No fee for renewal of ATM cards, says BNM
Published on: Tuesday, December 20, 2016
Kuala Lumpur: Bank Negara Malaysia (BNM) has refuted recent reports which claimed that ATM cardholders would be charged a renewal fee and denied its use for cash withdrawals if not replaced with the new PIN-based cards.In a statement, the central bank said the public can replace their ATM cards for free. "ATM cards in Malaysia double up as a debit card which allows cardholders to make purchases at point-of-sale (POS) terminals.
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"Those who have not replaced the cards can continue to use it for cash withdrawals at the ATMs," it said.With regards to the usage of ATM cards as a debit card for purchase transactions at POS terminals, banks are required to provide cardholders with adequate notice.This is alongside a reasonable time period for the replacement before disabling the existing cards for such transactions.BNM said banks had been progressively replacing their customers' signature-based payment cards with PIN-based cards and aim to complete this exercise by January 1, 2017.
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It said effective July 1, 2017, all payment card transactions conducted using locally issued payment cards at POS terminals in Malaysia could only be completed with a PIN entry and signature verification would no longer be facilitated.Stay up-to-date by following Daily Express’s Telegram channel.
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"The public should not delay their replacement of cards," it added.
