KUALA LUMPUR: In December 2024, the National Union of Bank Employees (NUBE) launched its ‘One Million Signature Campaign To Abolish RM1 Interbank ATM Withdrawal Fee’.
The campaign aimed to persuade Payments Network Malaysia Sdn Bhd (PayNet) and its largest shareholder, Bank Negara Malaysia, along with the 11 shareholder banks – Maybank, CIMB, Public Bank, RHB, Hong Leong Bank, Bank Islam, Bank Muamalat, Affin Bank, AmBank, Alliance Bank and Bank Rakyat – to abolish the RM1 ATM interbank withdrawal fee for cash transactions.
A year and a half later, it was announced today that, from July 1, 2026, bank customers will be able to withdraw cash from any ATM or Smart Recycler Machine (SRM) without incurring the RM1 interbank withdrawal fee.
Elated by the announcement, NUBE general secretary J. Solomon told Twentytwo13 he was grateful that banks had finally decided to waive the RM1 withdrawal fee.
“We want to thank NUBE officers and members who went around campaigning for this waiver, as well as the public and elected representatives from across the political divide who supported the call to abolish the RM1 withdrawal fee,” said Solomon.
In a joint statement today, the Association of Banks in Malaysia, the Association of Islamic Banking and Financial Institutions Malaysia, and the Association of Development Finance Institutions of Malaysia said the fee waiver applies to ATM and SRM services operated by licensed banks in Malaysia.
The initiative, involving banks nationwide, will allow unlimited free withdrawals at more than 14,000 machines.
The three associations noted that the banking industry recognises that cash remains an essential means of payment for many Malaysians in managing their daily lives.
Solomon had previously said it was unjust for PayNet to continue collecting millions by charging RM1 for ATM withdrawals from banks other than the issuing bank. He noted that PayNet reported RM544 million in gross revenue and a net profit of RM271 million in 2023.
He also said that while RM1 may not seem like a substantial amount to many, it adds up over time and places a burden on lower-income groups.
Several civil society groups supported NUBE’s call and urged banks to absorb the RM1 charge for each interbank withdrawal instead of imposing the fee on customers.
The groups included the Malaysian Trades Union Congress (MTUC), the Federation of Malaysian Consumers Associations (Fomca), and the Social Protection Contributors’ Advisory Association Malaysia.
Politicians, including DAP Kepong MP Lim Lip Eng, PKR Selayang MP William Leong, and former Penang deputy chief minister P. Ramasamy, also made similar calls.
Not wanting NUBE to take sole credit for the decision, Solomon said: “Everyone played their part. It doesn’t really matter who campaigned for the scrapping of the RM1 withdrawal fee.”
Although NUBE did not achieve its target of one million signatures and submitted only 60,084 signatures in its petition to the Finance Ministry, Solomon said the outcome was what mattered.
“What is important is the result, which will see customers benefiting from this decision,” said Solomon.
