Tuesday, July 15, 2014

Cheque Processing Fee, RM0.50 per cheque issued, is it REAL?

Supposed to be implemented in April 2014 but due to resistance from major commerce associations etc, Bank Negara Malaysia has deferred the effective date to 2 January 2015.

However, for the past 1 year, we have enjoyed low internet banking IBG (Interbank Giro) transaction fee of RM0.10 and look like most people, even for business, are prepared to switch to internet banking rather than paying RM0.50 for each cheque issued.

Although it looks like BNM is forcing us to pay unnecessary fee and let Banks gain extra profit. Personally I like IBG because we don't have to collect cheque, drive / walk to bank, deposit it. It improves the efficiency of doing business and save us time and resources.