Conduct study on abolishment of RM1 interbank withdrawal fee, says deputy finance minister

DEPUTY Finance Minister Lim Hui Ying said a study should be conducted on the call by the National Union of Bank Employees (NUBE) to abolish the RM1 fee for interbank ATM withdrawals.

She said she is aware of the “Abolish RM1 campaign” but stressed that a study would be the best option before any decision is made on the matter.

She said is also aware that several Members of Parliament had also voiced support for the fee to be abolished, especially in view of the rising cost of living.

“The ministry is impartial to all sides over the issue. However, we need time before reaching any decision on the matter,” she said after the birthday celebrations for her father, Tan Sri Lim Kit Siang in George Town.

The latest lawmaker to support NUBE's campaign to abolish the RM1 fee is Seputeh MP Teresa Kok who said the fee causes hardship for the B40 and M40 groups while enriching a private company.

The veteran MP threw her support behind the call to abolish the fee, citing increasing financial pressure due to the rising cost of living on Malaysians in recent times, particularly on low-income earners.

Bukit Bendera MP Syerleena Abdul Rashid had also earlier said that the fee was counter-productive to the goal of alleviating financial hardships faced by the rakyat.

Kepong MP Lim Lip Eng is expected to raise the RM1 interbank ATM withdrawal fee issue during the current parliament sitting.

“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

Jelutong MP RSN Rayer also joined the chorus in support of the campaign to abolish the RM1 interbank ATM withdrawal fee.

Other MPs who have supported the abolishment of the RM1 fee include Temerloh MP Salamiah Mohd Nor; Sarawak Pakatan Harapan chairman and Stampin MP Chong Chieng Jen;

Pasir Mas MP Ahmad Fadhli Shaari and Selayang MP William Leong.

Numerous other consumer associations and non-governmental organisations (NGO) have also thrown their support behind NUBE in calling for the abolishment of the fee. - February 17, 2025