ABM reminds public on cheque processing fee from Apr 1

KUALA LUMPUR: The Association of Banks in Malaysia (ABM) has reminded the public that commercial banks will charge a cheque processing fee of 50 sen on the issuer or drawer of a cheque effective April 1, 2014. 

Issuers or drawers of cheques are therefore reminded to have sufficient funds in their accounts to cover the cheque processing fee, said the association in a statement today. 

"ABM and our member banks are in full support of the national agenda for the migration to electronic payment (e-payment) and would like to encourage members of the public to adopt e-payment which is a fast, affordable and convenient method of transferring funds and making payments," it said. 

A series of nationwide road shows and open days to promote e-payments, in particular Interbank GIRO, has been held since October 2013 and will continue until March 2014. 

The road shows have been jointly organised by Bank Negara Malaysia, Association of Islamic Banking Institutions Malaysia and ABM.

For better clarity, ABM has issued a set of guidelines to the public on how the cheque processing fee will be charged. 

The guidelines are on ABM's website www.abm.org.my. - Bernama