Unforeseen profit charge
I am a cardholder of Emirates Islamic Bank (EIB) since 2007 and have maintained an impeccable credit history with the bank. EIB, on its website as well as through its selected partners, advertised that purchases made at certain outlets can be converted to a zero per cent Easy Payment Plan.
I made a purchase at Home Centre for Dh4,925 and converted it to a three-month easy payment plan via EIB’s online banking service. However, I was shocked to see my statement showing that there is a charge of Dh61.56 as profit for the easy payment plan. When I called EIB’s call centre, they told me that my easy payment plan was set at 1.25 per cent monthly profit rate. When I argued that it is contrary to what the bank is advertising on its website and at its selected partners, the representative said she was unaware of such a promotion. I gave her the reference to the bank’s website and flyers at Home Centre. She kept me on hold and then after discussing the case with her supervisor, reverted that purchases converted via internet banking do not qualify for the zero per cent payment plan, only purchases converted via phone calls were applicable.
I was further shocked at her response. In the age of the electronic revolution, where all companies are thriving because of automation and ease of access, the bank still persists on an old medium of communication.
However, I requested her to cancel my easy payment plan as I was not aware of the bank’s policy. She again referred to her supervisor and informed me that it could not be cancelled and I would have to pay a three-month profit charge of Dh185 approximately, in order to cancel the easy payment plan.
I felt cheated. The bank is neither accepting what it has advertised nor willing to cancel my payment plan, owing to the fact that there was no clarity in their communication. I would like to seek the help of Gulf News to take up the matter with the bank’s management, in order to either accept my payment plan as advertised by the bank, or cancel it without charging profit.
From Mr Salim Lalani
Dubai
The management of Emirates Islamic Bank responds:
On further review, we noted that Mr Lalani opted to convert his transaction to the Easy Payment Plan (EPP) via Online Banking where a profit rate is applicable. EPP with zero per cent profit is applicable only if the customer raises a request via the call centre. This information is clearly highlighted on the bank’s Online Banking page before the customer proceeds with the transaction. However, Mr Lalani confirmed that he overlooked this issue and was therefore not aware that he would be charged profit.
As a goodwill gesture, we have offered Mr Lalani the option of re-booking the EPP with zero per cent profit rate and he has accepted our offer. We would like to take this opportunity to reiterate that Emirates Islamic Bank is committed to providing the best in customer service to our loyal clientele.
Mr Lalani responds:
I would like to thank Gulf News for taking up the matter with the bank’s management. I confirm that the bank has agreed to convert my transaction at zero per cent EPP for three months. I thank the EIB staff who took a personal interest in resolving the matter and demonstrated the best of professional services.
(Process initiation: June 3. Response from organisation: June 9. Reader confirmation: June 10.)
Editor’s note: Do you have similar issues that you would like to raise with us? You can write to us at readers@gulfnews.com.
