Maybank Is Enforcing A Cooling-Off Period After Increasing Transfer Limits
Maybank has announced that they are introducing a cooling-off period when the transfer limits on your account is changed. This is a measure to deter scammers who might want to increase transfer limits before transferring money out of the account.
The new cooldown period will come into effect on the 31st of July 2024, and it will impact these following services;
- Third-party transfers (Maybank to Maybank)
- Interbank transfers (DuitNow, DuitNow-Transfer, and GIRO)
- FPX & DuitNow Online Banking/Wallets
According to Maybank’s website, the cooldown period will be for 12 hours, which means that it will take 12 hours until you will be able to make transfers based on your new transfer limit.
In their announcement, Maybank stated that the cooldown period is introduced as a safeguard from scammers.
“The cooling-off period is introduced to curb online banking fraud by safeguarding our customers should there be scammers attempting to increase transfer limits for unauthorised transactions,” stated Maybank.
Maybank also stated that the cooldown period will also allow customers to take preventive actions to stop the scammers, such as;
- Contacting the Maybank Customer Care hotline at 1300-88-6688, or
- Activating the Kill Switch via the Maybank2u website or the MAE app.
How the cooling-off period will work
Maybank also added that these changes apply to transactions performed on both Maybank2u website and the MAE app. Here’s a quick walk through on how it will work;
- Throughout the cooling-off period, you can still make transfers within your current transfer limit.
- After the cooling-off period ends, you can perform transfers up to your new limit.
- You will receive push notifications from the MAE app or SMS to inform you when the cooling-off period begins and ends.
For more information regarding the cooldown period, you can go to Maybank’s FAQ page right here.
