Bank customers in the UAE have complained that their banks are deliberately delaying the issuance of debt certificates when they wish to switch to another bank, in violation of the Central Bank's instructions, which require the certificate to be issued within 7 working days from the date of application. They told 'Emirates Today' that these banks separate financial obligations between a loan and credit cards, and do not merge them into a single debt certificate, which creates a conflict in the certificate dates and renders one of them invalid after 15 days without the other being available on the same date. They pointed out that these banks delay the issuance of debt certificates for more than a month without respecting the client's desire to arrange their financial affairs or switch to another bank on better terms. They noted that even if the certificate is issued by the specialized department, it is only handed over in the last two days of its validity period, on the pretext that it needs the signature of the competent manager, which creates significant pressure in the procedures at the new bank, and sometimes the latter requests a new certificate to complete the transfer process. They demanded that banks be required to have a clear mechanism for delivering debt certificates, especially in the case of accompanying credit cards, and not leave the matter to the practices of some employees that explicitly violate the Central Bank's instructions. On her part, banking expert Sheikha Al Ali said: 'Before issuing a debt certificate, banks review the client's account well to confirm all required obligations and calculate interest until the date of certificate issuance.' She added: 'Sometimes a client has more than one obligation, such as a personal loan, a credit card, and a car financing, and some banks merge all these obligations into a single debt certificate, while others separate them, but in all cases, the issuance of the certificate should not be delayed beyond 7 working days from the date of application, in accordance with the Central Bank's instructions.' She added: 'Some clients, after applying for a debt certificate, use the card, and here it should be noted to clients that if they have credit cards and intend to switch to another bank, they must stop using the card from the date of application so that the bank can quickly carry out the accounting operations.' She explained that 'some banks also try to dissuade the client from switching to another bank or have a shortage of specialized employees to conduct a comprehensive review of the client's obligations.' For his part, banker Mohamed Gazi said: 'Most banks comply with a period of (7-10) working days to issue a debt certificate, but sometimes the client continues to use the credit card or take an overdraft after applying for the certificate, and here the bank's accounts differ and confusion arises as a result, and the transfer process to the new bank is delayed.' He confirmed 'the importance of the client stopping the use of his credit card or taking any new facilities, such as an advance salary or taking part of it, as long as he intends to switch to a new bank, to help the employees calculate his obligations quickly and accurately and without delay'.. Settlements take time if the client has cards in addition to the loan, and some continue to use the card or take an 'overdraft'.. Customers demanded a clear mechanism for delivering debt certificates in the case of accompanying credit cards, and not leaving the matter to the practices of some employees that violate the Central Bank's instructions.
