Strict procedures amounting to deprivation of the check book

The “Central” asks the banks for the data of the owners of the returned checks with the “Central”

The Central Bank will soon send to banks a mechanism to work with when the check dealing amendments enter into force on January 2.

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The Central Bank has asked banks operating in the country to provide it with the data of bank account holders to whom checks are returned, through a mechanism that will soon be sent to work when the check dealing amendments enter into force on the second of next January.

And the “Central” clarified in a circular that “Emirates Today” obtained a copy of it, that the banks must send the account holder’s data in any of the following cases: Fulfill it so that it cannot be cashed, and if the bank partially fulfills the check.

For his part, an informed banker told «Emirates Today», who preferred not to be named, that «the banks are waiting from the Central Bank for a circular with the mechanism for the full implementation of the amendments that came to dealing with checks, as it is expected that there will be lists of account holders to whom checks are returned that include their names and details of their accounts. banking.”

He added that "the banks will take strict measures in accordance with the amendments, up to depriving the customer of taking a check book for a period of five years, and transferring his account from current to saving," noting that this causes a big problem for the customer, especially companies.

He added that one of the procedures is also to inform the Al-Etihad Credit Information Company, which in turn reduces the credit rating number of the customer according to the data sent by the banks, which states that a certain number of checks have been returned with bad faith.

The source stated that the Central Bank is currently making sure of the readiness of the technical infrastructure of the banks and the availability of all capabilities to easily implement the amendments, in addition to educating customers and informing them of the new terms and the consequences of violating them.

• The Central Bank has identified 3 cases from which to send data if the check has no return.

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