Thursday January 26, 2006
Five-day week for banks
KUALA LUMPUR: Banks will implement a five-day working week from Feb 1 in a bid to encourage electronic banking and give bank employees more time off.
A few bank branches in areas where business volume is high will open on certain Saturdays.
Association of Banks in Malaysia (ABM) executive director Wong Suan Lye said that the banks were adopting a five-day week in line with the public sector's five-day week.
However, the minimum banking hours per week would not be reduced, she said in a statement yesterday.
“With the five-day work week, the recommended banking hours will be from 9.30am to 4pm.
“In addition, banks may operate their branches beyond these hours to meet the needs of their customers.
“Banks will also open selected branches on specified Saturdays,” she said, adding that the respective banks would announce the details.
Cheques received on Saturdays (including cheques deposited at self-service terminals as well as cheques received by branches that are open on Saturdays) will be processed the next working day. There will be no clearing of cheques on Saturdays, she added.
“In line with the global trend towards electronic banking, commercial banks have been investing substantially in self-service terminals and e-banking centres, as well as infrastructure for Internet and telebanking.
“By the end of last year, banks had installed 6,584 self-service terminals, which included ATMs and cash and cheque deposit machines.
“In addition, bank customers can also access their banking accounts after banking hours through other electronic means such as Internet banking, telephone banking, desktop banking and mobile banking,” she said in the statement.
The National Union of Bank Employees secretary general J. Solomon welcomed the five-day week, which he said, would offer opportunities to bank employees to rest, spend time with their families and travel.
However, consumer groups expressed concern as many Malaysians did their banking chores on Saturdays.
Fomca deputy secretary-general T. Indrani said Saturday was the day when those who were working would get a chance to do banking chores.
CAP president S. Mohd Idris felt Malaysians would be inconvenienced, adding that it would be helpful for customers if the banks extended their hours.
Currently, certain banks in high traffic areas open even on Sundays.
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