Banks operating in the UAE have begun announcing updates to the terms and conditions of transactions and to fee schedules, effective from the beginning of 2027, and have asked customers to review bank notices and amended contract versions, especially clauses on digital services, data use and transaction fees. According to messages sent to customers, the changes are not uniform across the sector and do not necessarily mean a comprehensive increase in fees: some are limited to updating contractual and regulatory wording, while others relate to new tariff schedules whose details will be revealed later.
A local bank announced an updated version of the terms and conditions for retail banking products, effective in January 2027 and replacing the current version, along with a parallel update to the terms and conditions of Islamic banking services for individuals effective on the same date. The new terms cover the entire bank-customer relationship, including accounts, credit cards, loans, electronic banking services and rewards programs, along with provisions on communication, execution of customer instructions, data updates, and account suspension or closure. The updated version expanded provisions on the collection, use, processing and disclosure of customer data inside and outside the UAE, and set out customer obligations to update information on work, residence, nationality, tax residency, contact numbers and documents submitted to the bank. The conditions also addressed digital verification of customer identity and the use of facial recognition for login, adding beneficiaries, transfers, data updates and the execution of financial and non-financial transactions, with the possibility of replacing some traditional verification methods, including one-time passwords, with digital authentication methods. The publication of the new terms was not accompanied by an announcement of a general increase in account or card fees.
A branch of a foreign bank operating in the country announced its intention to issue a new tariff schedule for corporate clients, to be implemented from January 1, 2027, without publishing the new fee values yet. Another bank announced a limited regulatory change concerning customers residing in European Economic Area countries: from the beginning of 2027 it will not be able to initiate the presentation of some new products and services to them, while confirming the continuation of service for current products and that customers do not need to take action. That announcement did not include the imposition of new fees.
The Consumer Protection Standards issued by the Central Bank of the UAE require financial institutions to notify customers at least 60 days in advance of any permissible change to the terms and conditions of products or services, including fees, providing a clear language summary of the changes and a copy of the amended terms. Customers should read the notices sent by their banks rather than relying only on the heading "Terms and Conditions Update," particularly clauses relating to fees, digital authentication, data use and account closure, to ensure the updates affect their banking products before they are implemented.