If the balance is less than 100,000 dirhams

Small companies: Banks impose a monthly maintenance fee of 250 dirhams on the account

Entrepreneurs who own small companies reported that local banks impose a monthly fee of 250 dirhams on the accounts of their companies, under an item known as the “account maintenance” fee.

They explained to «Emirates Today» that those banks require that, in the event that they agree to open an account, that an amount ranging between 50 thousand and 100 thousand dirhams be placed in the account, so that it will not be withdrawn from it, otherwise their company’s account will be subject to imposing a fee for “account maintenance”.

The owners of these companies confirmed that they find it very difficult to open bank accounts for their companies, in addition to keeping an amount of up to 100,000 dirhams, which is very expensive for a start-up company, in addition to the imposed fee of 3,000 dirhams annually.

They called on the Central Bank to intervene to set a system for corporate service and financing fees, especially those arising from them, to ensure a reasonable ceiling for those fees, similar to the personal loan system for individuals, which regulated and set a ceiling for all banking services fees for individuals.

Commenting, the banking expert, Ahmed Youssef, told Emirates Today that banks impose fees on companies' current accounts in order to ensure that there is a minimum balance that differs from one bank to another, indicating that "if the company cannot leave this balance here, it can switch to another type." of the accounts.”

Youssef emphasized that there are banks that charge fees, but there are other banks that do not impose anything, and do not require a minimum balance in large amounts, indicating that the customer who owns the company can choose the appropriate bank for his company’s circumstances and financial situation.

He stated that the banking sector in the country includes more than 50 banks, so that one can easily move between them, so the customer must ask carefully about all the terms and conditions before opening any bank account to see if there are fees or requirements for the minimum balance and then decide what suits him.

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