Banks rejecting RM1 coins?
On Dec 13, I sent my son to a Bumiputera-Commerce Bank branch where he has an account. He wanted to bank in his savings of RM90 which was in coins of various denominations.
The bank accepted all his coins except the RM1 with the excuse that there were a lot of forged RM1 coins going around and as such they had stopped accepting RM1 coins.
What is the view of Bank Negara on this?
If they agree with the BCB's move, then I would expect them to withdraw all one ringgit coins from circulation. If they do not agree with BCB's action, then they must order the bank to halt its practice.
Bank Negara seems to be scared the banks and is acting as if it supports all their actions. Nothing comes out of the consumers' complaints.
Please wake up Bank Negara and do your job. Come out with the real guidelines and control the banks. Don't just endorse unfair charges by the banks (after only some cosmetic reduction).

