Find out how to disable the Debit Card feature of your Maybank ATM card, and why you should do that right away!
Maybank ATM Card Is Also Visa payWave Debit Card
Many Maybank customers may not know this, but your ATM card is not just an ATM card – it doubles as a Visa payWave debit card as well.
Since Maybank introduced its first combined ATM + Visa Debit card in March 2008, it has progressively migrated all existing ATM cards to the new combined card.
Today, all Maybank ATM cards are effectively Visa payWave debit cards, even though we may not have applied for the debit card or payWave functions.
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Maybank ATM Card : Why You Should Disable Debit Card Feature!
Banks are promoting the use of debit cards, because they charge an interchange fee for every debit card transaction. That is why banks are “forcing” these combined ATM + debit card onto customers.
However, debit cards only offer minimal fraud protection (if at all), as payments are considered to be directly withdrawn from your bank account. That is why personal finance experts always recommend using a credit card, instead of a debit card.
Even worse, these debit cards often include contactless payment technologies like Visa payWave or Mastercard contactless. This allows anyone to directly withdraw money from your account without even requiring the PIN number!
|Above RM250||Tap and use PIN to approve|
|RM250 and below||Just tap. No PIN required.|
Now, to be clear, the debit card and payWave feature will only be enabled after you perform at least one (1) successful PIN transaction at any point-of-sales terminal. But once that is done – both debit card and payWave features will remain activated.
This is one of the many reasons why money-savvy people do not use debit cards at all. It’s not only much safer to use credit cards, they also help build your credit rating and some benefits like cash back rebates, points, etc. There literally isn’t any benefit to using debit cards.
Unfortunately, many banks aren’t giving you the option of opting out. You may not want one, but you may not have a choice. The Maybank ATM card, for example, is a Visa payWave debit card which you cannot opt-out of. You cannot ask for a pure ATM card, and neither will Maybank disable the debit card or payWave features. I know. I asked.
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Maybank ATM Card : How To Disable Debit Card + payWave!
To be clear – there is no way to actually disable the debit card or payWave functionality of your Maybank ATM card. But you can effectively disable both features by setting the debit card purchase limit to zero.
In this guide, I will show you how to do that using your Maybank2U online account, or at the Maybank ATM.
Maybank2U Online Account
Step 1 : Log into your Maybank2U account
Step 2 : On the right corner of the Maybank2U screen, click on the Settings option.
Step 3 : Click on the Cards tab, and it should show you the Manage Debit Cards section by default.
As you can see, by default, the Maybank ATM-debit card has a purchase limit of RM1,000 per transaction.
Step 4 : Click on the Edit icon, and you will be able to change the Purchase Limit, from RM0 all the way to RM10,000.
Step 5 : Select RM0.00 from the drop-down list, and the click the SAVE button.
Step 6 : Look for this yellow banner at the bottom of the screen, and click the REQUEST button to request the 6-digit SMS TAC on your registered mobile number.
Step 7 : Once you receive the 6-digit SMS TAC, key it into the box, and click on the CONFIRM button.
If you keyed in the correct SMS TAC, you should see this notice telling you that your new purchase limit has been set.
Now that you have successfully reduced your Purchase Limit to RM0.00, it doesn’t matter that Maybank refuses to disable the debit card or payWave function. They both just won’t be able to transfer any money from your account!
Maybank2U Online Account
Step 1 : Insert your ATM card and key in your PIN number.
Step 2 : Select Other Transaction in the main menu.
Step 3 : Select the Change Limit / Language / Maybank One option.
Step 4 : Select the Purchase Limit option.
Step 5 : Select No Purchase to prevent the card from being used to make any purchases.
Alternatively, you can select Preferred Limit. Then you need to key in RM 0.00, and then select Yes to confirm that decision.
After you set No Purchase or a Preferred Limit of RM0.00, the debit card and payWave functionality of your Maybank ATM card is effectively disabled.
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