No Annual Service Fee for Maybankard
Enhanced security and multi-applications
with new chip-based Maybankard

In conjunction with the joint official launch of Bankcard by the domestic financial institutions, Maybank would like to announce that beginning 1st March 2003, Maybank and Mayban Finance customers will be able to upgrade their existing Kawanku magnetic stripe ATM (automated teller machine) card to the new chip-based Maybankard.

The Maybankard offers enhanced security and multi application convenience for chip-based ATM transactions as well as MEPS cash (or e-Purse) and e-Debit cash payment applications. MEPS Cash and e-Debit are used for offline or online cashless transactions respectively to pay for goods and services.

The President and CEO of Maybank, Datuk Amirsham A Aziz said that Maybank and Mayban Finance customers will not be charged when they upgrade to Maybankard. There is also no annual service fee for Maybankard.

"The waived annual service fee for Maybankard will benefit an estimated 3.7 million Maybank and Mayban Finance ATM cardholders as well as to new account holders. Those who had previously paid for their new chip-based card when they opened a new account or requested for conversion will be reimbursed. We will only charge for replacement of Maybankard if requested by the customer as a result of loss, theft or damage due to the cardholder's negligence or misuse," said Datuk Amirsham.

Datuk Amirsham also said that beginning 1st April 2003, Maybank and Mayban Finance will introduce a "pay-as-you-use" transaction fee scheme for ATM cash withdrawals. The fee will be applicable to cash withdrawals using the existing Kawanku ATM card and the new Maybankard.

In the "pay-as-you-use" transaction fee, customers will enjoy the first four ATM cash withdrawal transactions free of charge per month per account for such withdrawals at any Maybank and Mayban Finance ATM. From the fifth ATM cash withdrawal from the respective account and thereafter at any Maybank and Mayban Finance ATM, a fee of 50 sen per cash withdrawal is charged for that month. However, if the respective account has more than RM5,000 at any time, the ATM cash withdrawal transaction is free. The fee charged is to encourage customers to maximise the cashless payment applications available in Maybankard.

There is no charge for non-cash withdrawal ATM transactions available at Maybank and Mayban Finance ATMs such as account enquiries, transfer to other Maybank accounts, local cheque deposits or cash deposits.

Maybank and Mayban Finance are embarking on an aggressive publicity campaign following the recent official launch of the Bankcard to encourage customers to convert to Maybankard. The publicity campaign involves advertisements in the local dailies, setting up Card Conversion Centres at popular complexes in major towns, education programmes and promotional literature at Maybank and Mayban Finance sales and service centres and information at www.maybank2u.com. The campaign also involves educating customers and merchants on the benefits of Maybankard.

"We are aware of the magnitude of the conversion exercise. The financial institutions are targeting end June 2003 to complete the conversions to Bankcard as well as disabling the ATMs from reading magnetic stripe ATM cards. This is why we are providing as many avenues for our customers to convert to Maybankard with minimal inconvenience. We advise our customers not to wait till the last minute to upgrade to Maybankard as it offers many advantages such as enhanced security and payment conveniences," said Datuk Amirsham.

"Currently all Maybank and Mayban Finance ATMs have been upgraded for chip-based ATM transactions. Maybank has the most ATMs and merchant outlets nationwide to accept bankcard applications. At present, Maybankard is accepted at more than 2,500 merchants for e-Debit transactions and 500 merchants for MEPS Cash transactions. Customers are advised to look out for the Maybankard decal or logo at the ATMs and at merchant outlets to use their Maybankard, "said Datuk Amirsham.

Maybankard is implemented as part of the overall government initiative to promote a convenient payment mode and multi-applications using only one card as well as move the country forward to a cashless payment society. Being chip-based, it adopts smart card technology, which offers enhanced security as well as new applications not available with the magnetic stripe technology. More information on Maybankard is available in the attached Factsheet.