PETALING JAYA – Banks should not be imposing charges on customers who change their ATM cards to the required new ones after the Dec 31 deadline.
Association of Banks Malaysia (ABM) executive director Chuah Mei Lin said this was because no cost was involved in changing cards.
“Card issuers should not ask customers to pay ‘late’ charges, as no fee was previously imposed,” Chuah told theSun.
However, she advised cardholders not to wait too long to change their cards as the cards will not work at Point-of-Sale terminals when the market gradually adapts to the newer and more secure PIN and PAY system.
The banking industry is targeting to have all debit cards, including ATM cards, changed to the PIN and PAY type for enhanced security for customers, and MyDebit, which allows payment by a mere wave of the card, by Dec 31.
Chuah said there will be a grace period of six months from Jan 1 to June 30 for customers to adjust to the system and for retailers to adapt to the changes.
She said customers may still be able to complete their transactions via the old signature method should they forget their PIN during the grace period.
However, only PIN transactions will be allowed by July 1.
Chuah added that signature credit cards will still be able to work for cash withdrawals on ATM machines but nevertheless recommended that cardholders change to the new cards.
Meanwhile, a random check showed crowds queuing up in front of Maybank at several branches in the Klang Valley.
A bank spokesman in Klang said its always the last minute rush by Malaysians to meet the deadline.