Regulatory Alerts2023-01-23
Added · Updated
Circular on Accepting Social Security Transfers to Basic Bank Accounts
The Central Bank of Jordan instructs all banks operating in the Kingdom to accept Social Security Corporation transfers into Basic Bank Accounts, even if these transfers exceed the standard 700 JOD limit. This directive addresses complaints regarding the rejection of such funds and prohibits banks from refusing any amount of these specific transfers. The circular notes that Basic Bank Accounts may be converted to standard accounts after six months or upon fulfilling required commissions.
In the Name of Allah, the Most Gracious, the Most Merciful
[Logo of the Central Bank of Jordan]
Number: 10/3/27 / 1552 Date: 25 / 6 / 1444 AH Corresponding to: 18 / 1 / 2023 AD
Circular to all banks operating in the Kingdom
Greetings,
With reference to the Basic Bank Account Instructions No. (2019/1) dated 2019/2/4, and in light of complaints received by the Central Bank regarding the inability of some Basic Bank Account holders to receive transfers from the Social Security Corporation, which take the form of compensation or Social Security savings and the like, we emphasize the acceptance of transfers that may lead to exceeding the limit specified in the instructions, which is (700 JOD), and the rejection of no transfers of any amount. At that time, after reviewing the customer's account status, the Basic Bank Account may be converted to a standard account after six months and/or upon fulfilling the required commissions.
Please accept our highest regards,
The Governor Dr. Adel Al-Sharkas [Signature]