Sunday, January 18, 2009

RM2 To Deposit Coins?

Can banks with no coin counting machine means extra change for depositing coins? If I deposit RM3.00, I will be charged RM2.... only deposit RM1.... I better not bank in and enjoy a nice pack of nasi lemak and teh tarik at a mamak stall.

Letter from a 'CONCERNED MOTHER' on The Star...

Children have to pay banks to save
Friday January 16, 2009

WE have all been taught to save from young, but sad to say these days we have to pay to save as banks impose a service charge of RM2 per transaction for a deposit of coins.

The reason given is that their staff need to spend time sorting the coins. But don’t they use the coin machine to sort them out?

My sons were taught not to waste money unnecessarily and to learn to save for a rainy day. Thus, it is upsetting that they will lose a part of their savings to the bank when they deposit coins into their account.

Do you know how painful it is to a child to be told that RM2 will be deducted from their precious savings?

My sons ask me why they should save so that the bank can take their RM2. Why can’t the banks be more considerate?

We need to send a clear message to young children to encourage them to save and learn to embrace the banking system.

Petaling Jaya.

ABM wants more info on children’s account case
Saturday January 17, 2009

The Association of Banks in Malaysia (ABM) refers to a letter by Concerned Mother “Children have to pay banks to save” (The Star, Jan 16).

ABM would like to urge the writer to contact ABMConnect at 1-300-88-9980 for a prompt resolution of the matter.

Commercial banks cannot charge a fee for the deposit of coins by children.

ABMConnect is a dedicated channel to clarfiy queries regarding member banks’ operations as well as acceptable practices by member banks when dealing with customers and other matters of public interest vis-a-vis the banking sector.


ABM executive director.

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