Lim: Why wait, Bank Negara?
Claudia TheophilusPublished: Dec 13, 2004 10:23 AM | Updated: Jan 29, 2008 6:21 PM
Bank Negara, which will introduce guidelines for banking service charges from Feb 1next year, is being questioned as to why it cannot act sooner.
Bank Negara, which will introduce guidelines for banking service charges from Feb 1next year, is being questioned as to why it cannot act sooner.
DAP secretary-general Lim Guan Eng said the guidelines should be implemented immediately.
"Why wait until Feb 1? Why not implement this now? What about maybank2u.com users who will have to pay the RM12 access fee effective Dec 20, only to unsubscribe weeks later?" he said when contacted.
"It does not make any sense at all, business or otherwise."
On Friday, Lim had led a delegation of DAP parliamentarians to submit a protest memorandum to Bank Negara governor Dr Zeti Akhtar Aziz.
He said there should be consultation with consumers for feedback on proposed charges so that they can decide if these are acceptable.
"(Bank Negara's response) is a positive move which resulted from our meeting. Now, it should flesh out the guidelines with more substantive and concrete action in order to provide remedies for public grouses," Lim said.
"People must also learn to assert their consumer rights to get things done."
Lim claimed that Bank Negara has not fulfilled its duty to protect consumer rights and that it has consistently shown more concern for the banks' profit margin.
"Bank Negara (officers) should step out of their air-conditioned rooms and get the views of users of banking services," he added.
Information deficit
In a press statement, Bank Negara said it was completing "an extensive study to ensure that the public has access to banking services at reasonable cost" and that it would issue guidelines to that effect on Feb 1.
The statement, posted on its website, was issued to all media organisations except malaysiakini, to whom Bank Negara has refused to provide any comment despite numerous requests.
A central bank spokesperson, in explaining the media policy, said only queries from media accredited by the Information Department are entertained, and politely suggested that malaysiakini "sort out the accreditation issue with the department".
Citing consumer protection, Bank Negara said it is working on effective mechanisms for consumers to seek redress, giving the example of complaints units which banks must set up to handle customer grievances.
"In addition, an enhanced Financial Mediation Bureau will begin operation in January 2005," reads the statement.
"(We will also) put in place transparency and disclosure requirements to ensure customers are given adequate and timely information about the features and costs of financial products and services to facilitate informed decisions."
Bank Negara noted that the guidelines strike a balance between protecting consumer interests and providing an environment that promotes innovation and banking services.
An online petition against the impending RM12 access fee by maybank2u.com currently stands at over 17,000 signatures. The deadline to end the petition is Dec 19.
Maybank customers have also been e-mailing their complaints to the country's largest banking group without much progress in terms of appropriate responses to specific queries.
The bank did not respond to questions e-mailed by malaysiakini on the access fee and related service charges.
DAP secretary-general Lim Guan Eng said the guidelines should be implemented immediately.
"Why wait until Feb 1? Why not implement this now? What about maybank2u.com users who will have to pay the RM12 access fee effective Dec 20, only to unsubscribe weeks later?" he said when contacted.
"It does not make any sense at all, business or otherwise."
On Friday, Lim had led a delegation of DAP parliamentarians to submit a protest memorandum to Bank Negara governor Dr Zeti Akhtar Aziz. He said there should be consultation with consumers for feedback on proposed charges so that they can decide if these are acceptable.
"(Bank Negara's response) is a positive move which resulted from our meeting. Now, it should flesh out the guidelines with more substantive and concrete action in order to provide remedies for public grouses," Lim said.
"People must also learn to assert their consumer rights to get things done."
Lim claimed that Bank Negara has not fulfilled its duty to protect consumer rights and that it has consistently shown more concern for the banks' profit margin.
"Bank Negara (officers) should step out of their air-conditioned rooms and get the views of users of banking services," he added.
Information deficit
In a press statement, Bank Negara said it was completing "an extensive study to ensure that the public has access to banking services at reasonable cost" and that it would issue guidelines to that effect on Feb 1.
The statement, posted on its website, was issued to all media organisations except malaysiakini, to whom Bank Negara has refused to provide any comment despite numerous requests.
A central bank spokesperson, in explaining the media policy, said only queries from media accredited by the Information Department are entertained, and politely suggested that malaysiakini "sort out the accreditation issue with the department".
Citing consumer protection, Bank Negara said it is working on effective mechanisms for consumers to seek redress, giving the example of complaints units which banks must set up to handle customer grievances. "In addition, an enhanced Financial Mediation Bureau will begin operation in January 2005," reads the statement.
"(We will also) put in place transparency and disclosure requirements to ensure customers are given adequate and timely information about the features and costs of financial products and services to facilitate informed decisions."
Bank Negara noted that the guidelines strike a balance between protecting consumer interests and providing an environment that promotes innovation and banking services.
An online petition against the impending RM12 access fee by maybank2u.com currently stands at over 17,000 signatures. The deadline to end the petition is Dec 19.
Maybank customers have also been e-mailing their complaints to the country's largest banking group without much progress in terms of appropriate responses to specific queries.
The bank did not respond to questions e-mailed by malaysiakini on the access fee and related service charges.
View Comments0