MTUC supports Nube’s push to eliminate RM1 interbank ATM fee for vulnerable communities
If a full exemption was not viable, MTUC supported waiving the fee for specific groups, including low-income workers, senior citizens, and rural communities.
SHAH ALAM - The RM1 ATM cash withdrawal fee should be eliminated as it imposes an unnecessary financial burden on low-income workers already grappling with the rising cost of living.
Malaysian Trade Union Congress (MTUC) president Mohd Effendy Abdul Ghani echoed the National Union of Bank Employees' (Nube) call to remove the fee, emphasising its impact on vulnerable communities. Effendy highlighted that the fee was particularly burdensome for workers in rural areas or those with limited access to their own bank's ATMs, leaving them with no choice but to use services from other banks.
“MTUC expresses full support for Nube’s call to abolish the RM1 interbank ATM cash withdrawal fee.
“Though the RM1 fee may appear small, it has a significant impact on frequent cash users.
“For instance, workers paid on a weekly or daily basis face higher financial burdens due to frequent withdrawals. In these challenging economic times, every ringgit matters for workers and their families,” he said in a statement today.
He stated that MTUC stresses the social responsibility of financial institutions and Payments Network Malaysia Sdn Bhd (PayNet) to ensure their services do not negatively impact the welfare of the public.
“Abolishing this fee would demonstrate their empathy towards vulnerable groups and prove that Malaysia’s banking sector is committed to supporting its people, particularly workers who are the backbone of the economy,” he added.
Effendy highlighted that during the Covid-19 pandemic, the fee had been waived to alleviate the financial burdens on the Rakyat.
MTUC believes this measure should have been reinstated, as many Malaysians continued to struggle amid the ongoing economic recovery.
He added that if a full exemption was not viable, MTUC supported waiving the fee for specific groups, including low-income workers, senior citizens, and rural communities.
“MTUC calls on Bank Negara Malaysia, PayNet, and all financial institutions to take immediate steps to abolish this fee.
“This action will alleviate the financial burdens of workers, increase public trust in the banking system, and demonstrate the much-needed empathy in today’s economic climate,” he said.
On a separate matter, Effendy clarified that former MTUC Secretary-General Kamarul Baharin Mansur's recent comments do not represent the organisation's official position.
Effendy stated that only the President, Secretary-General, or authorised representatives were permitted to issue official statements on behalf of the organisation.
MTUC urged all stakeholders to rely solely on official statements endorsed by its leadership to ensure accurate information and consistent advocacy for workers’ rights.
“We hope this issue will be resolved promptly. MTUC remained committed to working closely with NUBE and other relevant parties to champion workers’ interests and ensure their welfare remained a priority,” he said.
