The Malaysian Trades Union Congress (MTUC) has voiced its full support for the National Union of Bank Employees (NUBE) in demanding the abolition of the RM1 interbank ATM withdrawal fee.
MTUC, which represents around 950,000 workers through its affiliates, expressed concern that this fee disproportionately impacts lower-income individuals already struggling financially. MTUC Secretary-General Kamarul Baharin Mansor stated, “While the government has increased the minimum wage, the rakyat, and particularly the low-income group, are being burdened by such extortionate practices.”
The RM1 fee is viewed as a means to increase profits for large commercial institutions, especially Payments Network Malaysia Sdn Bhd (PayNet), which owns the Malaysian Electronic Payments System (MEPS). Kamarul emphasised that, with technological advancements, such a charge should no longer be applicable, especially in light of the high cost of living.
For a low-income earner making five withdrawals per month, the fee adds up to RM60 annually, a significant burden for poorer households. MTUC is urging banks and relevant parties to reconsider and eliminate this fee to help alleviate the financial strain on Malaysians.
