News

Agency cracks down on VIP treatment at Saudi ATMs

January 31, 2013

Saudi banks that have been allowing prominent customers to withdraw ATM funds in excess of the regulated daily limit have come under the watchful eye of the Saudi Arabian Monetary Agency.

Those same banks have come under criticism from disgruntled VIPs who are no longer able to exceed the SR 5,000 ($1,333) ATM withdrawal limit. Previously, these customers were allowed to take out more than SR 20,000 ($5,333) at their banks' ATMs, according to a report at Zawya.

The secretary-general of the Saudi banks' media and banking awareness committee said that the clamp-down was simply a reflection of SAMA's desire to serve the best interest of bank customers, who could become the target of thieves if allowed to withdraw large amounts of cash.

However, Saudis have found a new way around the regulations by opening accounts at several banks and withdrawing the limit at each of those banks' ATMs, Zawya said.

Read more about regulatory issues.