RM 1500 are free. Thereafter, you are charged RM 0.50 per transaction.

This is on top of the RM 8 per year fee for the use of the ATM facilities.

So, if you need to withdraw often, what you can do is withdraw RM 1,500 at one go, take what you need and deposit the rest at a cash deposit machine immediately.

[doraemon]

ia buka mulut besar besar, tunggu makan semua duit kita.....

[Adrian Wong]

Originally Posted by doraemon

they even charge when we change notes to coin...or coin to notes.....

Eh is it?? I thought such services are free???