MyDebit Cash Out To Charge RM 0.50 For Withdrawals Starting 1 July 2022

[UPDATE – 3:00pm 16 June 2022] We’ve mistakenly referred to the MyDebit Cash Out feature as its debit payment function. The article has been updated to correct this error. We deeply apologise for the confusion caused prior to this.

[UPDATED ARTICLE]

Those using the MyDebit Cash Out feature for cash withdrawals should take note of an important change that will be implemented in the coming month. As first reported by website Rnggt.com, several banks including Alliance, CIMB, HSBC, Bank Islam, OCBC and Standard Chartered have issued notices informing their users that all cash outs made through the service will be imposed with a fee starting 1 July 2022.

According to the notices, withdrawals done via MyDebit Cash Out will be charged RM 0.50 per transaction to cardholders. Prior to this, usage of the feature was initially made available for free. PayNet, the provider of the MyDebit Cash Out service to multiple banks in Malaysia, has yet to publicly announce or disclose any clarifications regarding the change.

For context, MyDebit Cash Out is a feature that allows users to withdraw money from a bank account directly through a participating merchant, therefore sparing them the need of going to an ATM for withdrawal purposes. Users can withdraw cash domestically via the merchant’s point-of-sale terminals with their debit card. Each withdrawals done through the MyDebit Cash Out feature are limited to RM 500 per transaction.

Other banks such Affin Bank, Maybank, Public Bank, UOB and others have yet to release their respective announcements regarding the fee. Regardless, users of these banks should take notice of this once it is implemented. It’s also worth noting that regular withdrawals through ATMs, on the other hand, are not affected by this forthcoming change.

(Source: Rnggt.com)

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