Banks across Malaysia will start charging 50 sen for each MyDebit Cash Out withdrawal, starting 1 July 2022!
Here is what you need to know…
MyDebit Cash Out : Banks To Charge 50 Sen Per Withdrawal!
Effective 1 July 2022, banks across Malaysia will start charging 50 sen for each MyDebit Cash Out withdrawal.
Here are two notices that banks recently issued about this withdrawal fee :
Dear Valued Customers,
Effective 1 July 2022, MyDebit Cash Out fee of RM0.50 per transaction will be imposed at any MyDebit selected merchants/ retailers. MyDebit Cash Out Fee will be payable by the Cardholders.
The maximum limit for MyDebit Cash Out withdrawal is RM500.00 per transaction.
CIMB Bank and CIMB Islamic Bank Berhad
Dear Valued Cardholders,
Please be informed that MyDebit Cash Out Fee will be revised from RM0.00 to RM0.50 per cash out* transaction which will be payable by Cardholders. The revision will be effective 1 July 2022.
Please call our Customer Service at 03-5516 9988 for enquiries.
*Cash Out = Withdrawal of cash at MyDebit selected merchants/retailers.
MyDebit Cash Out : What Is It?
For those who are unfamiliar, MyDebit Cash Out is a feature of all ATM and debit cards in Malaysia, which allows you to withdraw cash at select merchants and retailers.
MyDebit Cash Out offers customers an easier way to withdraw cash from their bank accounts, without going to an ATM machine.
The RM 0.50 withdrawal fee only applies if you wish to withdraw cash using your debit card. It does not apply if you pay for your purchases using your debit card.
MyDebit Cash Out : Is It Worth Paying The Fee?
The MyDebit Cash Out fee will overwhelmingly affect lower income people, because they are the least able to travel to a bank branch to withdraw their money. They are also less likely to withdraw large amounts of cash at any one time.
So MyDebit Cash Out offers them a convenient way to withdraw money from their bank accounts, as and when they need cash. They will now need to pay for that convenience…
To be sure, the 50 sen fee is cheaper than the RM1 MEPS fee charged for interbank cash withdrawal at the ATM. However, you can only withdraw a maximum of RM500 per transaction through MyDebit Cash Out.
If you wish to withdraw more than RM1,000, it is cheaper to use an ATM from another bank, even if it incurs the MEPS fee.
Of course, if your bank has an ATM nearby, that is your best option – you get to withdraw your money for free!
Read more : MEPS Fee For ATM Cash Withdrawal Now In Effect!
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Dr. Adrian Wong has been writing about tech and science since 1997, even publishing a book with Prentice Hall called Breaking Through The BIOS Barrier (ISBN 978-0131455368) while in medical school.
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