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28 March 2024

Banks free to fix service fees: Central Bank

The Central Bank building in Abu Dhabi. (FILE)

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By Staff

The UAE Central Bank will not interfere with the commercial banks’ rights in determining their service fees although complaints registered with it on the issue shot up 73 per cent, a senior official said.

Saif Al Shamsi, Chief Executive Officer of the Department of the Treasury in the Central Bank said the commercial banks operate in an open market and are driven by competition and the Central Bank cannot dictate the fees they charge for services offered to customers, report Arabic language dailies Emarat Al Youm and Al Ittihad.

On rampant complaints about hike in service fees, he said it was up to the customer to choose the bank he saw as most affordable. The UAE has 51 banks with five million customers.

He said the number of complaints on the issue has increased to 2,467 so far this year.

While the central bank has managed to solve 416 complaints, another 1,081 are in closing stages of solution while 353 are pending.

He said bank customers can file such complaints through online or by visiting the central bank headquarters in Abu Dhabi or any of its branches in the various emirates.

The relevant authorities act on all complaints and investigate them before arriving at a solution, he said.

Also see: https://www.emirates247.com/business/economy-finance/uae-banks-have-to-list-service-prices-on-boards-2010-12-21-1.332126