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

Discussion in 'Adrian Wong' started by Adrian Wong, Aug 8, 2006.

  1. Adrian Wong

    Adrian Wong Da Boss Staff Member

    Hmm.. That's true. Well, that's something, I guess.

    But if they really want people to make use of their ATMs, why set stupid limits like only 4 free ATM withdrawals a month and free ATM withdrawals for RM 1,500 per withdrawal??? If they forgo such limits, who wouldn't use the ATM?

    Right now, those withdrawing OTC are those who withdraw more than 4 times a month and want to avoid the extra ATM charges.

    By implementing this rule, Maybank is effectively forcing them to pay the RM 0.50 or RM 1 per extra ATM withdrawal.
    Last edited: Aug 9, 2006
  2. Chai

    Chai Administrator Staff Member

    I have an idea. Go to the teller, withdraw RM5k cash, then use cash deposit machine back the amount that you don't need!
  3. doraemon

    doraemon Just Started

    the time u walk out from bank with 5k, u got rob...blame who?:mrgreen:
  4. Chai

    Chai Administrator Staff Member

    Cash deposit machine is still technically inside the bank...
  5. elton

    elton WhAtSuPdOc

    They might be thinking of like too many user if no charges for withdraw more than 4 time per month thier ATM machine usage will increase.That mean life time will cut down and maintenance fees will be higher.

    By implement this they can earn some money for the service they provide which another way round cut down thier expenses and better profit end of the day :haha:

    Getting more customer is not the main issue for them any more, they are the one having most customer compare with other bank in Malaysia (only). Getting more profit is thier goal now :p
  6. Adrian Wong

    Adrian Wong Da Boss Staff Member

    LOL! That's the method I'm using with the ATM machine. :haha: :haha:

    When I need RM 500, I withdraw RM 1,500 and then deposit RM 1,000 into the cash deposit machine. :haha: :haha:

    Unfortunately, this method requires me to have at least RM 1.5K in my account, which is often not possible. :(

    So, the same problem goes for the OTC withdrawal. You will need to have more than RM 4500 in your bank account to use that method. :(
  7. Adrian Wong

    Adrian Wong Da Boss Staff Member

    Honestly, that's not true. The machines may cost money but over time, they save A LOT of money by cutting down on manpower and the size of their branches.

    So, using the ATM actually saves Maybank a lot of money. Maintenance isn't that much. In fact, implementing stupid rules like above will INCREASE their maintenance.

    Just imagine if everyone starts withdrawing in lots of RM 1.5K, taking what they need and depositing the rest in the cash deposit machine. The ATMs will run out of cash a LOT faster, necessitating more frequent reloads.
  8. Chai

    Chai Administrator Staff Member

    Why do you need to do that?
  9. elton

    elton WhAtSuPdOc

    Ya true as well, on another view if all the ATM are good enough and no more new ATM will be install or workers to be cut down, this might be thier new plan.

    On top of that not every place having a deposite machine sitting beside a ATM machine, will say most of it no. :think:
  10. Adrian Wong

    Adrian Wong Da Boss Staff Member

    Because if we don't withdraw in lots of RM 1.5K, then the withdrawal counts towards the 4 withdrawal limit we have each month.
  11. Adrian Wong

    Adrian Wong Da Boss Staff Member

    Yeah, well, if there's no cash deposit machine, then it will be real troublesome. :D

    But I think they are moving towards adding cash deposit machines, so that people can pay their bank loans and credit card payments via those machines, instead of OTC.
  12. elton

    elton WhAtSuPdOc

    Yeah will be good for people loan from Maybank, but i think they will install in thier branch only. Not those ATM that sitting in Jusco or shopping complex :D
  13. Adrian Wong

    Adrian Wong Da Boss Staff Member

    Ahh... That's very true.. :think:
  14. redness

    redness Newbie

    I will make sure to mark that down as the possible place to rob large sum of money in short amount of time! :p
  15. elton

    elton WhAtSuPdOc

    May be Dr. Adrian is a good target for you :p
  16. Adrian Wong

    Adrian Wong Da Boss Staff Member

    Err.. You are welcomed to try. Just don't skewer me if you are disappointed. :haha: :haha: :haha:
  17. AAY

    AAY ARP Reviewer

    Whenever I get all upset at Maybank's latests flurry of ridiculous charges, I always think back to what one of my friends told me a few years ago (his father was a bank CEO at the time) - banks really don't care about their retail customers. Do you honestly think they make very much with your puny RM2,000 savings account? Do you think the Vice President's gonna dance with joy just 'cos you took out an RM200k house loan with his bank?

    Banks make a killing when the numbers start growing really big, like when they handle IPOs or give out hundred-million ringgit loans to a corporate client. When the client's signed the dotted line to go with bank X to finance the construction of a new skyscraper in KL, then the bubbly is broken out.

    It's sad, but it's true - us sods without silly amounts of money really won't get much respect from the likes of Maybank.
  18. Adrian Wong

    Adrian Wong Da Boss Staff Member

    Hmm.. That's very true.

    But I recently read that Maybank's shifting away from that concept already. In fact, they say that they are making a LOT of money from transactional charges these days.

    For example, Maybank2U charges, TT charges, money exchange charges, charges for services like ATM, etc.

    In fact, they intend to concentrate more on such activities because they are not capital-intensive. All they do is provide the service and charge the customers. There's no capital layout, so to speak, unlike loans, etc. And there's virtually no risk, unlike loans where debtors can default on their payments.

    Even though the charges may seem like insignificant compared to multi-million dollar loans, Maybank has a VERY large number of account holders. Just charging RM 2 for interbank transactions via Maybank2U alone will net them MILLIONS of ringgit per month.

    But yeah, I do agree that Maybank don't respect their customer base. They may make a lot of money from us, but they sure treat us like shit. :mad: :mad:
  19. aKho

    aKho beat around the bush

    i'm stuck with MayBank cause my company uses it so my pay goes to it. usually i just do 1 or 2 withdrawals in a month from an ATM but NEVER nearing the end of the month (else BIG QUEUE). :whistle:
  20. mahakanjus

    mahakanjus Newbie

    baring any unforeseen circumstances i dont think the charges will be an issue. i certainly have no problems with the charges.
    atm withdrawal explicitly states that you have reached your free withdrwal limit and the next may be subjected to charge.

    i understand that you guys are against them profiting from us. especially on the wake of the news the MBB made RM4b... but think of it... the staff will be rewarded with more money. so if you want to make money go work in maybank.

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