Banks operating in the UAE have announced that they intend to amend the terms and conditions of credit cards, starting on August 1.
According to the draft announced by these banks for the new terms and conditions, these banks have added several items, including the collection of a late payment fee for the monthly payment of the credit card for 236 dirhams.
Banks Disclaimer:
According to this draft, the banks have announced several cases in which they disclaim their responsibility, including non-liability for any loss or damage incurred or borne by the customer due to the refusal of the bank, any merchant, any other financial institution, any ATM or another party, to allow any card transaction, refusal to accept the card or PIN, or refusal to provide or provide cash withdrawal within the limits of the ceiling or at all.
Also, the bank is not responsible for any dispute that occurs with a merchant or any financial institution, and any problems or disputes that reach the bank after 30 days from the date of the relevant account statement will not be considered.
The customer is solely responsible for any unauthorized transactions:
These banks referred to the case where the customer is solely responsible for any unauthorized transactions, using a lost or stolen credit card that is made before informing the Bank of the lost or stolen card information, and the customer will be solely responsible for settling said transactions with the bank.
The banks added that the customer is solely responsible for any unauthorized card transactions resulting from the sharing of sensitive information by the customer with others, and will also be responsible for settling the said transactions with the bank.
The draft confirmed that the bank will not be liable in any way to the customer for any loss or damage in any way, whether such loss or damage is due to or arising from any downtime, malfunction, or defect in any ATM or machine, communication system, facilities, data processing system, transmission link, any industrial defect, dispute or other reason, whether beyond the control of the bank or otherwise.
Authorizing the bank to know the data:
This draft, which is scheduled to take effect next August, clarified that under the terms and conditions, the customer authorizes the bank, and allows it irrevocably, to disclose and provide the data it deems necessary about the customer or his affairs, including - but not limited to - card account details to the bank's partners or branches, or assign them, agents or other entities or persons, including banks, financial institutions, regulatory bodies, and service providers, who provide services to banks of that type.
