The RM1 interbank ATM withdrawal fee waiver introduced on 1 July applies only to ATMs operated by banks, according to a joint statement issued by Malaysia’s banking industry associations.
The clarification was made by the Association of Banks in Malaysia (ABM), the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) and the Association of Development Finance Institutions of Malaysia (ADFIM) following public confusion over the new policy.
The associations explained that the initiative removes the RM1 fee previously charged when customers withdraw cash from another bank’s ATM, provided the machine is operated by a licensed bank.
However, the standard fee may still apply when customers use non-bank-operated ATMs, as these machines are not covered under the exemption.
To help users identify eligible machines, the associations said bank-operated ATMs clearly display the name and logo of a single bank on both the exterior of the machine and its screen. In contrast, non-bank-operated ATMs typically display the logos of multiple banks.
The organisations said the fee waiver is part of a broader effort to reduce the cost of living while making everyday banking services more affordable and accessible for Malaysians.
They added that the banking industry, through ABM, AIBIM and ADFIM, worked closely with Payments Network Malaysia Sdn Bhd (PayNet) to ensure the initiative was implemented smoothly so customers could enjoy the benefits immediately.
Customers seeking further information are encouraged to check their respective banks’ official communication channels, including websites, mobile banking applications or customer service centres, for details on the RM1 interbank ATM withdrawal fee waiver.
