Don’t worry, Malaysians; you don’t need to pay anything to have your ATM cards replaced.
Bank Negara has, on Monday, denied claims that ATM cardholders will be charged a fee if they do not change their existing cards to the new personal identification number (PIN)-based cards.
It also said in a statement cited by The Star Online that cardholders would still be able to use their cards for cash withdrawal.
However, the central bank urged the public to replace their cards as soon as possible.
“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 point-of-sale (POS) terminals in merchant outlets.
“The current initiative to migrate to PIN-based payment cards for transactions at POS terminals is to improve security and protect cardholders’ interest,” the bank said in the statement.
Bank Negara added that cardholders can replace their ATM cards at banks for free.