By Andy Sambidge
Customers have one week to update their data or face having bank cards suspended
Kuwait Finance House (KFH), the Gulf state's biggest Islamic lender, has announced that it will suspend all ATM cards for clients later this month who do not update their data.
The step will come into effect as of January 19, the bank said, adding that the action is in response to the requirements of regulators.
ATM cards will be automatically re-activated when clients update their data in any of KFH's branches, the bank added in a statement.
The bank urged its clients to update their data through the 61 branches operating across Kuwait.
It added that clients who are abroad can update their data by printing the form found at www.kfh.com and sending it along with a copy of their ID to Kuwait, Al-Safat, Zip Code 13110, PO Box 24989, Kuwait Finance House, Branches Department.
KFH in July announced KD103m ($362m) of "precautionary provisions", as it posted a smaller than expected rise in quarterly net profit.
It added that indicators related to profit growth and operating revenues were positive.
Net profit rose to KD26.8m in the three months ended June, KFH said in a bourse filing, 21 percent higher than the year-earlier period. That compared with analysts' average forecast of KD30.35m in a Reuters poll of four analysts.
KFH manages its operations in the GCC, Asia, and Europe through over 310 branches.
If one client has more than one account , why when he updates one account for one ATM should all his other accounts updated aoutmatically?