What are your rights as a bank customer?

عميل مصرفي

SAMA works to protect the interests of bank customers and ensures that their banking transactions are carried out in a professional and fair manner. As such, SAMA has approved and enacted several rights for bank customers, including the following:

Dealing fairly and professionally

The bank staff should deal with you in a very professional and honest manner at all times. They must also provide services and products to suit your needs should you be on a low income; have basic education; are a senior citizen or a person with special needs.

Protect your financial interests

Protecting your interests and your financial and personal information is the duty of the Bank. The Bank must take the necessary measures to do so. It must also establish a highly efficient regulatory system to protect you and your banking assets from fraud, embezzlement or misuse.

Transparency of information on all products

The Bank’s information about its products and services must be fully transparent, clear and easy to understand. This information includes the rights and responsibilities for both the bank and the customer. The costs and commissions applicable to each product or service must be clearly stated. The risks and penalties associated with the product or service, and how to terminate the relationship between you and the bank must also be clearly stated.

Help you choose the best

The bank should help you choose the right products or services that suit you the best in terms of features and obligations that might be associated with the product or service. The bank must also work towards raising your level of knowledge and awareness, whether you are an existing or future client. The bank should provide you with the advantages of each product or service so that you can compare the bank’s product with other products. 

Ability to evaluate service and lodge complaints

The bank should provide a convenient and easy way for you as a customer to express your satisfaction with the products and services provided. This should include a clear mechanism to file a complaint if necessary should you be dissatisfied with any of your banking transactions. This mechanism should also be characterized by the possibility of a follow-up and processing of the complaint without delay, as set by the relevant directives of SAMA.

Protect you from conflicts of interest

The Bank should apply an effective and written policy on disclosing potential conflicts of interest between the Bank and a third party as soon as possible and the bank must disclose such transactions.

Procedures for updating the terms and conditions of the product or service provided

  • The Bank shall report any changes in terms and conditions within at least 30 business days prior to any change being put into effect.
  • It must be included in the application form of the product or service and must be in Arabic. A copy should be available in English should you request it. 
  • There should also be a clear warning about the possible consequences that may be associated with the product, if the agreed-upon terms are not complied with.
  • The bank must provide updated terms and conditions through the various bank channels, such as providing a general booklet. The bank should also encourage you to read it.

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Consumer Rights

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