The CRM is slowly replacing the traditional cash deposit machine in many banks in the country.

The Consumers’ Association of Penang (CAP) says that some banks are also planning to impose a 50 sen charge for use of the cheque deposit machines and RM2 for over-the-counter transactions.

CAP president Mohideen Abdul Kader said it has learnt that certain banks would start imposing these charges from Oct 1.

“We have written to Bank Negara Malaysia (BNM) to state our objection to the new transaction fees, and ask them why they are allowing this.

“There has been no response and we can take their silence as tacit approval of banks profiting from their customers in this way,” he said in a statement today.

Mohideen said a Public Bank customer claimed in May that when he made his housing loan and credit card payments at the CRM, he was charged 50 sen for each transaction.

“When one of our officers asked, we were told by a Public Bank officer that it is the bank’s new policy and if customers did not want to pay transaction fees then they should opt for online banking instead,” he said.

He also said that before Jan 1 this year, those who withdrew their fixed deposits (FD) before maturity would get some interest, but after Jan 1, they would not earn any interest.

“We took this matter up with BNM as it is unfair for those with FD accounts. Their reply was that it is a ‘business decision’ and banks are allowed to implement the new FD account policy,” he said.

Mohideen said BNM must stop banks from making unnecessary charges as they were were “already raking in billions”.

“BNM can start by abolishing the charges to use the machines and over-the-counter transactions.

“After that, it should look into all the other unfair policies that banks have started imposing on their customers,” he said.