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Troubled with a bank dispute ? Know how to get it resolved in UAE

Troubled with a bank dispute ? Know how to get it resolved in UAE

Banks are an indispensable part of our economic infrastructure and almost every person holds a bank account. With the increasing trend of a cashless economy, the significance of banks has increased multifold and a wide range of transactions are performed on a daily basis. However, one of the common phenomena with all the customers is that they often find themselves in a dispute with the bank, such as financial frauds, disputed money transfers, card loss, unauthorized activities including unauthorized charges, etc. It can be very troublesome for a user which can severely disturb his personal as well as professional life.
In this article, we will explore the ways by which you can register a complaint relating to a bank dispute in UAE

1. Raise the issue before your bank
At the outset, you should explain your grievance in detail before the manager of the bank wherein the dispute has emerged. It is a preliminary step to make an official complaint with your bank. This will help you to get a record of your complaint until it is disposed of.

While registering a complaint, you should follow all the proper steps and carefully record the reference number. It is advisable to refrain from making a complaint through a mobile phone. Further, you should approach the right department for lodging your complaint. For example, if you have some loan related issue, you should contact the credit department.

2. Raise a complaint before UAE Central Bank
When your bank fails to resolve your grievance internally, the next step is to approach the UAE Central Bank. It is the apex bank of the country, which promotes financial and monetary stability in the economic system. It is the chief regulator of all the financial institutions operating within the territory of the country.  From time to time, it comes out with new policies and initiatives to boost economic growth.

The Central Bank has a well dedicated consumer protection department to deal with the complaints relating to financial misconduct and protect the interest of consumers. It also conducts conference, workshops to inform the customers regarding financial frauds. It is important to note that the Central Bank is responsible for resolving customer disputes against a given financial institution.

3. File a Police Complaint
If you are subject to a financial fraud or other offense of a similar nature, you can institute a police complaint in addition with the aforesaid steps. Presently, almost all the police stations have a specialised department to handle e-crimes. For making a complaint, you can visit the station physically or you can register it through the online complaint division. While making a complaint, it is important to attach all the essential information pertaining to your case.

The first step of the police would be to locate the person who has committed the offense and freeze his/her account. If the account is timely freezed, the possibility of getting back your stolen money becomes very high.

In short
Today, due to the advent of various technologies, large financial crimes are being performed. So, you are advisable to be proactive and institute a complaint with the police station immediately. Also, you can contact the internal committee of your bank, and in case their reply is not satisfactory, you can approach the UAE Central Bank.

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