New caps on UAE banking fees for customers


New caps on UAE banking fees for customers

There's now a limit on how much your bank can charge you for its services.

The UAE Central Bank (CBUAE) has announced that all banks in the country must abide by a new cap for fees and commissions charged on retail customer service.

The fee cap, which applies to charges like home loans and late fees for credit cards, will now be displayed on the official websites of the banks and finance companies.

Banks will also need to notify and seek approval from CBUAE of any new fees they plan on introducing or changing, thus ensuring the consumers are protected. 

Steve Cronin, Founder of DeadSimpleSaving.com, tells ARN News this is probably a response to the many cases of people getting into debt and not being able to get out of it.

      

Some consumers may start getting turned down for loans if their risk will cost banks too much.

That's the word from DeadSimpleSaving.com, which also notes they arguably wouldn't be able to pay them off.

Cronin tells us more.