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Published: Friday January 24, 2014 MYT 12:00:00 AM
Updated: Friday January 24, 2014 MYT 7:13:11 AM

Banks to charge 50 sen to process a cheque from April 1

PETALING JAYA: Effective April 1, those issuing a cheque will be charged a 50 sen processing fee by commercial banks, said the Association of Banks Malaysia (ABM).

It said in a statement that the fee was in addition to the existing 15 sen stamp duty per cheque.

“Issuers or drawers of cheques are therefore reminded to have sufficient funds in their accounts to cover the cheque processing fee,” said ABM, adding that the fee would be charged whenever a cheque was received for processing via over-the-counter encashment or deposited into an account.

It added that those applying for a banker’s cheque, bank draft and cashier’s order would also need to pay the fee.

“In such cases, the cheque processing fee will be in addition to the stamp duty and commission collected by the bank,” it said.

Bank Negara announced this measure on March 20 last year to promote the use of electronic payment (e-payment) while capping the fee for interbank GIRO transactions performed via Internet and mobile banking at a maximum of 10 sen from May 2 last year.

A series of road shows to promote e-payments and interbank GIRO held since last Oct would continue until March.

For ABM’s guidelines on the cheque processing fee and schedule for the roadshows and open days, visit www.abm.org.my or call ABMConnect at 1300-88-9980 (office hours Mon-Fri).

Tags / Keywords: Business, cheque processing fee, abm, 50 sen

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