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Notice: MYOB has been re-branded as ABSS with effect from 1st Jan 2018.

Cheque processing fee to be levied

Effective 1st April 2014, banks will impose a processing fee of 50 sen per cheque issued.

This would be in addition to the current 15 sen stamp duty currently levied per cheque, which would mean that making payments by cheque would cost 65 sen per cheque.

According to Bank Negara, this is to promote efficiency through the use of GIRO and inter bank (IBG) electronic transactions.

In tandem with this new ruling, effective 2nd May 2013, the cost of GIRO and IBG transactions will be reduced from the current RM2.00 to 10 sen per transaction which would make it cheaper than making payments by cheque.

Read more here: A New Pricing Strategy to Promote Greater Efficiency


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