Banks’ minimum balance fee scrapped

The Saudi Arabian Monetary Agency (SAMA) has asked banks not to impose a minimum sum upon opening an account and will prevent banks from charging clients if the balance in an account falls below SR1,000.
The decision is part of new banking tariff instructions issued by SAMA to banks.
Local media reported that the new banking tariff announcement, signed by SAMA Gov. Fahad Al-Mubarak, includes six banking activities: Clients’ accounts, ATM cards, statement of accounts, cash withdrawals from the branch using a coupon, checkbook issuance, or ordering checks that have already been withdrawn, and electronic banking services (Internet, phone banking and ATM).
ATM cards are free at the time of opening the account and at the time of renewal, but a sum of SR30 will be charged if the card is lost or damaged, if the client applies for a replacement or if the client wishes to be issued an extra card. Cards taken by ATM machines will be replaced free of charge.
Withdrawal can be made from branches using a coupon for free. Issuing a 25-page checkbook will be free, while SR10 will be charged for extra checkbooks. The cost of issuing, canceling or ordering a copy of a bank’s check will be SR10, while the cost of ordering a copy of a check with a cashing date of up to five years is SR20.
The circular said that electronic banking services (Internet, phone banking and ATM), are free of charge if transfer is made within the bank. Transfer to a bank outside the Kingdom will cost SR50, while establishing a recipient electronic order costs SR10.