CBJ instructs banks to stop imposing extra fees on basic bank accounts

Central Bank survey highlights issues with ATM Cards, account closures, and technical problems

Central Bank of Jordan  CBJ
(File photo: Jordan News)
AMMAN — The Central Bank of Jordan (CBJ) has taken action to protect customers of basic bank accounts by issuing a circular to operating banks, directing them to refrain from charging additional fees or commissions beyond the limits specified in the relevant guidelines. اضافة اعلان

The move comes in response to observations raised during a recent survey conducted by the Central Bank, which aimed to gauge the satisfaction levels of individuals with basic bank accounts, a local media outlet reported.

Survey findings
In an effort to promote transparency and address customer concerns, CBJ has publicly shared the survey's findings.

Several important observations emerged, shedding light on the experiences of customers with licensed banks in Jordan. Among the issues identified were instances where ATM cards issued by certain banks failed to function at the issuing bank's own branches, while still being operational at other banks.

Additionally, account closures occurred without prior notification to customers, causing inconvenience and potential financial disruptions.

ATM problems
The survey also highlighted technical problems with specific ATMs, raising concerns among account holders. Another significant finding was the lack of notifications provided to customers regarding withdrawals, deposits, or transfers originating from the Ministry of Social Development. Customers expressed frustration at the absence of crucial information regarding their financial transactions.

Moreover, the survey revealed limitations in electronic banking services and electronic payment options. Customers reported the unavailability of services such as water and electricity bill payments, as well as the popular CliQ service.

Transfer delays
Delays in receiving transfers were also noted in the survey, causing inconvenience and potential financial strain for customers. Additionally, a commission of JD1 was deducted for cash withdrawals made at the branch, despite the established commission rate of 500 fils for each withdrawal operation, applicable only after exceeding the monthly limit of free withdrawals.

Furthermore, it was observed that a commission of JD1.5 was deducted when transferring national assistance entitlements to customers' accounts, adding an additional financial burden for those relying on such benefits.

Read more Business
Jordan News