BANKS: Allow for cash withdrawals without issuing cheques
WHILE Bank Negara Malaysia talks about a possible move to do away with cheques in the near future, the current practice of some commercial banks pertaining to the use of cheques is far behind time.
Recently, I wanted to withdraw cash from my current account at a local bank, so I filled out a withdrawal slip.
However, I was told that this was not possible, and I could only withdraw by issuing a cheque in my name or in the name of "Cash".
I find this difficult to comprehend. On one side, Bank Negara wants to move forward (by doing away with cheques), but this commercial bank is moving backwards by not allowing customers to withdraw cash without issuing cheques.
I suggest that Bank Negara issue guidelines allowing customers to withdraw cash without the need to issue cheques.