Malaysia Banking Info | A Cheque Too Costly

21 March 2014: Latest news update...The Bank Negara Malaysia(BNM) mentioned that the exercise of imposing 50 sen per cheque will be deferred to 2 Jan 2015. This is to ensure that the required hardware to facilitate such e-payments would be in place in all states and federal government agencies.

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Effective 1 April 2014, banks will charge a cheque processing fee of 50 sen on the issuer of the cheque in addition to the current 15 sen for stamp duty. Therefore total cost will then be 65 sen per cheque leaf versus the current of 15 sen. An increase of 333%. 

The Association of Banks Malaysia(ABM) clarified that there has been no processing fee imposed on cheque issuers all this while. It's said to be in line with directive by Bank Negara Malaysia(BNM) issued on 20 March 2013. A checked on BNM's website under A New Pricing Strategy to Promote Greater Efficiency mentioned that increase is in tandem with incease usage of Interbank GIRO or IBG transactions that is performed online via internet banking and mobile banking. In 2 May 2013 Interbank #GIRO or #IBG transactions fee has been reduced to 10 sen. #BNM wants consumers to adopt the more cost effective electronic payment methods while charges will be levied on cheques to reflect its higher cost.

To me the Interbank GIRO or IBG transactions fee should be totally abolish and as part of banking system it should be provided free to their customers.

 

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