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KUALA LUMPUR: Bank Negara Malaysia (BNM) denied a recent report alleging ATM cardholders charged in addition to the reform can not use the existing card for cash withdrawals if not replaced with PIN-based cards.
In a statement, the central bank said the public can exchange ATM card for free.
"ATM Cards in Malaysia which is also a debit card, allowing holders to make purchases at the terminal during the sale (POS).
"Those who do not change their cards can be directly used for cash withdrawals at ATMs," he said.
For the use of the ATM card as a debit card for purchase transactions at POS terminals, bank is required to give adequate notice and a reasonable time period for conversion cards before completing the existing card.
BNM said the banks now actively replace signature-based payment cards to customers bersaskan card PIN and targeting process to be completed by January 1, 2017.
Starting July 1, 2017, all payment transactions using the card of the payment cards at POS terminals locally in Malaysia is only possible using a PIN, and the signature verification is no longer used.
"The initiative to move the PIN-based payment cards for POS transactions aimed at improving safety and protecting the interests of cardholders.
"To that end, people are advised to immediately replace their cards," he said.