According to banking experts, the stopping of debit cards for companies occurs in accordance with the internal policies of each bank and in certain cases. The specified cards are used not only for cash withdrawals, but also for transfers from the company's owner, as well as for accessing its account through ATMs and selecting necessary services.
"Not all banks take such measures, and there were no official instructions for this account," the experts clarified in a comment for "Emirates Today". Complaints from representatives of companies are submitted concerning banks' refusals to extend debit cards or issue replacements, regardless of the fact that the service was provided as a service for accelerating transactions through ATMs to simply withdraw cash.
"The provision of debit cards for companies is basically a banking service that can be frozen or canceled in accordance with each bank's policy, and nothing obligates banks," explained banking expert Aua Atef al-Harami. She also noted that a debit card for companies is not only for cash withdrawals but also for accessing the bank account of the company and conducting various operations through ATMs, therefore company owners should update their data and protect information about the card.
In the opinion of banking expert Mustafa Ahmed, the stopping of debit cards for companies happens individually, depending on the client’s situation. For example, if a company has an expired trade license or outdated data, or due to a number of returned checks, the first step of the bank will be the stopping of the ATM card.
"Companies' operations in banks are strictly controlled by the management of each bank to ensure financial security and prevent violations or hacking of accounts," added Mustafa Ahmed, calling on account holders to regularly update their data.
Banking expert Sheikh al-Ali noted that services for companies differ from bank to bank and can periodically change depending on the clients' needs. In cases of problems with the company's account, usually, certain services are first limited, then they communicate with the account holder, and if the problem is resolved, services are fully restored, unless there are specific cases requiring complete cessation of service.
