A group of consumers has slammed the RM1 charge imposed for ATM withdrawals, stating that it burdens millions of Malaysians, especially the low-income group.
The Kedah Consumers Association (Cake) is of the opinion that this charge does not provide any clear benefit, except to benefit banks by earning profits amounting to millions of ringgit.
According to a report by Utusan Malaysia, Cake President Mohd Yusrizal Yusoff, stressed that although previously ATM withdrawals were free, banks were still able to make a profit from each withdrawal.
He also explained that although RM1 is seen as a small amount, it has become an additional burden in today's economic situation, especially for the B40 group.
There is data showing that Payments Network Malaysia (PayNet), which implements the charge, has managed to earn RM544 million in revenue and RM271 million in profit from the charge.
Meanwhile, the Secretary-General of the National Union of Bank Employees (Nube), J. Solomon, added that the RM1 charge mainly affects bank account holders from the lower income group, who rely on ATMs, while wealthier individuals are more likely to use online banking.
With the rising cost of living, many critics and the public are of the opinion that the charge will only worsen the financial situation and are urging the government to intervene.
