Money can be a very emotional subject. This is why it is no wonder a lot of business owners and individuals alike get upset whenever they think they have been wronged by a banking institution. Whether your bank dispute in UAE involves an incorrectly applied fee, an unauthorized charge, fraudulent activities or any other kind of issue, you will need to immediately take action in order to get the problem resolved.
Resolving a banking and financial dispute in UAE can be worth your time and effort, most especially when there's a significant amount of sum at stake. Here is how you should handle the situation at hand:
If you find a mistake or error with your account, it is important that you act quickly. Staying on top of your issue even when you haven't received a resolution from the person that you have already contacted. Putting it off also won't be any help to your case. You'll have a better chance to resolve your banking and financial dispute in UAE if you are persistent and act quickly.
If you have not started doing anything about the issue yet, determine the contact methods for the customer service department of your bank. If the issue is related to an investment or mortgage payment, you would not want to begin to speak to someone that was assigned in handling checking accounts. For corporate bank accounts, check the website of your bank and get the number of the right department.
Contact your bank in order to report the issue. UAE Central Bank has established Consumer Protection Department for the sole purpose of assisting customers resolve their disputes with the financial institutions in UAE. But, you should call the financial institution you are having a problem with first. As you are doing this by phone, follow up by sending them a written letter. Make sure you keep your own copy in storage. Always report a fraudulent charge to your bank. When you call, your bank should tell you if a transaction was from an electronic transaction or a debit card. If they discovered it to be a point of sale or debit card transaction, you will be advised in cancelling your card and having it replaced.
For an electronic transaction, there may be a need to close your business bank account in order to avoid further access to funds. Your bank will have at least thirty business days in responding to your report to investigate the issue. In the meantime, check with the bank and see if your account is on temporary freeze. This is to ensure that no further charge will accrue as your resolve the problem.
Note: in your written complaint, make sure that you attach copies of receipts, statements, and all related paperwork required in supporting your claim. It will help your bank assess the situation. Doing so will also help your application get processed more quickly and efficiently. It's also necessary that you produce the documents that verify you took up your issue with the concerned department first.
You must read: How to Resolve Banking & Financial Disputes in UAE
Depending on the severity of your situation and number of charges, you may want to file a police or fraud report with the Dubai Police or local police department in UAE. Make sure that you keep copies of the report in case you'll need it again.
When you go and visit your bank's local branch, remain calm. Don't start a conversation with the bank representatives from the point of anger. Be cool-headed and stay in control. While they may be sensing your frustration, swearing, yelling, and making unreasonable statements will not be helping your case. This is regardless of how justified you feel.
You may also put yourself into trouble with the local authorities if you do such. It is, therefore, important that you don't let the problem get the best of you. Also, don't allow it to be personal. If you are not being treated appropriate by any representative, make sure you ask politely to speak to another. Be clear that you won't give up until the desired results have been achieved.
If your banking and financial dispute in UAE is complex and you were given by the bank multiple steps or contacts to resolve the matter, seek professional help. A court expert in Dubai, UAE will help you determine the actions that you need to take to settle the matter at hand.
Talk to our court experts in Dubai, UAE today by calling us here in Farahat & Co!
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