{"id":2689,"date":"2013-04-10T00:21:31","date_gmt":"2013-04-10T05:21:31","guid":{"rendered":"http:\/\/www.bytebot.net\/blog\/?p=2689"},"modified":"2013-04-10T00:21:32","modified_gmt":"2013-04-10T05:21:32","slug":"bnm-increases-cheque-fees-in-lieu-of-cheaper-online-interbank-transaction-costs","status":"publish","type":"post","link":"https:\/\/www.bytebot.net\/blog\/archives\/2013\/04\/10\/bnm-increases-cheque-fees-in-lieu-of-cheaper-online-interbank-transaction-costs","title":{"rendered":"BNM increases cheque fees in lieu of cheaper online interbank transaction costs"},"content":{"rendered":"<p><a title=\"Donation for the Falcons by byte, on Flickr\" href=\"http:\/\/www.flickr.com\/photos\/byte\/1503513060\/\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/farm3.staticflickr.com\/2259\/1503513060_910b4f0b30_n.jpg?resize=320%2C213\" alt=\"Donation for the Falcons\" width=\"320\" height=\"213\" align=\"right\" hspace=\"5\" vspace=\"5\" \/><\/a>I never had a cheque book when I lived in Australia. I got my first chequebook when I moved back about five years ago, for the sole purpose of paying for a car (they wouldn&#8217;t accept a charge card)!<\/p>\n<p>Cheques aren&#8217;t free. Each leaf costs 0.15 sen (this is the stamp duty that you pay &#8211; so the book costs RM7.50). I use it nowadays to pay my credit cards at different banks, because the limit for an electronic GIRO transaction stands at RM5,000 per day, plus you have to pay a RM2 fee per transaction. Simple economics suggest that the cheque is cheaper.<\/p>\n<p>Bank Negara has decided to shake that up: <a href=\"http:\/\/biz.thestar.com.my\/news\/story.asp?file=\/2013\/3\/20\/business\/20130320191614&amp;sec=business\">from April 1 2014, the issuer now has to pay a 0.50 sen fee<\/a>. So now, issuing a cheque costs 0.65 sen. (that means each cheque book now costs an additional RM25, bringing the total cost now to RM32.50 over RM7.50).<\/p>\n<p>On the bright side, they want more transactions processed online: interbank GIRO transactions now cost a mere 0.10 sen per transaction effective May 2 2013. I argue that this fee should be brought down to zero, but it is cheaper than a cheque. My only concern might be the silly RM5,000 limit that they may impose (something you don&#8217;t have to worry about a cheque).<\/p>\n<p>What irks me is the last statement: &#8220;<em>By 2020, pricing of all payment services would be based on the cost of providing the service.<\/em>&#8221; The cost of providing a service in Malaysia goes up tremendously due to inefficient thanks to the lack of meritocracy in the hiring process. <strong>We are all paying for the <a href=\"http:\/\/en.wikipedia.org\/wiki\/Malaysian_New_Economic_Policy\">NEP<\/a> now.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>I never had a cheque book when I lived in Australia. I got my first chequebook when I moved back about five years ago, for the sole purpose of paying for a car (they wouldn&#8217;t accept a charge card)! Cheques aren&#8217;t free. Each leaf costs 0.15 sen (this is the stamp duty that you pay [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1405],"tags":[304,1538,1537,1536,1535],"class_list":["post-2689","post","type-post","status-publish","format-standard","hentry","category-malaysia-thoughts","tag-bnm","tag-cheque","tag-giro","tag-ibg","tag-interbank"],"jetpack_publicize_connections":[],"jetpack_shortlink":"https:\/\/wp.me\/p4vJD-Hn","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.bytebot.net\/blog\/wp-json\/wp\/v2\/posts\/2689","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bytebot.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bytebot.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bytebot.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bytebot.net\/blog\/wp-json\/wp\/v2\/comments?post=2689"}],"version-history":[{"count":0,"href":"https:\/\/www.bytebot.net\/blog\/wp-json\/wp\/v2\/posts\/2689\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bytebot.net\/blog\/wp-json\/wp\/v2\/media?parent=2689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bytebot.net\/blog\/wp-json\/wp\/v2\/categories?post=2689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bytebot.net\/blog\/wp-json\/wp\/v2\/tags?post=2689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}