The central bank said that there are 10 inquiries that a customer must address when opening a bank account, in addition to five things that must be taken into account.
The Central Bank added in an awareness bulletin, which Emirates Today obtained, that opening a personal bank account involves a number of advantages, explaining, for example, the ability to provide direct deposit of income, in addition to paying rent, utility bills, savings and transferring funds safely. .
He indicated that, in general, there are two types of transaction accounts, the current account and the savings account, as the first allows the issuance of checks for customer expenses and the use of a debit card for purchases and ATM transactions, while the savings account does not allow the use of checks, because it is designed to enhance savings, through Paying interest based on the customer’s balance.
The «Central» assured that the customer can open both types or one of them, in proportion to his banking needs, but he clarified that there are things that the customer must consider when searching for the bank account options, and they include the following:
Availability of branches and their location.
- The locations of the bank's ATMs near your home and your workplace.
Days and hours of service.
Call Center Services.
- Electronic and digital services.
The Central Bank stressed that before deciding to open a bank account, the bank representative should be asked about the following:
Ability to issue checks.
- Discount card.
- The interest rate on savings accounts.
Monthly and transaction fees.
Returned Check Fee.
Minimum balance requirements.
- Overdraft concessions and the associated cost.
- The cost and ease of transferring funds.
Bank policy on suspending deposited funds.
Notice of branch requirements for large withdrawals.