Dealers demand the "Central" to intervene... and to oblige banks to close them automatically

Forgotten bank accounts accrue fees of up to 8000 dirhams

• Dealers demand the Central Bank to compel banks to stop illegally collecting fees.

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• Amjad Nasr: “Accumulation of discounts and fees without the knowledge of the customer is an unacceptable practice and does not suit the reputation of the banking sector.”

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Dealers confirmed that the banks they deal with collect a “minimum balance fee” of 26.5 dirhams, including value-added tax, for old forgotten accounts, which led to the accumulation of these fees without their knowledge, some of which amounted to 8000 dirhams.

They explained to "Emirates Today" that those banks did not contact them, to inform them of the need to close the account, pointing to the belief that failure to deal with the account "withdrawing or depositing" turns it into a "dormant account" or "semi-closed", and therefore does not require the imposition of any fee. on him.

They called on the Central Bank to stop these practices, and to compel banks to communicate with the customer and to close the accounts automatically after a certain period, especially if the balance is “zero.”

Customer complaints

The dealer, N.F., said that his wife received a letter from a bank asking her to pay about 8000 dirhams, as a result of accumulating a minimum balance fee since 2015, pointing out that she withdrew her entire bank balance and did not close the account, as the bank assured her that this is a condition within the terms of the contract. which was signed.

He stressed that the bank did not try to contact her during all these years or send an alert regarding the account, calling on the Central Bank to intervene to stop these practices that affect the reputation of the banking sector.

For her part, the dealer “A.M” said that she transferred her salary deposit from one bank to another, but she did not close the bank account, thinking that as long as the balance was “zero”, and no movement was made on the account “withdrawing or depositing”, then it would be closed She also confirmed that the bank did not contact her even though her data with the bank had not changed.

In the same context, the customer «A. Salem» said that when he decided to obtain a personal loan, the employee informed him that he owed 5,000 dirhams, accumulating the minimum balance fee, which has not been paid for nearly six years.

He explained that the account was for financing a car, and all the due installments were paid, wondering why the bank kept the account open and accumulated fees on it without the knowledge of the customer, or informing him of the need to close it so as not to accumulate fines.

Salem called on the Central Bank to investigate such matters, and to issue strict instructions to banks to stop collecting fees from dealers unlawfully, or at least obligate banks to alert the customer of the danger of closing the bank account when his banking transactions end.

unacceptable practice

Banking expert, Amjad Nasr said that the customer should close the bank accounts that he does not use, whether when moving to a new bank, or at the end of his dealings with the bank, such as car financing, where banks open bank accounts for financing.

He continued: "On the other hand, there is an important role for the bank itself, as it must communicate with the customer and correspond with him, and publish a general announcement for the holders of these accounts, and invite them to close them, before the accumulation of large sums of money that may constitute a burden on them."

Nasr explained to "Emirates Today": "Bank accounts are classified as dormant after six months, and banks must stop the discount after a month or two of that, provided that the customer is informed through text notifications, mail messages, and advertisement on the website. to the bank, and inform the holders of these accounts that there are fees deducted on bank accounts whose balances are less than 3000 dirhams, and if they do not use them, they must take the initiative to close them.”

He said: “If the balance drops below (zero), some banks deduct up to a year, and then freeze the account completely, or transfer the balances to the central bank. As for continuing to accumulate discounts and fees without the knowledge of the customer, it is an unacceptable practice and does not suit the reputation of the banking sector. in the state.”

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