Book traversal links for Article (1) Definitions
Article (1) Definitions
C 29/2011 Effective from 29/3/2011a) Bank Transfer: Transferring funds electronically from one account to another, whether inside the UAE or to an account abroad.
b) Bank's Cheque: A manager's cheque, or a cheque where the bank is the drawer and the beneficiary is an individual, an establishment, a commercial company or a government institution, inside or outside the UAE.
c) Bank Guarantees: Guarantees issued by banks on behalf of their customers (including retail customers), which are usually payable upon first demand by the beneficiary.
d) Debit Cards: Cards similar to credit cards, except that purchases and withdrawals charged to it are immediately deductible from the account.
e) Prepaid Cards: Cards filled with value, where purchases and withdrawals are deducted from the stored value until depleted (or fully exhausted).
f) Top-Up Loan: An additional loan obtained by the borrower from the lending bank or finance company, prior to full repayment of the outstanding loan.
g) Commissions: Rates charged against particular banking services rendered by banks.
h) Fees: Rates charged against particular banking services, commitments or obligations.
i) Deductions: deductions or debits to bank accounts against banking services.
j) Deductible Charges: Charges to accounts against banking services.