Individual dealers and owners of companies, banks, demanded the cancellation of the minimum bank balance fee, collected in the event that the balance falls below the specified limit set by banks, in light of the current market conditions, due to the repercussions of the spread of the emerging corona virus (Covid-19).

They saw that the current circumstance requires cooperation by banks, even if only temporarily, until the end of the current crisis that the world is going through, especially since the fee is 25 dirhams for individuals, and ranges between 200 and 500 dirhams in the event the company’s balance falls below 10 thousand dirhams.

In turn, two banking experts said that banks keep pace with the package of initiatives presented by the central bank and government departments, pointing out that aspects that are gradually being discovered will be covered, including drawing the minimum balance.

They emphasized that small companies do have the right to reduce this fee, since it is costly to them under the current circumstances.

It is noteworthy that the Central Bank finally canceled all fees imposed on banks related to dealing with its regulations, demanding them in a circular published by «Emirates Today», as a reflection of this on reducing fees on customers.

Business conditions

In detail, dealers with banks, through «Emirates Today», demanded the cancellation of the minimum bank balance fee, whether for individuals or companies, in light of the current conditions accompanying the spread of the Corona virus, indicating that the current circumstance requires cooperation and cooperation by the banks.

The client with an Islamic bank, Mohamed Mostafa, who is the owner of a company specializing in e-marketing, said that the fees for not keeping the minimum balance in the company's account are estimated at 500 dirhams per month, in case the account balance falls below 16,000 dirhams.

He explained that he contacted the bank to exempt him from these fees during this period, but the bank’s response via telephone service that this is not currently permitted, calling on the bank to estimate the conditions that the business is currently going through.

Liquidity problem

In turn, the owner of a commercial company operating in the packaging sector, and a customer with a commercial bank, Rami Mark, called for exempting the owners of the companies from the minimum balance fees, at the present time.

He said: "We have a liquidity problem, because I pay 400 dirhams a month to the bank in light of the exposure of the account, given my need for liquidity and the payment of employee salaries."

In the same context, the owner of a company working in the field of programming, Ahmed Al-Zaidi, said that he had paid a fee of 350 dirhams to the bank per month, since the beginning of January 2020, given his need for liquidity, which made the company's account under the minimum set by the bank (25 thousand Dirhams), asking the bank to exempt him from these fees.

Individual fees

On the individual level, the client with an Islamic bank said, in the name of Ahmed Suleiman, that he pays 25 dirhams a month to the bank because he is unable to keep a balance in his bank account, and the bank's requirements that set the amount of 3000 dirhams require a minimum balance, so that no account fees are charged . The customer, Abdul Azim Al-Attar, agreed that the bank imposes a monthly fee of 25 dirhams, because he does not keep the minimum of 3000 dirhams per month in his bank account. He asked: "How can I keep 3000 dirhams in the bank account, while my monthly salary does not exceed 6000 dirhams, and I have a family and expenses, in addition to the needs imposed by the Corona virus crisis?"

Banking support

To that, the banking expert, Amjad Nasr, said that banks are keeping pace with the package of initiatives presented by the central bank and government departments, pointing out that some banks have announced support for their employees, as well as reducing some fees for dealers.

He explained that aspects that are gradually being discovered will be covered, including drawing the minimum balance, especially at the present time.

Right for companies now

For its part, the banking expert, Sheikha Al-Ali, said that the minimum balance fee for individuals does not exceed 25 dirhams per month, if the balance falls below 3000 dirhams.

She added, "There are banks that exempt the customer from the minimum balance completely when opening the account, even though it is decided by the central bank."

Al-Ali added, "Small companies have the right to reduce this fee, since it is costly to them under the current circumstances." For companies, the easing of bank guarantees.

She stressed that the banks will take into account, without a doubt, their dealers in the coming months, in order to preserve them and not to burden them with more burdens, and this means expectations of taking several steps regarding reducing fees for them.

- The fee for the minimum balance of individuals does not exceed 25 dirhams per month, in case the balance falls below 3000 dirhams.

Al-Ali: "Small companies have the right to reduce the fee, as it is currently costly to them."