Claims by Bank Clients Arising from ATM and POS Operations
| No: GDBC-141000000214-1414H |
Effective from 1994-01-13 - Jan 12 1994
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Deputy Governor
No.: 19886/BC/214
Date: 1-8-1414 H
Circular to All Banks Operating in The Kingdom
Greetings,
Subject: Claims by Bank Clients Arising from ATM and POS Operations.
Reference the above subject, we wish to remind you that the currently used method for paying surplus cash resulting from the daily ATM inventories, is to pay this surplus to those who did not receive their money, for technical reasons, gradually through the weekly SPAN Settlement Meeting.
SAMA has noticed that some banks are delaying the presentation of the ATM Balancing Sheet at the weekly meeting. This is hurting the bank clients by delaying the crediting of their accounts with the banks. SAMA, therefore, calls on you to pay this surplus in accordance with the procedures adopted at the weekly meeting without waiting for a request from the client. In the event a bank rejects a claim by a client of another bank, the former bank must submit a copy of the machine tape, plus a copy of the approved daily inventory minutes in order to convince the client of the validity of the operation.
Please be informed and act accordingly.
Regards,
Deputy Governor
J. A. Al-Suhaimi