ATM cardholders would be charged a renewal fee and would be unable to use the cards for cash withdrawals if they are not replaced with the new PIN-based cards Said BNM

The central bank said the public can replace their ATM cards for free.

Multi Management and Future Solutions Malaysia: Bank Negara Malaysia (BNM) has invalidated late reports which asserted that ATM cardholders would be charged a recharging expense and would be not able utilize the cards for money withdrawals in the event that they are not supplanted with the new PIN-based cards. 

In an announcement today, the national bank said people in general can swap their ATM cards for nothing. 

"ATM cards in Malaysia bend over as a charge card which permits cardholders to make buys at purpose of-offer (POS) terminals. 

"The individuals who have not supplanted the cards can keep on using it for money withdrawals at the ATMs," it said. 

As to the utilization of ATM cards as a charge card for buy exchanges at POS terminals, banks are required to give cardholders satisfactory notice. 

This is nearby a sensible era for the substitution before crippling the current cards for such exchanges. 

BNM said banks had been continuously supplanting their clients' mark based installment cards with PIN-based cards and intend to finish this practice by January 1, 2017. 

It said that successful July 1, 2017, all installment card exchanges directed utilizing locally-issued installment cards at POS terminals in Malaysia must be finished with a PIN section and mark confirmation would never again be encouraged. 

"This activity to relocate to PIN-based installment cards for exchanges at POS terminals is to enhance security and ensure cardholders' advantage. 

"People in general ought not postpone their substitution of cards," it included.

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