Does a bank have a right to deduct fees from my bank account when I close it, without informing me of such fees?
A customer has the right to be informed of any fees that will be deducted from the final closing balance within five days of account closure or transfer to another bank.
What entities that have the right to access my balances, accounts, valuables, deposits and investments with banks operating in Saudi Arabia?
- Courts, Board of Grievances,
- Ministry of Interior.
- Regions Emirates.
- Ministry of Finance.
How long does it take a bank to refund my money withdrawn from my account by mistake?
Upon acceptance and approval of a customer's complaint to recover his/her money, the money will be refunded to his/her account within five days as of the complaint date. If the process would take longer, such a customer should be notified in advance of that delay.
How can I make sure that the money I have transferred will be sent to the correct account?
Your bank shall be responsible for verifying the data of your payment and transfer, especially your IBAN and the bank code for the bank your are transferring before completing the transfer transaction.
How much the fees for transferring money to a beneficiary outside Saudi Arabia?
As regards international transfers, a bank may impose a fixed fee on a customer transfer regardless of the amount, but it shall inform the customer of such fees before the transaction.
Is disclosing my personal details part of my bank account update procedure?
Disclosing personal details, especially customer account details or passwords whether by via telephone or by text message, is not part of any bank procedures.
How can I make sure that it is safe to use the Internet in carrying out banking operations?
Your bank shall take all measures and is responsible for the safety of all banking channels. In case your account has been hacked, your bank shall compensate you for any damages or financial losses resulting from weaknesses in its protocols or security controls for these channels.
Is it obligatory to deposit a certain amount to open a bank account?
No deposit is required to open a bank account and the bank has no right to impose such a prerequisite. However, a bank may close your account if your balance is zero for 90 days as of account opening.
Does the bank have the right to close my account without informing me?
The bank must inform the customer 60 days prior to taking the decision to close the account and provide the reasons behind such a decision. This excludes fraud or embezzlement cases in which the bank shall have the right to close the account without prior notice.
Does the bank have the right to refuse opening an account?
Any natural or legal person has the right to open an account in any bank in Saudi Arabia. No bank shall have the right to refuse any account opening request as long as it completes all the procedures and meets all requirements for opening a bank account. This excludes some cases as specified by SAMA.
Are there any fees for transfering money from my bank account?
There are no charges for transfers from one account to another or from one credit card to another.