Balance transfer

I am a regular reader of Gulf News for the past seven years and appreciate the newspaper's commitment in solving various issues. Recently, I had an issue with ADCB which is the unfair business practices followed by them. I have a credit card (Master Card) from ADCB. In December 2010, I availed of a balance transfer facility on this card and the requested amount was transferred to my other credit card with RAK Bank on December 22, 2010.

My agreement with ADCB was to pay it in 12 instalments. Also it was confirmed by the bank representative that there wouldn't be any interest or early settlement charges if I want to pay back the money any time. Based on this understanding I paid back an amount to ADCB on January 26, 2011 against my outstanding due at that time. Also, I have been regular in paying the outstanding amount to ADCB as per my monthly statement.

However, a subsequent statement showed that I owe the bank some payment instead of the final settlement. When I checked with ADCB, I was advised to close the account for a final settlement on the understanding that it will not divert any financial obligations to me.

Contrary to my understanding, the ADCB credit card statement for May 2011 showed an outstanding amount as final settlement charge, which is the interest for the 12 instalments. I wrote to ADCB customer service on May 24 requesting a reversal of the undue charges. Their decision was not acceptable to me as it was unilateral. They are still continuing with the late fee charge and the interest on the above outstanding amount.

Your intervention in the matter is appreciated as this type of unfair business practice by such financial institutions is creating unnecessary overheads and burdens on expatriates.

From Mr Siby Joseph
Fujairah

The management of ADCB responds:

At the outset, please be advised that our customers are important to us and to enable problem-solving for them, we have devoted a Service Quality Unit that handles all customers' issues and complaints.

Our customers are free to contact us on the toll free number at 800 2030; or call collect +97126210090 from outside UAE; or they can visit our website (www.adcb.com) from where they will be able to log their complaints, commendation or suggestions.

Please advise Gulf News readers/complainants to contact us through these available channels.

Regarding the subject mentioned above, please be advised that our Quality Unit has investigated the issue and contacted the customer to advise him of the necessary information.

Customer is aware of our feedback and the case is closed now.

Mr Joseph responds:

ADCB contacted me on August 10 to settle the issue. The issue has now been settled by reversing the early settlement interest from the date I made the official request for the closure of my loan. This was acceptable to me. I believe your intervention helped me a lot in solving my issue with ADCB and I appreciate Gulf News' commitment to the society, especially to their readers.