Despite the fact that cash transaction’s becoming rarer as time goes by, there’s no way you wouldn’t need it at some points. When you are about to use cash during transaction, it is possible that you may find that you need to withdraw more than what the ATM allows daily.
If you are a user of Maybank Malaysia, then you may have known that the bank has set the ATM to have daily withdrawal limit of RM10.000. Luckily, you are allowed to change it according to your need by going to the Maybank ATMs. Here’s how to change withdrawal limit Maybank.
Changing Maybank Withdrawal Limit via ATM
As it has been mentioned in prior, Maybank Malaysia set the cash withdrawal limit for its customers to be RM 10,000 per day, which you can change through the bank’s ATMs.
Below are several simple steps on how to change withdrawal limit Maybank:
- Locate the nearest Maybank ATM to you.
- Insert your ATM card to the machine and type in your PIN code correctly.
- Select the menu Other transaction from the ATM’s main menu.
- Select the menu Change limit / language / Maybank One.
- Select the menu Purchase limit.
- Select the menu Preferred limit.
- Input your preferred daily cash withdrawal limit.
- Confirm your decision by selecting the Yes menu.
Change Withdrawal Limit Maybank Online
- Login with your Maybank2u access
- Go to Settings
- Select Manage Debit Cards
- Select the Amount from the dropdown menu
- Select Save
- Request for Secure TAC or SMS TAC
- Select Confirm to complete the changes
You may also like: How to Change Transfer Limit Maybank
Why Maybank has Withdrawal Limits?
Nearly all banks in the world have set limit on how many withdrawals their customers may make per day. You may wonder why you cannot access the money in your own saving accounts as much as you want on daily basis.
In general, there are two main reasons why bank, including Maybank Malaysia, conducts withdrawal restrictions on their customers. The reasons are:
Limits on cash availability
When the customers deposit their funds into their saving accounts, the money is not simply being stored in the form of cash inside a vault by the bank and just wait there to be withdrew.
Banks put the funds to run the institution, bundle them with others’ deposits, or loan them to businesses and individuals.
Cash withdrawal limit is also meant to protect the customers. In case the ATM card is stolen by someone who knows your PIN, it might be emptied out.
Some countries even have federal law to protect the owner of saving accounts to lose more than certain amount of money through this specific type of theft.
Now imagine you have card that’s rarely used to be stolen and it goes unnoticed for a several days. Withdraw limits can help to reduce the speed rate of your account being emptied out by the criminal.
In conclusion, a big reason why there’s withdrawal limit on ATM is to protect both you as the bank customer and the bank.
It might be inconvenient if you are someone who needs cash quite regularly, so it is a wise idea to know about your bank’s daily limit and plan in advance. The guide above shows you that the process can be done in really easy, quick, and convenient way.