Regulatory Alerts2013-05-20
Added · Updated
Amended Instructions on Fair and Transparent Customer Treatment No. (57) of 2013
The Central Bank of Jordan amends Article 16 of the original instructions by removing the phrase 'foreign currencies' and adding third-party commissions and indirect facility commissions to the fee structure. It establishes a new procedure for banks to submit fee modification proposals through the Banks Association by the end of January 2014. The amendment sets maximum cash transaction commissions at 0.5% for all branches and 2% for border centers, with a note that small amounts may incur a one-dinar fee. It also replaces the term 'account frozen' with 'all customer accounts at the bank are frozen' and allows banks to activate accounts based on written objections or specific agency documentation if customers or agents refuse to provide balance verification.
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