Fees for Wage Protection Program Transfers Between Accounts Within the Bank
| No: 361000045859 | Date(g): 13/1/2015 | Date(h): 23/3/1436 |
Translated Document
In reference to SAMA Circular No. 351000012318 dated 28/1/1435 H, Circular No. 351000061537 dated 12/5/1435 H and also the circular number 351000063555 dated 17/05/1435 H which emphasizes the importance of cooperation and supporting the national program "Wage Protection Program". In view of the complaints received by SAMA regarding the fees imposed on money transfers to internal accounts (current or prepaid) through this program.
Therefore, SAMA emphasizes compliance with the following instructions:
| First: | The transfer from one account to another within the same bank is free of charge for all types of bank accounts. |
| Second: | Compliance with the service fees mentioned in the SARIE Pricing Policy document issued by SAMA concerning interbank financial transfers. |
| Third: | There should be a "Service Provision Agreement" for this program, and the bank shall clarify all its terms and the fees it will charge for it, ensuring acceptance from the other party before signing the agreement. |
| Fourth: | Comply with the prepaid card fees stated in the SPAN Pricing Policy document issued by SAMA and do not impose any additional fees. |