Here are frequently-asked questions for Bank Negara Malaysia (BNM)
Q: What are the financial services included in “essential services”?
A: The financial services deemed essential services during Movement Control Order (MCO) are as follows:
- Self-service terminals such as ATMs; and cash, cheque, and coin deposit machines will be operational at accessible locations. However, operating hours at all self-service terminals will be limited from 7am to 10pm daily during the MCO period
- Online banking, namely electronic banking, mobile banking, payment card services and cheque processing services will be fully operational.
- Money changing and remittance services will be available at bank branches.
- Processing and handling of insurance and takaful claims, guarantee letter issuance and annual renewal of insurance and takaful policies.
E-payment providers are also considered as providing essential services as they fall under the e-commerce category, as approved by the National Security Council (NSC)
Although all providers of these essential services are allowed to provide limited counter service during MCO, BNM strongly encourages the use of electronic channels and avoid unnecessary trips to the branches or premises of service providers for own safety and health
Q: Will all financial service providers be closed during MCO, or business as usual?
A: Business is not as usual during MCO to ensure social distancing measures are being observed and for the safety and health of customers and employees of financial service providers.
Essential financial service providers that have been allowed to operate during this period are banks, development financial institutions, and insurance and takaful companies. However, expect some disruptions and delays in normal branch operations to ensure effective customer containment.
Some branches may be closed, while those that open may have limited counters in operation as well as reduced operating hours.
Nonetheless, all usual banking transactions can still be conducted via online or mobile banking. If you do not have an online account, you can still withdraw and deposit cash, make fund transfers or pay bills at self-service terminals; ATMs and cash deposit machines.
Should you need to go to the bank or insurance company, please check their websites first, to confirm which branches are open or you can call their customer service hotlines.
Q: Is my account still accessible?
A: Yes, and you can access your bank account as usual via mobile or online banking and self-service terminals.
Counter services are still available during the period but on a limited basis. Should you need counter services, please check your respective bank’s website or call their customer service hotline to confirm which branches are open and what services are available.
Q: Will ATMs run out cash and any changes to their operation hours?
A: BNM and all banks have established the necessary infrastructure to ensure that ATMs nationwide have sufficient cash stock to meet the needs of households and businesses during this MCO period.
Please be informed that the operating hours at ATMs will be limited to between 7am and 10pm daily.
Q: Will I still be able to use my e-wallets and e-accounts?
A: Yes, all e-payment providers will be in operation during MCO and no restriction on transactions and acceptance services.
Q: I am a merchant/seller. Will e-payment acceptance services such as POS terminals, QR code payment, and e-commerce payments still be operational?
A: e-payment providers are included in essential services as approved by NSC.
Q: I need to remit some money to my child, who is studying overseas, however, all money changers and remittance service providers are closed. What should I do?
A: Please check websites or contact banks’ customer service hotlines to check which branches that offer money-changing or remittance services during MCO period.
While non-bank money changers and remittance providers are not allowed to operate, some of them are offering online services.
Please refer to BNM’s website at www.bnm.gov.my/msb, the MSB Advisor app or respective providers' websites for more information.
Q: My bank branch is closed, what should I do?
A: Please check your respective bank’s website or contact its customer service hotline to find out which branches are open during this period.
Please refer to Question 2 and 3.
Q: I am facing financial difficulties and worry that I may not be able to pay my monthly credit card or loan installment. What should I do?
A: All banks and development financial institutions are ready to provide restructuring and reschedule the facilities to borrowers facing financial difficulties due to Covid-19.
Contact your bank officer via phone or e-mail to discuss ways they can help you to restructure or reschedule your loan repayment during this difficult time.
Q: I have medical insurance and in need urgent medical treatment. How can I get the guarantee letter and which insurance and takaful operators are in operation during this MCO period?
A: Please see the answer to Question 1 and 2
Q: I was involved in a car accident. Are workshops still open and whom should I notify to make claims on my motor policy?
A: Please see the answer to Question 1 and also, the NSC has approved towing services and workshops, which are non-essential services, to operate during MCO period.
Q: I’m working with a bank/insurance company. Do I still have to come to work during MCO period?
A: In line with the regulations and advisories issued by the Federal Government, only those involved in providing essential financial and critical services who have to work.
All staff in non-critical functions should work from home.
Staff that in critical functions are also encouraged to work from home, should employers develop remote access work capabilities.
Q: Is BNM still operating during MCO period and how do I get in touch with its officers?
A: Yes, BNM is still operating during MCO period. However, in line with MCO’s requirements, all front-line services including BNMLINK for customers have been suspended from March 18 to 31.
In line with BNM’s Business Continuity Plan, all critical departments have split their operations, while non-critical department staff are working from home.
The move is to ensure no disruptions to BNM’s core functions during this period.
The public can contact BNM via www.bnm.gov.my for further updates; eLINK (telelink.bnm.gov.my) and BNMTELELINK (1-300-88-5465) from Monday to Friday (9am to 5pm).