Tuesday , June 22 2021

Some ATM cards will be suspended after February 28

The Central Bank of the United Arab Emirates has asked all banks and financial companies operating in the United Arab Emirates to suspend all bank cards, whether an ATM or credit card, or to conduct a direct debit transaction for customers who have not registered their data using an identification card UAE after February 28, 2019.

In his column no. 256/2018 he sent the banks, finally, that he sent 10 circulars (indicating their numbers and dates) on the need of UAE personal ID card in physical persons transactions, an official document confirming the identity of dealers, in the case of credit transactions and other requests for loan.

The central separation of banks and financial companies are steps to be taken to facilitate the updating of customer records. The first is to get customers through all possible means and methods, including relevant media campaigns, to update their identity files for the remainder of this notice until February 28, 2019, it should be noted in media campaigns that a failure will result in inability to use ATM cards to withdraw funds or carry out a direct debit transaction, and to suspend credit card transactions after February 28, 2019.

The second procedure, according to the circular, consists in withholding the withdrawal of banknotes from ATMs, stopping direct debit transactions and credit card transactions after February 28, 2019. Up to the required update (only pause cards) UAE identification data in a given period.

In its circulation, the central bank stressed that temporary suspension of ATM cards should not affect the possibility of withdrawing cash from the account directly at the Bank's cash register, customers can not charge any fees, rebates or other liabilities as a result of temporary suspension of the ATM card. Or credit cards.

It is worth noting that the previous "Central" circulars did not include any similar procedures for temporary suspension of cards, because they limited themselves to banks that claim to be obliged to persuade dealers to update their data.

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