Some ATMs not accepting new Dh500 note

Two weeks after the new Dh500 bill provided by UAE's Central Bank went into circulation, customers of several banks are finding it difficult to deposit the note in the cash machines as they don't seem to have been reprogrammed to identify the features of the new currency note.

"I have an account with two banks, RAK Bank and Emirates NBD, and I tried to deposit an amount of money containing the new Dh500 bill at both banks, to no avail," says Syrian investor Mohammad Mardini, who had to have his Dh500 bills converted into different denominations before he could deposit them.

"Both I and my colleagues found trouble depositing money due to the new note, which is especially disturbing because we work as investors and delay of money transfers can be quite harmful to our financial streamlining," Mohammad complains.

Rashid Al Fandie, Executive Director of Central Bank, states that banks should have reprogrammed their system by now in order to accept a deposit containing the new Dh500 bill.

"We provided banks with the new notes even before the official launch, so we could facilitate them adapting their system to the new Dh500 bill," he explained.

"All they need to do is re-programme their deposit machine in order for it to recognise the new features of the bill. This will not take longer than 1 or 2 days." 

The new Dh500 note was implemented to curb counterfeiting, as it contains improved security features including a see-through window on the front of the bill and an optically variable stripe showing the national emblem, falcon head and denomination value that changes color depending on the angle.

According to Rashid Al Fandie, most banks have adapted their deposit machines to the new bill, which was received positively and other problem should not occur as it is only the deposit machine that needs reprogramming. 
 

RAK Bank was not able to comment on the issue. ENBD was unavailable for comment until publication.

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