IN this current economic situation, every ringgit counts, and the RM1 interbank ATM withdrawal fee raises significant concerns.
Though RM1 may seem small to some, it adds up over time and can be a substantial amount, which could have been used by many for their daily needs.
I, like many others want to know where this RM1 is going?
What is disturbing is that the fee is reportedly enriching a private company, and the banks concerned, with no benefit at all to the people.
Banks are already reaping in millions in profits, and it is hard to believe that they still want to tax the poor rakyat by imposing this fee.
Malaysians are already grappling with the rising cost of living and those that frequently use ATMs are from the medium to lower income groups.
You don’t see a millionaire queuing up to withdraw money from an ATM.
Banks have recorded enormous profits! Why are they still burdening the rakyat? This charge must be abolished immediately.
I call on fellow Members of Parliament to join me in standing up for the people and strongly support the petition to abolish the RM1 fee.
This is also a bad case of monopoly by a particular company which must be stopped.
This situation leaves consumers with limited options and forces them to incur additional costs.
The fundamental question remains: where is this money going, and why isn’t it benefiting the people who are battling high living costs?
If during the COVID-19 pandemic, banks waived such fees but still posted substantial annual profits why was the fee reinstated in February 2022, at a time when many Malaysians were already struggling financially?
The welfare of the people should be the government's top priority, and there is no justification for continuing the fee.
Salamiah Mohd Nor
Member of Parliament for Temerloh
The views expressed are solely of the author and do not necessarily reflect those of The Vibes
