UPDATED. Maybank clarified that the RM5 charge only applicable to a specific type of saving account called Maybank2u.com Savers Account, unrelated to what we might have implied in the original post below.

Many expressed shocked after learning that commercial banks in the country will start imposing charges for withdrawals and deposits below RM5,000 using their over-the-counter (OTC) services.

Actually, Maybank already imposing the RM5 charge on saving account customers for their (OTC) service for transactions less than RM5,000.

“RM5.00 per transaction will be charged for transactions that can be fulfilled/done at Maybank2u.com or at the Bank’s kiosks (ATM, Cash Deposit Machine, Cheque Deposit Machine),” according to statement posted on Maybank website (pdf).

The charges apply to withdrawals, interbank GIRO and transfer of money that are less than RM5,000.

We still unable to verify if CIMB Bank has a similar policy in place. But CIMB Bank two types of saving accounts have a different fee structure.

Under its saving account 1, there is no annual fee, but limit free ATM cash withdrawal to only 8 transactions, thereafter a fee of RM0.53 per transaction will be imposed. Or second option of paying annual fee of RM8.48 that comes with free ATM cash withdrawal & over-the-counter transactions.

Please double check if your respective banks for further clarifications.