A warning to bank customers in the UAE about the importance of reviewing some items with bank employees
A new warning was issued recently to bank customers in the Emirates regarding the importance of reviewing some items with bank employees, as some bankers explained that all employees in banks in the Emirates are obligated to clarify two of the customer’s rights to him to protect him from loss and protect him from the surprise of inappropriate interest rates for him as well as the value of the
Requiring bank employees in the UAE to explain to him two of the customer’s rights to protect him from loss
Demanding that the bank staff in the UAE explain to him two of the customer's rights in order to safeguard him against financial loss, Some bankers mentioned that all staff in banks in the Emirates are required to explain to him two of the customer's rights to protect him from loss and to protect him from the surprise of improper interest rates for him as well as the value of the installments. This is done to protect the customer from loss and to protect the customer from the surprise of unsuitable interest rates for him.
Employees of banks are obligated to explain interest rates and the value of installments when requested to do so.
According to two bank employees, bank employees have an obligation to explain all of the details of the banking product to the customer in an honest manner, regardless of whether the product in question is a loan, credit card, or car financing. This obligation is in accordance with the Charter of Professional Conduct and Customer Service, which was issued by the UAE Banks Federation many years ago and was signed by all banks in the country.
Banking professionals encourage customers to study the fine print before giving their consent to any terms.
They went on to say that customers also had a significant part to play in the matter, stating that it was essential for customers to read agreements, terms, and conditions thoroughly before agreeing to them, and that customers should never sign any blank papers or documents because doing so causes many issues. Additionally, they emphasized the significance of receiving calls from bank employees through the bank's contact lines rather than numbers. The employee's own mobile phones should be used to record calls so that they can be referred to in the event that there is a disagreement over significant aspects of the job. According to the knowledgeable banker Amjad Nasr, "The bank employee is required to fully explain to the customer all of the details of the products and financing through a written presentation that shows the interest rate, the value of the installment, and the amount." This statement was given in greater depth. The loan, all fees, and other essential matters, in accordance with the Charter of Professional Conduct issued by the UAE Banks Federation, and signed by all banks, in addition to the fact that the customer protection departments of the banks have a major role, along with the quality and after-sales services departments of the banks. All of this is on the customer's side, and he or she has the ability to file a complaint if they feel that they have been misled or treated unfairly in any way throughout their banking transactions.