Dealers called the Central Bank to intervene to organize it

A minimum of 250 thousand dirhams to open an account for companies ... and banks that raise fees

The Central Bank confirmed that it would adopt new regulations to effect a tangible reduction in fees incurred by traders.

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A local bank raised the minimum for opening a corporate account to 250,000 dirhams, canceling all previous small accounts that contain less than 100,000 dirhams, while a number of other banks raised the corporate transaction fees, to be applied as of today.

In detail, dealers with a local bank in Abu Dhabi, who preferred not to publish their names, complained that the bank raised the minimum number for opening an account for companies to 250 thousand dirhams, and closed all previous accounts with a balance less than 100 thousand dirhams, confirming that another bank in Dubai raised the minimum to be 50 thousand dirhams and more.

In their interview with Emirates Today, dealers of other banks added that they had received mail messages from their banks that include the new schedule of corporate transaction fees, as some of them were raised and new others were introduced that were previously provided free of charge, such as dealing with cashiers with checks for withdrawal or a one-time deposit for a fee. Its value is 60 dirhams, after it was free.

One of the dealers explained that he requested check books containing 2000 check papers, so the employee warned him not to deal with the (counter) with them because that would cost him 60 dirhams each time, which means 120 thousand dirhams in fees.

Another dealer said that his bank raised fees for online banking transactions, as well as transfers, in an exaggerated manner, as he imposed a fee of 60 dirhams for transferring between accounts of the same bank through the Internet, pointing out that the fees for companies ’indebtedness certificate amounted to 500 dirhams.

They demanded that the Central Bank intervene to regulate the fees that banks impose on corporate transactions, similar to what it has done towards individuals, especially in light of the current circumstances, and what global economies are witnessing, and with it the local economy, due to the Corona pandemic.

It is noteworthy that the Central Bank issued a circular last April, calling on banks to support small and medium-sized companies and not to require a minimum account balance that exceeds 10 thousand dirhams.

"The Central Bank" said at the conclusion of the circular: "It will adopt new regulations aimed at bringing about a tangible reduction in the fees that merchants incur when their customers pay through debit or credit cards."

The Central Bank will issue new regulations to set limits for the fees that banks impose on their small and medium-sized enterprises, and stipulate that banks do not require a minimum balance exceeding 10,000 dirhams.

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