Central Bank monitors excessive fees

13 Mar 2011

(MENAFN) The UAE’s Central Bank Governor, Sultan al Suwaidi, warned commercial banks in the country against not complying with the new regulations that cut down excessive service fees, reported the National.

Earlier this month, the governor had announced that limits for service fees charged by banks were modified in order to keep prices fair for clients.

Al Suwaidi said that banks would be fined if they broke the new rules.

Al Suwaidi also said that the website of the central bank would soon include details of bank charges to enable customers to compare fees between lenders. This would push banks towards easing their charges as customers can easily compare and fish for the best deal.

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