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FAQ - Free Banking
What is Free Banking?
ADCB has launched FREE BANKING - which in simple terms means most fees and charges applicable on personal current and savings accounts have been waived. Effective 1st October 2011, ADCB will not charge customers fees for maintaining a personal banking account i.e. no charges for non-maintenance of minimum balances, or funds transfers or duplicate statements and a lot more.
This is a revolutionary concept, being launched for the first time in the UAE and is new to the market.
Why Free Banking?
We at ADCB have always believed that the first step in helping our customers reach out for their financial ambitions is to listen to their feedback!
Customers prefer paying minimal fees to access their own funds. As one of the UAE's leading banks it is important that we listen to the market and react to its demands. By launching the new Free Banking structure, our retail customers will not only benefit from our superior service and wide range of products, but can also enjoy all of that for free.
What are the charges being waived as part of “Free Banking”?
ADCB is waiving off most charges pertaining to personal current and savings accounts. These include the following
- Aspire Relationship Fees/Minimum Balance Charges/Fall Below charges Funds Transfer/Remittance Charges – Bank Counter
- Funds Transfer/Remittance Charges – ADCB Personal Internet Banking
- Additional Cheque Book Charges
- Duplicate Statement Charges
- Charges for Teller Transactions
- Cash Deposit/Withdrawal in Foreign Currency
- Charges for Bill Payments
- Charges for Standing Instructions (Setup/Amendment/Cancellation)
- Stop Payments on Cheques
- Cheque Photocopies
- Account Balance Letter issuance
- Liability letters issued to Embassies
- Drafts – Issuance
- Debit Cards – Replacements
- Debit Cards – Additional Supplementary Card Issuance
All transactions will be governed by the Fair Usage Policy. Please refer to the Schedule of Fees for list of charges and the Fair Usage Policy.
What is the Fair Usage Policy?
The Fair Usage Policy limits the maximum number of free transactions allowed per month. Additional transactions will be charged a fee in line with Central Bank guidelines. This is being implemented to prevent misuse of the free banking facility.
Please refer to the Schedule of Fees for complete details of the Fair Usage Policy.
Are these waivers applicable across all branches of ADCB?
Yes, Free Banking as a facility is available across all 50+ branches and 280+ ATMs of ADCB.
Are there some charges which will continue to apply?
Yes, there are a few charges like Cheque Bounce Charge, Account Closure Charge etc. which will continue to be levied. These charges are as per Central Bank guidelines on the subject.
Please refer to Schedule of Fees for details.
Will Free Banking be applicable to all Aspire, Privilege and Excellency customers?<p>Yes, Free Banking is applicable to all Aspire, Privilege and Excellency customers.</p>
Will Free Banking be applicable to existing and new customers?
Yes, Free Banking is applicable to all existing and new customers till the 31st January 2013
Are there any Minimum Balance requirements or related charges to avail of Free Banking?
The Free Banking facility is available to all customers who are eligible for our Aspire, Privilege or Excellency Segments. There are no charges for maintaining minimum balances on accounts.
Is a Salary Transfer mandatory to avail of Free Banking?No a Salary Transfer is not mandatory to avail of Free Banking. All customers who qualify for our Aspire, Privilege & Excellency segments are per the segment eligibility criteria can avail of this facility.
When is Free Banking being launched?
Free Banking is being launched with effect from 1st October 2011
Is Free Banking – free forever?
Free Banking and the Fair Usage Policy is applicable till January 31, 2016.
Is Free Banking applicable to other bank products, such as: Credit Cards, Loans or other Investment Products?
Free banking is only applicable to personal current and savings accounts and related transactions. Free Banking is not applicable to Credit Cards, Loans and other Investment products.
What about the previous charges that have been applied to my account(s) already?
All bank account fees and charges that have been applied to your account before October 1st 2011 will be charged and debited.
Is Free banking applicable to Business or Corporate bank accounts?
Free banking is only applicable to personal bank accounts and not to business or corporate bank accounts.
I hold multiple accounts with ADCB. Is Free Banking applicable to all my accounts?
Yes, Free banking is applicable to all your personal bank accounts.
Will Free Banking be applicable to my Islamic Banking account(s)?<p>Yes, Free banking is applicable to your personal Islamic current and savings account(s).</p>
What are the estimated savings for customers due to Free Banking?
The estimated savings per customer will depend on the average number of various transactions being made by the customer. However, given our knowledge of transactional behavior or our customers, we do estimate a significant average saving per customer
Will customers continue to earn TouchPoints post Free Banking?
Yes, customers will continue to earn TouchPoints post Free Banking.