5 bonds on banks and banks concerning the customer

Citizen – Riyadh

Saudi banks have confirmed that there are 5 bonds on banks and banks regarding the customer.

Saudi banks have indicated that the requirements imposed on banks and banks according to their demands include documented means of communication that can be used by the financial authority when communicating with customers or their guarantors: e-mail, mail recommended, national address, SMS and phone.

She pointed out that the funding agency had the obligation to determine the date of the deduction according to the monthly salary deposit date, to be specified in the payment schedule or agreed later with the client via the One of the documented means of communication, highlighting the importance of rescheduling debts in the event of a change in the client's situation. (Mandatory) without new funding, no additional fees and no cost changes.

Banks must also carry out the planning within a period not exceeding 30 days from the date on which the client received the necessary documents, with the exception of the financing agreements granted by the asset guarantee. . The funding entity must develop its internal procedures in accordance with the nature and size of its business and the best local and international standards and practices. The debt must be rescheduled if there is evidence that the circumstances of the client change (possibly), with the possibility of changing the cost of the term and without any additional costs, provided that the schedule is carried out within a period not exceeding thirty days from the date the client provided the necessary documents. Financing granted by guarantee of the asset.

Saudi banks have explained that banks and banks are also obligated to customers to deduct the monthly payment on the agreed deduction date, and in case of non-deductibility on the agreed date, the financing body is required to add a similar period at the end of the funding period without calculating the time period or amount. In addition, the customer is informed through documented means of communication.