Consumer group says RM1 ATM fee burdens the public

A consumer association has questioned the RM1 charge imposed on each automated teller machine (ATM) transaction, describing it as profiteering, with operating companies reportedly earning millions in profits.

In a Utusan Malaysia report, Kedah Consumers Association (Cake) president Mohd Yusrizal Yusoff said the fee provides no clear benefits to the 15 million users and leaves them feeling exploited.

"Previously, we used ATMs and interbank systems without any charges, yet banks recorded no losses. Now, these companies are imposing irrational fees that burden the public, especially those in the low-income group.

"We withdraw our own money, but they earn millions in profit. While RM1 may seem insignificant, it is valuable to the people, particularly with the rising cost of living," he said.