Central Bank of Jordan Circular on Basic Account Customer Feedback and Fee Compliance

In the Name of Allah, the Most Gracious, the Most Merciful

[Logo of the Central Bank of Jordan]

Number: 27 / 3 / 20323 Date: 26 / 5 / 1444 AH Corresponding to: 20 / 12 / 2022 AD

Circular to all banks operating in the Kingdom

Greetings,

In the context of the Central Bank of Jordan's follow-up on issues related to individual customers and providing them with the necessary protection, the Central Bank conducted a study to measure the satisfaction level of basic account holders through an electronic questionnaire. This questionnaire was sent directly to customers using artificial intelligence technology.

The results, based on customer responses, revealed several observations regarding the challenges faced by basic bank account holders. These findings contradict the provisions of Basic Account Instruction No. (2019/1). The attachment below outlines the most important observations mentioned by customers.

Based on the foregoing, please proceed with the following:

• Study the observations that emerged from the questionnaire.
• Do not impose any fees or commissions on basic bank accounts beyond those stipulated in the relevant instructions.

Please accept our highest regards,

The Governor Dr. Adel Al-Sharkas [Signature]

Attachment Form (1/1/17) P.O. Box 37 Amman 11118 Jordan • Phone: 4630301 • Fax: 4638889 • Website: www.cbj.gov.jo • Email: info@cbj.gov.jo

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Attachment: Key Observations from Basic Bank Account Customers in Dealing with Licensed Banks

Survey Results:

• Inability to reopen the basic bank account after it has been frozen, despite the existence of services linked to the frozen account.
• Failure to receive notifications from customers upon withdrawal or deposit, and failure to notify the customer when the account is closed.
• Lack of electronic banking services and electronic payment services for some basic bank account holders, and failure to utilize the bank's electronic application.
• Deduction of a low balance fee of 1.5 Jordanian Dinars, and an ATM card fee of 0.5 Jordanian Dinars, noting that the account does not require a minimum balance and is exempt from the monthly ATM service fee for the card.
• Deduction of a fee of (1) Jordanian Dinar for cash withdrawals from the branch, noting that the fee is 500 Fils for each transaction after exceeding the maximum limit of transactions (two free withdrawals per month).
• Customer service staff's lack of full knowledge of the basic bank account instructions.
• Existence of some technical issues with some ATMs.
• Delay in receiving remittances.