BNM clears air on ATM card replacements, cash withdrawals

KUALA LUMPUR: Bank Negara Malaysia (BNM) has clarified that cardholders will still be able to use their ATM cards for cash withdrawals if it is not replaced with the new PIN-based cards by the Jan 1, 2017 deadline, and there will be no charge for replacements.
“There is no truth to the recent media reports and social media postings on claims that cardholders will be charged a fee,” said BNM.
Members of the public who have not replaced their ATM cards can continue to use their existing card for cash withdrawals at the ATMs.
The usage of ATM cards as a debit card for purchase transactions at POS (point-of-sale) terminals however, will eventually be disabled following adequate notice from banks. “Members of the public should not delay their replacement of cards,” said BNM.
The replacement of the existing signature-based payment cards with the new PIN-based cards is an industry initiative aimed to further enhance the security of the use of payment cards at the POS terminals in merchant outlets.