Are your bank records updated? It is of utmost importance to do so. If not, then all your credit and debit card would be suspended in the UAE. If you want to avoid such circumstance, then every customer has to update their bank records by submitting their Emirates ID by February 28, 2019. Central Bank of the UAE has issued a circular where it has urged banks and finance companies to create awareness through media campaigns. After February 28, if any customer fails to update their bank records, then all the transactions through credit and debit cards would be stopped and that includes direct debit transactions, stopping credit card transactions as well as they would not be able to use bank ATM cards.
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 was quoted as saying by Khaleej Times.
The report also stated that, “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.”
Lutfi also mentioned that any customer who fails to comply with the directive would not be able to withdraw money from automated teller machines and would also face stoppage of direct debit and credit card transactions until they provide their Emirates ID.
However, in what will really we a welcome relief, the temporary suspension of ATM cards will not prevent customers from withdrawing cash from an account directly at a bank’s branch counter.