Maybank’s online service was disrupted from the morning of April 25, and Maybank said it was due to excessive traffic.
According to Maybank, the Maybank2u app, MAE app and Maybank2u website were unable to log in and check their balances from 9am on April 25. People also complained that they could not withdraw or swipe their Debit Card.
Many users complained about RM0.00 when checking the balance of their Maybank accounts and were surprised when they checked their balances, thinking that their accounts were being withdrawn. Users also complained that they could not withdraw money from their Maybank ATMs and could not transfer money through Maybank ATMs.
In the afternoon, Maybank stated that the service interruptions experienced today were due to high traffic and that Maybank was experiencing unprecedented high traffic. There is much speculation that the EPF RM10,000 Special Withdrawal Scheme is the key to the high traffic at Maybank.
The EPF Board has been gradually releasing RM10,000 withdrawals and many members have been receiving their EPF withdrawals and members are also going to ATMs to withdraw their money as soon as they receive it.
Many shopping malls in the area of Seremban saw a large number of people, and the parking lot of the mall even had long queues, and many cars could not find parking spaces. Not only did the shopping malls have lines of cars, but the roads downtown were also busy with traffic.
It has always been the custom of the Muslims to buy gold ornaments before Eid. This year, after the relaxation of the government’s anti-epidemic measures and the withdrawal of RM10,000 from the provident fund, the Muslims are not hesitant to buy. The gold stores in the country also saw a huge influx of people, with the business of gold stores jumping by 40%, selling RM50,000 of gold jewelry in 2 hours.
Many electrical appliances and home furnishing stores also launched promotions to attract consumers before Eid, and the turnover of electrical appliances and home furnishing stores increased significantly, with many Wiccan families taking advantage of Eid to buy new appliances and new home furnishings.
According to the EPF Board’s data as of April 14, the withdrawal amount of EPF special withdrawal reached RM40.1 billion. If this amount of money flows into the retail market from the EPF account, this will not only lead to an extraordinarily high flow of money to the banks, but also a significant increase in the turnover of merchants.
