College Papers

Through many ups and downs in the development of the banking systems in Malaysia

Through many ups and downs in the development of the banking systems in Malaysia, nowadays they have provided a variety types of products that help the clients in performing their daily businesses including making payments. Payments can be made in two ways such as personally hand the payment or using technology or systems provided. Due to the competition in the banking industry, the services of credit cards and debit cards are now mostly offered by all of the banks including AmBank. Debit card of AmBank which is called AmBank Debit MasterCard is a form of payment method given by AmBank to all of its customers that registered for Savings or Current accounts or both . This MasterCard used by the customers to pay for their goods or services in particular premise or businesses. However, a person must first open for the account and do not close it before they will be given the Debit MasterCard or otherwise the Debit MasterCard services will be revoked.
Such as any other banks, AmBank also provide some extra benefit for the AmBank Debit MasterCard users. The first benefit is known as ‘Easy Cash Access’ in which the users will be able to withdraw their money at any Automated Teller Machines (ATMs) that have MasterCard, Cirrus or MEPS logo. Secondly, AmBank Debit MasterCard make it easier for the users to use worldwide in purchasing the products or services as long as the place recognize the services of MasterCard or MyDebit. Last but not least, AmBank provide its customers the easier way for the payment known as ‘Contactless Purchase Feature’ in which can be made only by a single tap wherever have the logo of MasterCard PayPass or MyDebit. Despite all of the benefits provided, AmBank also put a safety measure for the contactless payment such as the need of PIN entry for the payment. AmBank also put a limit for the contactless purchase feature in which can only reach up to RM1000 and 5 times per day. Any changes needed by the customers can be made by contacting their Contact Centre or going to any AmBank branch themselves.
The same as any other banks in Malaysia, AmBank also charge some of their services. For example, AmBank charges as much as RM8 as the annual fee and an additional RM12 for the upgrading and issuance of the ATM Card to the Debit Card. However, they are also some that did not require any fees such as the replacement of card specifically due to the faulty of chip and for renewal purposes in which can be made for free. For their own protection and to avoid any misunderstanding with their customers, AmBank applied key terms and conditions for the application of the AmBank Debit MasterCard which include the payment process for pre-authorized transaction. The amount authorized will be deducted from the relevant account and later adjusted with the payment of the actual amount. Same as other banks, the Cardholders need to activate the card in order to withdraw cash from the ATM or make payment outside Malaysia. It is also programmed that any transaction made outside Malaysia without the consent of the Cardholder will be automatically blocked.
The obligations of the Cardholder are to safe keep their Card wisely taking all the precaution to avoid losing the Card and to not disclose any of their personal details to anyone including the PIN or otherwise will be asked responsible with the occurrence of any unauthorized transaction made. Generally, they will be held liable if AmBank found them act suspiciously, for the late report of the missing Card or unauthorized transaction and expose the PIN on their own in any way in addition to voluntarily giving other people the Card to use. Next, any changes in contact information is required to be informed to the bank itself by visiting any of the branches or by contacting their customer service. In order to increase their customers’ satisfaction, AmBank is willingly give out their contact details which can be found in their website and product disclosure sheet. Apart from the AmBank Debit MasterCard, AmBank also offer another debit card called TRUE by AmBank Debit MasterCard.