IMPOSITION
OF THE CHEQUE PROCESSING FEE BEGINNING 1 APRIL 2014
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
Extracted
from The Association of Banks in Malaysia (ABM) Website
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