RM1 ATM withdrawal fee: MP to raise issue in next Parliament sitting

KEPONG MP, Lim Lip Eng is expected to raise the RM1 interbank ATM withdrawal fee issue at the next parliament sitting in February.

In a statement, Lim said he was currently drafting the necessary questions to be submitted to parliament.

“Let the matter be discussed and debated in the Dewan Rakyat, and hopefully we reach a favourable end in the interest of the people,” he said.

He said the RM1 fee for interbank ATM withdrawals was unjustifiable and added to the burden faced by low-income earners who make up some 85% of Malaysia’s population.

“I have discussed the matter at length with officials from the Ministry of Finance and they agree that the fee cannot be rationalised due to huge profits earned by Malaysian banks.

“It also places further strain on the B40 and M40 groups in the county,” he said. 

Lim said banks earned huge profits, some in the billions of ringgit in 2024 which followed the trend of previous years.

“So, it only makes sense for the banks to absorb the cost involved (the RM1 ATM withdrawal fee) and not pass it on to the consumer. This is grossly unfair,” he said.

The National Union of Bank Employees (NUBE) had last year launched a campaign to abolish the RM1 interbank ATM withdrawal fee along with a petition campaign entitled #HapusCajRM1 on its website and Change.Org.

This fee was waived during the Covid-19 pandemic in April 2020 but was reinstated in February 2022.

NUBE general secretary J. Solomon said many low-income earners are strained due to the rising cost of living which has caused them to face greater hardship in recent times. - January 17, 2025