RM1 Interbank ATM Withdrawal Fee Will Make A Return In February 2022

Among several move that the government has imposed during the early stages of the Movement Control Order (MCO) last year is the removal of RM1 interbank cash withdrawal fee for all ATMs that are connected to the Malaysian Electronic Payment System (MEPS). Originally announced in April 2020, it was meant to discourage the public from flocking bank counters to withdrawing their money.

The policy was meant as a temporary measure and supposed to be put in place again once MCO is over although the waiver is still around until today despite MCO has since been replaced by the National Recovery Plan (PPN). That will change next year though as multiple banks today have announced that the fee will be imposed on customers once again starting from 1 February 2022 onwards.

The reinstatement of the policy was originally reported by RinggitPlus earlier this week who discovered the notice on Citibank’s website [pdf]. Although PayNet itself didn’t make any official announcement regarding it, most major banks including Maybank, CIMB, RHB, BSN, Public Bank, and Bank Islam have since confirmed the return of the RM1 fee this coming February.

Of course, customers can easily avoid the fee by making the withdrawal at ATMs that belonged to their home bank.

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