Business owners are calling for a ceiling for bank fees

Traders and business owners demanded a ceiling for bank fees for their commercial transactions and their banking accounts, as they cost them large sums annually, especially for startups or small companies.

They assured «Emirates Today» that there is a steady increase in the fees almost annually, so that one of the banks raised the fees related to the “merchant” agreement twice within six months.

They indicated that the personal transactions fees for individuals were organized years ago, which provides them with comfort in dealing with banks in this matter, so it is better to put a “reasonable” ceiling for fees on the business sector.

They pointed out that the Internet banking services have become less expensive for banks compared to going to the branches, so banks are expected to reduce the fees, but what happens is the opposite, as a large percentage of banks imposes fees on their banking transactions online, such as opening an account, transferring financial or providing services Points of sale, as well as the fees imposed when dealing directly with the branch “counters”.

For his part, the banking expert, Ahmed Youssef, said: “The market has a large number of banks and competes in providing their services, and some banks provide services to business with reduced fees, or are exempted from them permanently, such as financial transfers, for example.”

He added: «The fees constitute an important part of bank revenues and market controls that make the differences simple, and there are banks that attract customers with reduced fees or completely cancel them, but in return there are banks that see that the speed of their services and availability around the clock is worth a specific fee.

“Some banks are suitable for small businesses, and others target large companies, so it is difficult to impose a specific fee on the services provided to companies without taking into account their size.”

For its part, the banking expert, Sheikha Al -Ali, said: “The transactions of individuals differ from companies. The latter has business, revenues and financial flows that allow them to pay the services fees that they get, unlike individuals, most of whom depend on the monthly salary.”

She added: «The local market has more than 50 banks that can be easily moved, if the employer sees that the fees are high and not suitable for the income of his company, but in return we find that most banks designate what is known as the business manager for companies that have a specific work volume, to facilitate the procedures for dealing With the bank, in the event of a request for financing or others, this is also a cost for the bank, in addition to the regular operating cost that requires continuous support for the services provided, to be available around the clock, such as financial transfers, as well as checking checks, opening accounts and services (merchant) and others ».

Al -Ali pointed out that «the fees imposed on banking services for business in the UAE also suit the dynamics of the movement, the speed of growth, and the increase in financial flows and expansion, and this is all in which banks participate, whether by financing or by providing various services, and it is natural that banks benefit from this from the funny fees Or the benefits, if the loans are granted. ”

. Business owners: There is a steady increase in fees almost annually, and one of the banks raised twice within 6 months.