How to resolve a dispute with a bank in the UAE? – Finance and banking

United Arab Emirates: How to resolve a dispute with a bank in the UAE?

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Banking and financial disputes can easily become a painful obstacle for many, especially since they can further disrupt your professional and personal life. There are a variety of disputes that can come under a banking dispute, and these include, among others, financial fraud, disputed money transfers, loss of cards, unauthorized activity, including unauthorized charges.

It is important that you raise a formal complaint with the bank as a preliminary step; this will provide you with a record of the complaint and ensure proper procedures until the matter is resolved. Use the formal steps to register a complaint with the appropriate reference number and with written records online, instead of filing a complaint over the phone and waiting for it to be resolved. In addition, also make sure you reach the right department within the bank; for example, there is a separate department for corporate banking and personal banking, and each bank also has a legal department in addition to a dedicated customer service.

File a complaint with the Central Bank of the United Arab Emirates:

In some cases, internal resolution in banking procedures may not be enough, and in such cases, you may consider escalating the complaint to the UAE Central Bank. The UAE Central Bank has a dedicated consumer protection department that has the function of protecting consumers from financial misconduct and resolving complaints.

Central Bank of the United Arab Emirates:

The Central Bank of the United Arab Emirates is responsible for promoting financial and monetary stability in the region as well as ensuring the efficiency and resilience of the financial system. It is the primary regulatory authority for banks and other financial institutions in the country (additional licenses and regulatory hierarchy may apply to certain financial institutions at each level of emirate).

The UAE central bank is further responsible for providing effective policies that support economic growth as well as consumer protection. The Department of Consumer Protection works to protect consumers from financial misconduct through education, policy development, compliance monitoring, and follow-up to resolution of complaints.

Know your rights:

The Consumer Protection Department of the UAE Central Bank is responsible for resolving disputes between customers and a particular financial institution. This step should, of course, be taken after an initial internal resolution attempt with the financial institution concerned. However, if the complaint is not resolved even after a period of thirty days or if you are not satisfied with the resolution, then consumers can address their complaint to the central bank. You are required to provide a written complaint with full details, including attaching all supporting documents such as receipts, bank statements and other relevant details to substantiate your claim.

File a police complaint:

If you have been the victim of financial fraud, in addition to taking the above actions, you should also file a complaint with the police and get a report. The UAE Police Department also has a specialized service that deals with cybercrime. You can file your complaint online or by visiting the e-crime division directly, and be sure to share all supporting documents such as receipts, bank statements and other relevant details to substantiate your claim.

Know your rights and take proactive measures in the event of a banking dispute. The main thing to remember when it comes to banking disputes is that quick and efficient legal action goes a long way in achieving the desired results. Proactivity goes a long way in this regard; this includes steps to continuously monitor your bank statement to make sure your records are correct and to report any errors to the bank as soon as possible.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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