Kota Kinabalu: The National Consumer Foundation (NCF) Sabah Branch strongly opposes the proposed RM1 withdrawal charge on consumers by Bank Negara Malaysia (BNM).
Its Chairman David Chan said this additional fee would disproportionately impact lower-income groups, particularly those in the B40 category, who frequently need to make cash withdrawals for their daily expenses.
Advertisement“While the banking sector may aim to reduce cash use and promote digital transactions, imposing a RM1 charge for every withdrawal will place an unnecessary financial burden on consumers, especially those who rely on small and frequent withdrawals to manage their limited finances,” said Chan in a statement.
According to him, this proposal comes at a time when the cost of living is already at an all-time high due to rising inflation and the implementation of a higher Sales and Services Tax (SST).
