1- Can the bank refuse to provide the client with statements of his/ her accounts with it?
Article (44 / B) of the Banking Law and Article (24) of the Instructions for Dealing with Customers Fairly and Transparently No. (56/2012) dated October 31, 2012 obliges banks to provide their clients with any notifications, data or statements related to their accounts with banks.
2- Can the bank refuse to reschedule / restructure credit facilities (loans) and defer loan installments?
This decision belongs to banks, noting that the CBJ has taken a bundle of measures aimed at containing the repercussions of the COVID-19 pandemic and mitigating its impact on citizens, including allowing banks to defer loans payments for retail clients (including credit cards, housing loans, and personal loans payments) without charging any commissions and/ or delay interests. In addition, to allowing banks to restructure the indebtedness of clients, who meet the restructuring concept, without a down payment or delay interests.
To view these measures, click on the following link: (file size 1391.13 KB, file type pdf)
3- Is payment for government services (government revenue collection) through the Electronic Bill Presentment And Payment System (eFAWATEERcom) mandatory?
The Cabinet’s announcement No. (16) for the year 2016 indicated that all ministries, government and official departments, and public institutions are obligated to participate in the system.
Note that you can view the announcement through the following link: http://pm.gov.jo/announcmentsResultTxt?id=2391
4- Can the bank refuse to grant credit facilities because of the client's credit score at the credit rating company?
The decision to grant credit depends on the bank’s credit policy. However, the customer’s credit history at the credit information company (Credit Bureau) helps banks assess credit risks, make a sound credit decision, and avoid over-indebtedness. Note that (CRIF-Jordan) is the only credit information company licensed by the CBJ and is subject to its oversight and supervision.
To know more about CRIF-Jordan Company, check out the link below: https://www.crif.jo/Default/En
5- What is the interest rate on deposits and facilities with banks operating in the Kingdom?
Interest rates on both deposits and facilities are determined by the banks according to supply and demand factors and competitiveness in the local market.
6- Why might my monthly installment amount or the repayment period change for the loan I got?
The relationship between the bank and its customers is contractual. There are two types of interest, either fixed or (floating) variable, which is specified in the contract. If you get a loan with a variable interest rate, you must know the frequency of the interest rate change, upwards or downwards, and its impact on the monthly installment or the loan repayment period, so ask the bank to explain the adjustment frequency of the interest rate. If you prefer a long loan repayment period, please note that increasing the repayment period will result in a rise in the value of the interest paid for the loan even if the monthly installment decreases.
7- How legal are some of the commissions that banks charge for their banking services?
Instructions for Dealing with Customers Fairly and Transparently No. (56/2012) dated October 31, 2012 set out the maximum limits for commissions and fees on accounts and banking services for retail customers.
If you wish to view the above instructions, click on the following link:
https://www.cbj.gov.jo/EchoBusV3.0/SystemAssets/e56e1e8f-526f-49d9-af0b-6dfb08b4d3de.pdf
8- Can I file a complaint with the CBJ?
Yes, you may file a complaint with the CBJ. However, the customer must first lodge his/ her complaint to the financial or banking service provider. In case he/ she does not receive a response within the period stipulated by the instructions in force in this regard (up to 30 days), or if the customer is not convinced of the response, he/ she can submit his complaint to the CBJ attached with the its reference number provided by the service provider and the response through the CBJ’s website (www.cbj.gov.jo), or the Financial Consumer Protection Department’s e-mail (fcp@cbj.gov.jo).
9- Can the bank change the interest rate for the loan granted to me without notifying me of that change and its impact on the monthly installment?
Banks notify their customers of any change in the interest rate and its impact on the installment through the means agreed upon with the customer, through either a text message, e-mail, or paper notice. Thus, dear customer, make sure to continuously update your data with the bank.
10- What are the most important aspects that must be focused on before signing the credit contract with the bank?
Key aspects to focus on are:
The interest rate and its pricing mechanism (a fixed margin + actual overnight interbank interest rate ), and the adjustment frequency
The due date of the monthly installment
Fines that will be incurred in the event of a delay in the payment of one of the installments
The impact on the customer if he/ she breaches any of the terms of the contract
Client’s address, and communication methods, especially the one approved for notifying him/ her of any developments regarding the loan.
11- What are the finance companies subject to the supervision of the CBJ?
They are the financial companies that practice the microfinance activity, and are licensed in accordance with the provisions of the Microfinance Companies Bylaw No. (5) of 2015.
For more information and methods of communicating with these companies, please visit the link below:
https://www.cbj.gov.jo/Pages/viewpage.aspx?pageID=387
12- How can I compare between the interest rates, fees and commissions charged by the microfinance companies?
Through the website of each microfinance company, or through the CBJ’s website by visiting the link below:
https://www.cbj.gov.jo/Pages/viewpage.aspx?pageID=383
13- What are the mobile payment services companies that provide the service of opening and managing e-wallets?
All companies licensed and permitted to open e-wallets are available in the links below:
https://uai.jopacc.com/JoPACC-GW/GW
http://www.cbj.gov.jo/EchoBusv3.0/SystemAssets/PDFs
14- What is an e-wallet?
It is an electronic financial account used through a mobile application for transferring and receiving money, paying bills, saving, online shopping, and other financial uses.
15- What should I do in case of facing any problems related to opening and/ or managing and/ or activating and/ or terminating the e-wallet?
All issues related to opening and/ or managing and/ or activating and/ or terminating the e-wallet fall under the responsibility of the Service provider.
16- How can I inquire about the registered electronic wallets?
To inquire about e-wallets, please visit the following link:
https://uai.jopacc.com/JoPACC-GW/Search
or call the Jordan Payments & Clearing Company (JoPACC).
17- How many e-wallets can I have?
Each citizen may have two e-wallets at most with his/ her national ID number, provided that each wallet is linked to a different mobile number.
18- What is the procedure to follow in case of losing the phone that I use to pay through the e-wallet?
Please directly contact the customer service center of the service provider.
19- Is trading and dealing with cryptocurrencies allowed?
Banks, exchange companies, microfinance companies, electronic payment and transfer of funds services companies are banned from all forms of dealing with all types of cryptocurrencies, either directly or indirectly, including buying, selling, or exchanging them, or dealing with future contracts, investing in investment funds, or index funds related to these currencies whether it is for the benefit of banks, companies, or clients.
20- Can the service provider request the approved medical report, which indicates the type of disability, from the client with disability each time the client deals with it?
No, the service provider shall request the approved medical report only once in the beginning of the financial and banking relationship with the disabled client.
21- Should the bank provide talking ATMs for customers with disabilities?
This must be provided only in the branches prepared to serve customers with disabilities. However, if this is not possible; the bank may allow using other banks' ATMs equipped to serve customers with disabilities while exempting them from the withdrawal from other banks commission.
22- Can any person open a basic bank account?
No, this account is available only for financially excluded individuals, who do not own any kind of bank account because they do not meet the terms of opening the account stipulated in the Instructions of the Basic Bank Account No. (1/2019) dated February 4, 2019.
To know more about this account and its specifications, please follow the link below:
https://www.cbj.gov.jo/EchoBusV3.0/SystemAssets/62366192-14f9-4ab5-9e58-0546bf93768c.pdf
23- If I want to stop dealing with the bank, is withdrawing the funds available in my bank account or credit card (zeroing out the account) considered a termination of my banking relationship with the bank?
The withdrawal of funds available in your account doesn’t terminate your relationship with the bank, rather, you may be charged with costs and commissions. Here, we emphasize on the necessity to obtain a duly signed and sealed clearance certificate if you wish to close the bank account or credit card account.
24- How can I get my credit report?
To get your credit report, you may visit CRIF- Jordan company at the following address: Abdali Boulevard, Rafiq Al Hariri Avenue, building no. 3, second floor.
You can obtain your credit report free of charge once per year.
25- Will deferring the monthly installment incur any costs?
Yes, deferring the monthly installment entails additional costs, leading to an increase in the value of the remaining installments for the loan or extending the repayment period, so think carefully before making the decision to postpone the monthly installment, and avoid payment deferrals if you are able to pay.
26- How can I protect myself from electronic fraud?
Maintain the confidentiality of your personal, banking and financial information, do not disclose your accounts or cards numbers, or passwords related to your banking and financial transactions, especially through e-mail and social media. Beware of any announcements that you receive regarding winning prizes from suspicious parties that ask you to pay amounts of money to obtain a large cash prize! Avoid shopping from suspicious websites!
27- What is a returned cheques list?
It is a list with the CBJ, in which the names of clients whose checks have not been cashed due to the lack of funds or to an insufficient balance. Banks operating in the Kingdom provide the CBJ with these names.
To know more about the Instructions for the Returned Checks’ Unit, you can visit the following link:
https://www.cbj.gov.jo/EchoBusV3.0/SystemAssets/e6e05a5b-3d44-4c56-967e-27c678a8c2a9.pdf
28- What is the impact of accepting to guarantee someone who borrows from the bank?
The guarantee means that you pledge to the bank to pay the obligations owed by the borrower in case he/ she fails to pay, that is, in the event that the borrower discontinue paying his/ her installments, the value of these installments will be deducted from you as a guarantor. So think carefully before granting a guarantee, and check the borrower's ability to commit to repayment before signing the contract as a guarantor.