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The Association of Banks In Malaysia

Clarification in respect of The Star's article entitled "Surge in number of people switching to online banking"


The Star Publications

Dear Editor,

Re: Clarification to the Article, "Surge in number of people switching to online banking"

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,
Chuah Mei Lin
Executive Director

ABM Connect | Toll-free on 1300-88-9980

ABMConnect provides an avenue for consumers to clarify any doubts and verify information on conventional banking issues.

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The Association of Banks in Malaysia (ABM) was formed in November 1973. Our membership is currently made up of the 26 commercial banks operating in Malaysia.

Since its inception, ABM has been actively involved in various initiatives to promote and strengthen the commercial banking industry to become more resilient, effective and efficient.

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