CIMB Bank

Editor

The Star Publications

Dear Editor,

Reference is made to the article titled “Surge in number of people switching to online banking” published in The Star on Sunday, 5 January 2014. We would like to request that a correction be made with regard to an erroneous statement made on the part of The Star in that article.

In the article, it was reported that “The Association of Banks Malaysia (ABM) expects a surge in the number of people switching to online banking with the cheque processing fee set to increase from 15 sen to 50 sen on April 1.” Please note that this statement is wrong. All this while, there is no processing fee imposed on issuers of cheques. However, effective 1 April 2014, banks will charge a cheque processing fee of 50 sen on the issuer of the cheque. This fee is in addition to the existing stamp duty of 15 sen per cheque leaf. Hence, the cost to the issuer of cheques is 65 sen per cheque leaf. You may wish to refer to Bank Negara Malaysia’s press release titled “A New Pricing Strategy to Promote Greater Efficiency” issued on 20 March 2013 on this matter.

Your prompt attention in clarifying the matter is appreciated.

Yours faithfully,

THE ASSOCIATION OF BANKS IN MALAYSIA

Chuah Mei Lin

Executive Director

Editor

The Star

Dear Editor,

Reference is made to the article titled “Shortage of talent in insurance industry” published in The Star on Monday, 20 January 2014. We would like to request that a correction be made with regard to an erroneous statement made on the part of The Star in that article.

In the article, it was reported that “..the Association of Banks In Malaysia runs the Financial Sector Talent Enrichment Programme (FSTEP), set up in September 2007 to develop talent in the financial services.” Please note that this statement is incorrect as FSTEP is managed by Institut Bank-Bank Malaysia in collaboration with Bank Negara Malaysia, and the Programme is driven by the financial services industry. For more information, you may wish to refer to FSTEP’s website at http://fstep.org.my.

Your prompt attention in clarifying the matter is appreciated.

Thank you.

Yours faithfully,

THE ASSOCIATION OF BANKS IN MALAYSIA

Chuah Mei Lin

Executive Director

Kuala Lumpur, Thursday, 23 January 2014:- The Association of Banks in Malaysia (ABM) wishes to remind members of the public that effective 1 April 2014, commercial banks will charge a cheque processing fee of 50 sen on the issuer or drawer of a cheque. Issuers or drawers of cheques are therefore reminded to have sufficient funds in their accounts to cover the cheque processing fee. The fee will be imposed on each cheque and is in addition to the existing stamp duty of 15 sen per cheque leaf.

For better clarity, ABM has issued a set of guidelines to the public with regard to how the cheque processing fee will be charged. Members of the public can view the guidelines on ABM’s website www.abm.org.my.

The fee will be charged whenever a cheque is received by a bank for processing and whether for encashment over the counter or for depositing into an account. The applicant of a banker’s cheque/bank draft/cashier’s order (i.e. a cheque issued by a bank) will however, have to pay the cheque processing fee at the time of application. In such cases, the cheque processing fee will be in addition to the stamp duty and commission collected by the bank.

ABM and our member banks are in full support of the national agenda for the migration to electronic payment (e-payment) and would like to encourage members of the public to adopt e-payment which is a fast, affordable and convenient method of transferring funds and making payments. A series of nationwide road shows and Open Days to promote e-payments, and in particular Interbank GIRO, has been held since October 2013 and will continue until March 2014. These road shows have been jointly organised by Bank Negara Malaysia, Association of Islamic Banking Institutions Malaysia (AIBIM) and ABM.

For further enquiries, please contact ABM’s via ABMConnect at 1300-88-9980 from Mondays to Fridays (save for public holidays), 9.00a.m. to 5.30p.m.