Bank's 50 sen cheque fee from next year

  • Nation
  • Friday, 21 Mar 2014

Datuk Lim Kok Cheong

PETALING JAYA: Banks will start charging a processing fee of 50 sen per cheque from Jan 2, 2015 as not all the agencies have the hardware to accept e-payments under the Interbank Giro (IBG) services.

Bank Negara said this is to ensure that the required devices to facilitate such payments would be in place in all federal and state government agencies. Originally, the fee was to come into effect from April 1.

The central bank in a statement said there has been encouraging progress made in the number of e-payment transactions, with the monthly growth rate tripling to 6% or 10 million transactions from May to December last year compared to 2% or six million transactions in the preceding eight months.

Cheque issuance had also declined at a faster pace of 3.3% or 6.7 million cheques in 2013 compared to only a 0.5% decline or a million cheques in 2012.

In a related development, the Associated Chinese Chambers of Commerce and Industry of Malaysia’s (ACCCIM) president, Datuk Lim Kok Cheong (pic), said the organisation supports all initiatives to making doing business more efficient and cost-effective, including the continuing efforts to encourage the adoption of e-payments.

“Since the announcement by Bank Negara on the implementation of the 50 sen levy on cheques, members of ACCCIM have earnestly prevailed upon our Chambers to seek Bank Negara’s review on this matter in order not to burden and cause hardships to the business community especially those in the smaller towns and rural areas,” he said in a statement yesterday.

Lim hopes that the fee would only be implemented when all infrastructure, all banks and government departments and agencies are ready to provide reliable and comprehensive e-banking services.

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Government , bank negara , cheque


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