Urgent.. UAE banks give the customer a grace period to update his data before stopping their services

In an urgent news, it was stated that UAE banks are suspending all their banking services on the accounts of customers whose papers have expired, after exhausting all means to communicate with them.

In this context, an informed source stated that after the expiry of the residency or identity date, the UAE banks give a grace period of “a month” as a grace period for renewal, as the banks will stop all their banking services on the accounts of customers whose identity papers have expired, such as travel, residency, and identity cards.

The source also stated that the banks send text messages and e-mails to inform the customer that his account is subject to stopping transactions on him, such as withdrawing, depositing, and purchasing through points of sale, if he does not take the initiative to update his data.

It is worth noting that the Central Bank has stressed on banks the need to adhere to the “know your customer” initiative, which requires updating the data of all customers on a timely basis, in addition to that these procedures are considered protection and a guarantee for the customer himself from misusing his bank accounts.

For her part, Awatef Al-Harmoudi, who works as a banker, confirmed that the Central Bank’s instructions to banks are stressing the need to update customers’ data within its initiative known as “Know Your Customer.” Therefore, banks initiate contact with the customer whose identity papers have expired dates of passport, residence, or card identification.

Awatef Al Harmoudi explained that several text messages are usually sent, as well as the email address registered with the bank, a month before the expiry date of these documents, according to what was published by the Emirates Today newspaper.