New rule for ATM, Credit Card Transactions in UAE
The Central Bank of the UAE urged banks and finance companies to create awareness through media.
Customers in the UAE have to update their bank records by submitting their Emirates ID by February 28, 2019 in order to avoid suspension of their debit and credit cards.
In a circular issued earlier this month, the Central Bank of the UAE urged banks and finance companies to create awareness through media campaigns that a failure in doing so would result in not being able to use ATM cards to withdraw funds or conduct direct debit transactions as well as stopping credit card transactions after February 28.
Marwan Lutfi, Chief Executive of Al Etihad Credit Bureau, said that if the customers fail to meet the February 28 deadline, banks would suspend their debit and credit cards. “It is the duty of the individual to ensure that the information is up to date,” he said.
“Over the past few years, there has been a constant effort by all the banks in the community but now a time limit has been set,” Mr Lutfi said. “If customers fail to meet the February 28 deadline, banks will suspend debit and credit cards. After three months their cards would get suspended completely.”
He pointed out that customers who do not comply with the directive would not be able to withdraw money from automated teller machines. They will also face stoppage of direct debit and credit card transactions until they provide their Emirates ID.
However, the temporary suspension of ATM cards will not prevent customers from withdrawing cash from an account directly at a bank’s branch counter.
Source: Khaleej Times