Bank fees and charges in the UAE: what to check on your own account

What the Central Bank regulates, and what it doesn't

The Central Bank of the UAE does not publish a general price list for everyday banking. For most things, falling below a minimum balance, or most transfer fees, each bank sets its own charge.

There's one specific exception. The Consumer Protection Standards include a Maximum Fees Annexure, "Maximum Limits for Fees and Commissions Charged on Retail Customer Service," which fixes an upper limit on a short, named list of charges. A bank must not exceed those caps, and needs Central Bank approval to raise a capped fee at all (Consumer Protection Standards, Art. 5.1.1.19, 5.1.1.20 and 5.1.1.22).

Beyond that named list, what the Central Bank sets, through its Consumer Protection Regulation (Circular No. 8/2020) and the accompanying Consumer Protection Standards, is how banks must tell you about fees: when, in what form, and with how much warning before a change.

General consumer information only, not legal advice. Rules and regulations can change, so check the latest official guidance for your circumstances.

What your bank is required to disclose

Under the Consumer Protection Standards, a licensed bank must:

• Disclose all fees that apply to a product, including how each one is calculated, and explain any third-party fees you might also face, with an estimate if the exact amount isn't known in advance (Art. 2.1.1.37).
• Tell you whether a fee is one-time or recurring, and if recurring, how often it applies (Art. 2.1.1.37-2.1.1.38).
• Keep a schedule of fees, including third-party fees, clearly on display in every branch and on its website (Art. 2.1.1.18).
• Give you a copy of the fees that apply to your specific product when you sign the contract, or whenever you ask for one (Art. 2.1.1.37, 5.1.1.21).
• Warn you, before you open an account, about the consequences of not maintaining a minimum balance, including any fee that follows (Art. 2.1.2.3).

The Key Facts Statement

Before you're given a product, including a bank account, your bank must provide a Key Facts Statement (Art. 2.1.1.19). This is meant to be the first document you see in the sales process, concise enough to fit on roughly two pages, written in plain language, and covering the interest or profit rate, fees, and key terms and conditions that apply (Art. 2.1.1.20, 2.1.1.22). You're expected to sign to acknowledge receipt before you sign anything else (Art. 2.1.1.20).

If you weren't given one, or can't find your copy, you can ask your bank directly. Under the Standards, you're entitled to a copy of the terms and conditions on request, answered in writing, and documents must be provided free of charge regardless of the format (Art. 2.1.1.25, 2.1.1.27-2.1.1.28).

Notice before a fee or term changes

Banks cannot change the terms and conditions of a contract, including how fees or rates are calculated, without telling you first (Art. 2.1.1.46). Under the Standards, you're entitled to a minimum of 60 calendar days' written notice before such a change takes effect, along with a plain-language summary of what's changing and a copy of the revised terms and conditions (Art. 2.1.1.47-2.1.1.48). The same 60-day minimum applies when a bank changes the methodology it uses to calculate rates or fees (Art. 2.1.1.49).

The Standards themselves name one exception to that 60-day figure: a shorter notice period applies specifically to rate increases on variable-rate credit products (Art. 2.1.3.21), which Clause 2.1.1.47 points to directly as the carve-out from its own 60-day rule. For most fee and term changes on everyday accounts, 60 days is the relevant figure.

How to check your own account

• Read your statement fee by fee. Deposit and credit account statements are required, at minimum monthly, to itemise each fee by amount and type, not just show a lump total (Art. 2.1.2.9, 2.1.3.19).
• Compare against the published fee schedule. Ask your bank for its current schedule of fees, or check its website, and match it against what's actually been charged (Art. 2.1.1.18).
• Look for your Key Facts Statement. If you can't locate the copy you were given when you opened the account, your bank must provide another on request, free of charge (Art. 2.1.1.19, 2.1.1.25).
• Check the date of any change. If a fee or term changed, you should have received written notice at least 60 days beforehand, with a summary of what changed (Art. 2.1.1.47-2.1.1.48).
• Use the bank's complaint channel if something doesn't match. Account statements are required to include information on how to raise a complaint with the bank, including contact details (Art. 2.1.2.9(m), 2.1.3.19(o)).

If something doesn't add up

Start with your bank's own complaint channel, since this is the route the Standards require banks to provide and publish. Your bank must acknowledge a written complaint within 2 complete business days (Art. 8.1.2.5) and send you a final written response within 30 complete business days of receiving it (Art. 8.1.3.7).

If you're not satisfied with that response, or don't get one in time, you can take the complaint to Sanadak, the Central Bank-established ombudsman unit for financial and insurance complaints in the UAE. Sanadak only takes a complaint after you've already raised it with your bank and given the bank a set period to respond first; neither the Consumer Protection Standards nor the CBUAE Rulebook state a Central Bank-set figure for that pre-escalation wait, and Sanadak's own pages do not currently agree with each other on the exact number of days involved. Rather than quote a figure here that Sanadak's own site doesn't consistently confirm, check sanadak.gov.ae directly, or call Sanadak, for the current pre-escalation wait before filing.

If you're setting up a business account rather than a personal one, the disclosure principles above apply in the same way, though the account itself works differently. See our guide to opening a business bank account in the UAE for what's involved.

General consumer information only, not legal advice. Rules and regulations can change, so check the latest official guidance for your circumstances.