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UAE publishes new transparency guide for banks
by This email address is being protected from spam bots, you need Javascript enabled to view it on Thursday, 18 June 2009
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Results 1 to 6 of 6
Posted on Sunday, 21 June 2009
to much to learn for banks in UAE
Posted by nasir at 14:26 UAE time
i was astonished to learn that there is not fixed rate mortgage here, even the floating rates are non verfiable and banks can changes rates at will with no reference to the contract
banks here have a lot to learn, but on the other side the regulators dont even know what they are supposed to do
banks are exploting the customers and the govt does not care
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Posted on Saturday, 20 June 2009
The banks here have unexplained charges for nothing
Posted by Jim at 10:10 UAE time
One opens a bank accpunt volantarily, uses it for few years and closes it volantarily in line with all the weird rules and regulations laid by the bank. The other banks due to whatever reason will ask you a clearance certificate although you have a other documents hsowing account closed. To issue such a certrificate the original bank asks a exhorbidant fees for that. Such many fees are there which are unexplained.
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Posted on Friday, 19 June 2009
Negotiate
Posted by The Don at 09:43 UAE time
To Geekay
Just negotiate, make sense, and logically challenge the bank for any request/charges they are asking for. In my case I challenged my bank for a credit insurance contract which turned to be none-existence in the sense they don't have an insurance company behind it: it was just an internal fund in which premium collected from retail customers goes to it and they use it to write-off a portion of the debt.
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Posted on Thursday, 18 June 2009
Fees & Charges of Banks
Posted by Kaushalendra Gupta at 03:37 UAE time
The banks should be clear for the fees & charges for their products.The Central Bank of UAE must have a check on the banks regarding above mentioned.Take an example different banks charge fees & interest on their products but why these charges vary from bank to bank whereas they all are doing business in the same country.These fees & charges should be taken care by the Central Bank & should be uniform,a bit difference can be understood.th
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Charges - only way is up
Posted by Geekay at 16:50 UAE time
Soon after the above article, I got my Dubai First CC statement which informs me my interest rate from next month will be 3.19% - 38.28% annually. The notice I get is 20 days including today. How unfair is this to a customer who has used up his limits and is trying hard to make minimum payments? I am not affected by this as I make full payments from time to time and finish off the debt. This now has givenme one more reason to get rid of this card for good. Again to stress on the point - Charges start lower and only go UP.. never look DOWN.. Banks are free to do what they want to the powerless customers.
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Charges also pls
Posted by Geekay at 13:33 UAE time
Banks have to be clear and transparent on their charges also. Public should not be attracted using adverts which do not give the full picture. Trapping customers when they lose their jobs by submitting the security cheque for clearing does not help either the bank or the customer. Banks for ever in the UAE has been overcharging customers on interest rates and other charges. Maximum ceiling should be fixed on interest rates and charges like in some neighbouring countries which will prevent the banks from taking undue advantage and will also promote healthy lending in the banking sector.
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