Banking expert: determined by each bank according to its strategy and the cost of its operations

Traders complain about the high fees for companies’ transactions in banks and the demands for the intervention of the “Central”

  • Banks reduce fees to attract more companies and others raise them to maintain a certain quality of them.

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  • Awatef Al Harmoudi: “The market is open and the customer has many options, according to the services he wants and his financial ability.”

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Bank customers from business owners complained about the high fees that banks impose on their various transactions, whether cashing or depositing checks, as well as transferring money via the Internet and other services that companies need on a daily basis, stressing that these fees are exaggerated, according to them, and need urgent intervention from The Central Bank regulates it, by setting a specific ceiling for it, similar to the fees for individual transactions.

On the other hand, a banking expert said that corporate fees differ from one bank to another according to its strategy and the cost of its operations, explaining that each bank has a cost for the system in which it works, as well as the costs of its employees and the market situation, pointing out that there are banks that reduce these fees to attract customers, and others raise them to maintain A certain quality of them.

local bank

In detail, the dealer said, “M. Q, He preferred not to be named. He deals with a local bank, which charges 42 dirhams for each check he cashes, in addition to other fees for depositing, as well as 20 dirhams when transferring money within the Emirates, adding that corporate transactions in banks need to be regulated by the Central Bank. By setting a ceiling for it, to which banks are bound, and leaving it according to its current situation, this will place a heavy burden on business owners, especially with the frequent cashing of checks or money transfers via the “online”.

The dealer added, “Ahmed.

A, that the bank that deals with it gets 100 dirhams as a fee when cashing the check from the “counter”, in addition to many difficulties when opening an account for companies, in addition to the fees for local and external transfers of funds via the Internet, which makes it difficult to complete transactions.

In the same context, the dealer said, “Khaled.

M”, that the bank he deals with imposes 100 dirhams when withdrawing a cash check, and 26 dirhams if the balance falls below a certain amount, wondering: why does the Central Bank not intervene by setting controls for banks with regard to corporate fees, similar to the transactions of individuals.

The opinions of three other customers were identical, and they confirmed the existence of an exaggeration in fees and their difference from one bank to another, without justification, according to their description, especially with regard to money transfers, especially if they are outside the UAE, where banks impose fees for transfer and other fees on the exchange rate.

Individual Transactions

For her part, the banking expert, Awatef Al-Harmoudi, said that “the fees for individual transactions are determined by the Central Bank and are unified among all banks, meaning that it is not allowed to increase them, but the bank can reduce or cancel them, according to what it deems in the interest of its customers, as for its counterpart that belongs to companies. It differs from one bank to another, and is subject to each bank’s strategy and the cost of its operations, whether with regard to opening accounts, the cost of the system, employee salaries and benefits, market conditions and other expenses incurred by banks.

Al-Harmoudi added that "there are banks that reduce fees to attract more companies, and others raise them to maintain a certain quality of them, which they see fit the nature of the services they provide," stressing that "the market is open and the customer has many options, according to the services he wants, his financial ability, and others, For example, there are banks that charge high fees, but their services are varied and fast, and vice versa. Every service is subject to a cost and a fee, and this is applicable in all banking sectors around the world.”

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