Saudi SAMA: Extend ATM cards validity, suspend freezing of bank accounts

These directives are in tandem with the efforts being exerted by SAMA to counter the fallout of the novel coronavirus (COVID-19) pandemic

  
Image used for illustrative purpose. Businessman using card at an ATM.

Image used for illustrative purpose. Businessman using card at an ATM.

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RIYADH — The Saudi Arabian Monetary Authority (SAMA) has issued directives to banks to extend the validity of expired Automated Teller Machine (ATM) cards or those on the verge of expiry, until 10/10/1441H (June 2, 2020), Saudi Press Agency (SPA) reported Sunday.

SAMA also stressed the importance of taking the client’s approval to extend the validity, taking into consideration finding necessary solutions to facilitate renewal procedures and delivering the card to the client using all available means.

SAMA also approved suspending freezing individuals’ bank accounts due to expiry of the national identity card or status of the account changing to a stagnant account.

The authority also suspended freezing bank accounts for legal personalities and the authority to sign for reasons related to the expiry of the identity card — like the expiry of the commercial register and the impossibility to renew it due to expiry of the holder’s identity card, or the expiry of the identity card of the person authorized to sign, until further notice.

These directives are in tandem with the efforts being exerted by SAMA to counter the fallout of the novel coronavirus (COVID-19) pandemic. They also emanate from SAMA’s keenness to overcome the difficulties facing bank clients during these exceptional circumstances.

 
 

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