Dealers demand controls to protect them from “misleading” employees of the marketing companies that are not affiliated with banks

Disclosors of the regulatory banks demanded controls for the work of bank marketing companies that are not affiliated with banks that provide services for selling different banking products, and their employees use private phones and speak as dependent on banks, and they carry identification cards that indicate this, while they are marketing companies only, contracting with various banks for the purpose of selling loans, cards and other financing products, in exchange for a specific commission, according to the contract, then these marketing companies take over these companies Responsibility for employees regarding the distribution of commission shares, payment of salaries, or residency and others.

According to customers and information collected by «Emirates Today», these companies do not follow banks and have been replaced by the outskirts or “Out Source” which were following the banks themselves, but they belong to individuals, some of them are bank managers in which integration operations have been made during the past years.

The idea began with two companies and then others picked up until its number reached more than 7 companies, and it employed a large number of marketing employees in exchange for a salary and a percentage of commission, much less than the ones that banks pay for their original employees on the same site.

According to the dealers who spoke to «Emirates Today», many of the information provided by the employees of these companies is inaccurate and misleading, even the papers they attend to sign other than those that are confirmed by the bank itself after approval of the financing.

For his part, the banker Mustafa Ahmed said, “Several banks in the country use these companies, and indeed the different products are marketed by their employees as being affiliated with banks and do not inform the customer of the fact that they follow, so after the end of the transaction, several problems appear with customers, especially related to the value of the installment and the period of delaying the payment, as the customer often informs that he will not be paid before 6 months have passed. The banks are only for citizens, while the expatriates must be paid the first installment after 90 days of entering the transaction on (System) the bank.

He added: «There are also practices related to the introduction of the same data, which require controls and control because this ultimately leads to granting the customer to finance more than 20 times the salary, and therefore his discount is greater than 50% when the payment starts, and therefore banks are forced to make a restructuring that harms the customer.

For his part, the banker Tamer Abu Bakr said, “The customer must make sure of the bank himself from the details of the information that it reaches, as well as the terms of the agreement, and to visit the branch or contact the customer service center,” noting that “the problems occur as a result of informing the customer of inaccurate information such as the interest rate or the claim that the bank provides an offer that exempts from administrative fees or postponed payment or installment for seven months, and all of this discovers the customer Later he is not true. ”

He noted that the employees who market from outside the bank are not employees affiliated with the bank, but rather they follow private companies that provide marketing services to more than one bank at the same time, as are brokerage companies in the various sectors, but with an important difference is to hide the real employer and the nature of the job that these people perform, which causes future problems for customers.

• The idea started with two companies and expanded to reach 7 companies currently.