Rule 1: Fees, commissions and administrative service charges to be received by the bank or finance company from the consumer must not exceed the amount equivalent to (1%) of the financing amount or SAR 5,000, whichever is less. These fees, commissions and administrative service charges may not be deducted before signing the contract, with the exception of real estate valuation fees, which may be deducted after the consumer obtains the initial approval for real estate financing.
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Rule 2: Without prejudice to Rule (1) of this section, the bank or finance company must , when granting real estate financing, take an acknowledgement from the consumer (before starting the contracting procedures) that states the bank’s right not to refund the real estate valuation fees if that the procedures are not completed for a reason related to the consumer. However, real estate valuation fee must be refunded in the following cases:
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| | - | Failure to grant the financing for a reason not related to the consumer.
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| | - | If the consumer cancelled the request before the real estate valuation.
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Rule 3: The bank and the finance company must issue and provide the consumer with a letter of clearance through one of the documented channels immediately after the payment of the debt dues or the agreed settlement amount without a request from the consumer, except for cases in which judicial decisions are issued.
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Rule 4: The bank or finance company must inform the consumer through documented channels of the consequences on their credit record with credit information companies when a settlement is reached with the bank or finance company to drop the remaining unpaid amounts of the total loan.
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Rule 5: The bank or the finance company must provide the consumer, upon their request, with a detailed amortization schedule free of charge within one business day that includes all fees, term cost and other costs, including any additional costs, for one time in the event of defaulting or for early payment.
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Rule 6: Banks, payment companies, and credit and charge card issuers must ensure that the merchant customers do not pass and/or impose any additional charges on credit, charge, or debit card holders when paying at points of sale and e-commerce websites or making transactions carried out through payment service providers. Banks, payment companies, and credit and charge card issuers are also responsible for monitoring merchants’ deposits to ensure that they are proportionate to the nature of business. In addition, they are responsible for providing training to store staff on the use of POSs, while providing them with the required operational guidelines.
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Rule 7: Banks, payment companies, and credit and charge card issuers must include in the agreement concluded with their merchant customers that the merchant must not charge additional fees on the cost of products or services if consumers use credit, debit and prepaid cards or payment service providers to pay at points of sale and e-commerce websites.
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Rule 8: Banks, payment companies and credit and charge card issuers must notify consumers immediately of debit or credit or debit transactions in their accounts through SMS messages in accordance with the relevant instructions.
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Rule 9: Banks and payment companies must set the maximum limit for the following: Transfers, daily withdrawals, POS transactions, online purchases and Sadad transactions. Moreover, banks and payment companies must notify customers of such limit when they receive the service and they must review the limit annually as a minimum.
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Rule 10: Banks and credit and charge card issuers must provide a 24/7 toll-free number that allows consumers to call from inside Saudi Arabia via landline and mobile phones, in addition to a number for calling from outside Saudi Arabia, provided that it offers the following services, as a minimum:
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| | a. | Reporting lost or stolen debit or credit cards.
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| | b. | Reporting fraud, suspicious unauthorized transactions or unauthorized access to their data or accounts.
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| | c. | Objecting to credit card transactions.
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Rule 11: Banks must provide a new debit card to the consumer free of charge upon their request through a trusted channel or at the request of a legally authorized person. The debit card must be reissued at least (30) days before the expiry date, unless the consumer requests otherwise. In addition, banks must ensure that the card has been issued and delivered to the consumer or the legally authorized person with a mechanism in place to verify the identity of the consumer.
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Rule 12: Banks must verify that all ATMs, POS and other online services meet the needs of consumers and facilitate the completion of transactions according to the latest methods. The banks must comply with the following:
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| | a. | Performing periodic maintenance of all ATMs and check their readiness and status at all times.
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| | b. | Using modern and advanced technologies to remotely monitor the performance of ATMs.
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| | c. | Circulating fit banknotes and replacing and withdrawing damaged banknotes from circulation at all times.
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Rule 13: Banks must properly process claims related to incorrect and incomplete transactions made through mada cards in all services (ATMs, POS, e-commerce transactions) within two working days from the date of the transaction.
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Rule 14: Credit and charge card issuers must comply with the following:
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| | a. | Issuing a credit or charge card based on a request submitted by the consumer through the documented channels.
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| | b. | Informing consumers of the cash withdrawal limit and fees on withdrawals from technical machines and systems such as ATMs for credit and charge cards.
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| | c. | Not to charge the annual fees for credit or charge cards until they are activated by the consumer. The card issuer may cancel the card if it is not activated within 90 days from the date of issuance.
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