HOW TO SETTLE A DISPUTE WITH UAE BANK?HOW TO SETTLE A DISPUTE WITH UAE BANK?

Banking and financial disputes can be a painful obstacles for many people, especially if they can disrupt your personal and professional life. There are many possible disputes regarding banking disputes, and these include financial fraud, money transfer disputes, lost cards, unauthorized activity, including unauthorized charges.  

It is important that you file a formal complaint with the bank as an initial step; This will give you a record of the complaint and guarantee appropriate proceedings until the matter is fixed. Instead of filing a complaint through the phone and expecting it to be resolved, use the formal steps to file a complaint with the correct reference number and written documents online. Also, make sure you get to the right section within the bank; For instance, there is a separate section for personal and corporate banking, and each bank has a dedicated customer care division and a legal department.

Filing complaint with the Central Bank of UAE:

In some cases, internal settlement within the banking process may not be sufficient, and in such cases, you may consider increasing the grievance before the UAE Central Bank. The UAE Central Bank has a dedicated Consumer Protection Department that protects customers from financial misconduct and resolves grievances.

UAE Central Bank:

The Central Bank of the UAE is responsible for promoting financial and monetary stability in the region and ensuring the competence and flexibility of the economy. It is the main regulatory authority for banks and other financial institutions within the country (for certain financial institutions additional licensing and regulatory hierarchy may apply at each emirate level).

The Central Bank of the UAE has the responsibility to provide effective policies that support economic growth and the protection of the consumers. The Department of Consumer Protection works for consumer protection from monetary misconduct through education, policymaking, compliance monitoring, and monitoring of the complaint resolution process.

 

Know your rights:

The UAE Central Bank’s Consumer Protection Department is accountable for determining consumer disputes between customers and a particular financial institution. This step should be taken after attempting a preliminary internal settlement with the relevant financial institution. However, if the complaint is not resolved after the 30-day deadline or you are not satisfied with the resolution, customers can lodge their complaint with the Central Bank. You will need to file a written complaint with all details, including attachments to all supporting documents, such as receipts, bank statements, and other relevant details, to substantiate the claim.

File a complaint with the police:

If you are a victim of financial fraud, in addition to the above-mentioned steps, you should file a police complaint and obtain a report. The UAE police departments have a separate department for handling e-crimes. You can file your complaint online or visit the e-Crime Division directly, and share all documents, such as receipts, bank statements, and other relevant details, which support the claim.

Know your rights and take initiative to take measures in the event of a banking dispute. The main drawback when it comes to banking disputes is that speedy and effective legal action can go a long way in achieving the anticipated results. Activity in this regard goes a long way; This includes steps to continuously monitor your bank statement to make sure your records are accurate and to report to the bank as soon as possible of any errors.

 

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