Banks cease charging fees for credit card and financing repayments

KUALA LUMPUR: The Association of Banks in Malaysia (ABM) said its member banks will now cease charging fees for cheque and cash payments for credit card and financing repayments over the counter and at Cash Deposit Machines (CDMs).

In a statement Thursday, ABM said currently certain customer segments were already waived from these charges i.e. for disabled persons and senior citizens.

For walk-in customers, there are available free and convenient alternatives to conduct banking transactions and obtain services as provided via automated teller machines (ATMs).

“Our member banks will be communicating with their customers via their respective communication touchpoints (including the banks’ websites) and are ready to assist their customers to familiarise themselves with these alternative channels or on any queries they may have in relation to this matter, ” it said.

The Star reported today that the fee for making credit card and loan payments over the counter with cash or cheques is RM2 per transaction.

A customer who pays his loan or credit card bill by using cash or cheque deposit machines is charged 50 sen each time.

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