The National Union of Bank Employees (NUBE) is urging Payments Network Malaysia Sdn Bhd (PayNet) to discontinue with immediate effect the RM1 out-of-network ATM fee imposed by the financial institutions.
In a statement, NUBE said it is injustice for PayNet to continue raking in millions of ringgits by charging RM1 on any individuals withdrawing from an ATM machine different from the ATM card issuing bank.
NUBE revealed that in 2023, PayNet raked in RM544 million in gross and a net profit of RM271 million.
“PayNet in the same financial year was reported to have retained an accumulative profit from previous years amounting to RM1.43 billion. Moreover, it owns assets of RM2.1 billion.
“Where is the justice? This is made on the backs of the poor working class,” NUBE Secretary General J Solomon said, adding that Bank Negara Malaysia (BNM) is a part of this.
He highlighted that BNM is the largest shareholder of PayNet and there are 11 other financial institutions including cooperative banks as joint shareholders.
He argued that it is grossly unfair that low-income groups like the B40 and M40 pay this toll at the ATM that exacerbates their already challenging finances while executives of PayNet are sitting back and raking it in.
He urged PayNet and its shareholders to do the right thing as a service to poverty-stricken Malaysians and discontinue the RM1 out-of-network ATM fee with immediate effect.
