What to expect from FAB’s four-day closure

▶ Bank has scheduled an IT integration for National Day weekend. Alice Haine explains how it will affect services

First Abu Dhabi Bank customers must “plan ahead” to prepare for the financial institution’s four-day closure over the National Day weekend, advise experts.

FAB told The National the shutdown from 1pm on November 29 to December 3 will give the bank – formed by the First Gulf Bank and National Bank of Abu Dhabi merger in April last year – time to integrate IT systems. “The unification of our legacy IT systems will complete our integration journey and enable us to provide harmonised products and services to customers,” an FAB spokesperson says.

The bank says it chose to carry out the work over a weekend and public holiday, “when most businesses will be closed, to ensure minimum disruption to customers”.

Keren Bobker, a consumer columnist for The National, says customers must plan ahead: “I recommend withdrawing cash and also making sure you have no cheques expected to be paid in, or standing orders due that could be an issue if payment is delayed.”

Ambareen Musa, chief executive and founder of financial comparison website Souqalmal.com, says customers should consider the closure as “an extended bank holiday”.

“While all branches and over-the-counter services will be unavailable during the fourday period, customers will still retain access to the funds in their bank accounts via debit and credit cards,” she says.

Jonathan Rawling, chief financial officer of another financial comparison website yallacompare, also advises customers to withdraw enough cash before the closure.

“There will probably be long queues in the bank’s branches and their cash machines. Any international transfers should also be scheduled three to four business days prior to November 30,” he says. “Customers should depend on secondary credit or debit cards that they may have for unplanned purchases and expenses.”

Here we explain how the bank closure will affect FAB customers:

Q What services will be unavailable?

A All regular account services will be unavailable. This includes opening and closing your accounts, online and mobile banking, international and domestic fund transfers. Inward and outward remittances will also be unavailable, and customers will be unable to buy or sell foreign currencies, set up or amend standing orders and direct debits, access statements, or apply for or settle a loan.

Other services such as new chequebook requests, balance confirmation letters, letters of credit, stop-payment requests, account maintenance requests will be unavailable until 8am on December 4.

Meanwhile, the bank’s customer contact centre will be available around the clock.

What happens to payments due during the period?

All incoming and outgoing payments, cheques, remittances and standing orders will be processed after the integration work has been completed. “If you have an automatic payment to a credit card to pay off a balance in full, any late payment could result in added interest and significant fees,” warns Ms Bobker.

To avoid late payment charges on a credit card payment or mortgage to another bank, or utility bill, for example, the bank recommends setting up the payment before the closure, or speaking to the financial institution involved to alert them of the issue. It is also wise to make sure you have enough cash in your account to meet the early or late payment. FAB says its credit card holders whose monthly payment is due during the closure will not incur any late payment penalties.

Can I check my statement?

No, your statement will be unavailable online. Ms Musa advises logging on to your account ahead of the shutdown.

Can I still use my cards and the ATMs?

Yes, customers can still head to the shops or online to make purchases on their debit and credit cards. They can also withdraw cash from an ATM but they cannot deposit cheques or cash. Most FAB-branded ATMS will work, but customers can access their cash from any other ATM. The Dh2 charged for using another bank’s ATM will only be refunded to customers that hold e-dirham and Ratabi pre-paid cards.

Note, there will be temporary outage of cards for a few hours early on December 3. Those travelling during that period should factor in timezone changes into their plans. Also, services such as changing your pin or passcode, activating your credit card, changing your credit card limits or credit card loan instalments will have to wait until after the closure.

Is there a limit on how much cash I can withdraw?

Yes, daily limits will apply for debit cards. The maximum standard debit customers can withdraw is Dh8,000 a day. Those holding cards such as Platinum or Etihad Platinum can withdraw up to Dh15,000 a day and World Elite cardholders can withdraw up to Dh20,000 a day. Remember, you will not receive any SMS alerts for any withdrawals you make during the systems integration and you will not be able to view your existing or remaining balances. Credit card customers can spend or withdraw as normal.

Is there a limit on how much I can spend?

Yes. World Elite and Platinum cards can spend up to Dh25,000, while standard cards can spend up to Dh15,000 per day. Credit card expenditure depends on your limits.

Will I still need my 3D secure password for credit cards?

No, these will be discontinued. Instead, whenever you make a transaction, a one-time password authentication will be sent to your mobile or email registered with the bank.

What happens if a credit or debit card is stolen?

“Card-blocking services will remain available throughout systems integration,” says a FAB spokesperson. “If customers suspect that they have been a victim of fraud, they can block their card by calling our Customer Contact Centre 24/7 on 600 525 500.”

What happens if a customer receives a remittance?

You cannot send any money during the closure and any inward remittances sent to you during the integration period will have the current value date and forex rate of December 4.

Will accounts change after the integration?

Yes, some account holders will have a new customer ID, account numbers and there may be a change to how their name appears on their account. A FAB spokesperson says all customers will receive a new IBAN number. “Standing orders and regular payments will not be affected by the change of IBAN, with these payments automatically re-routed after the change takes place,” says the spokesperson. “In the meantime, customers can continue to bank as normal.”

What services can Elite or private customers access?

All Elite centres will be closed during the integration, however, private banking clients can access Switzerland and London booking centres to continue transactions. Redemption of investment positions will also be available to private and Elite clients on December 3, via their investment manager.

Will salaries be delayed?

“Salary payment requests received within normal cutoff times before the systems integration period will be processed and credited to the respective accounts as usual,” says the spokesperson. Salary payments received during the closure will be processed from December 4 onwards. “To avoid any inconvenience to employees we have asked employers to, if necessary, make alternative arrangements.”

What about investment services?

All investment and asset products will be unavailable for standard account holders. These include bonds and structured products, funds, global equities deposits and Bancassurance. The last time to make investments before the integration is 11am on November 29. Trade requests can be made via a relationship manager during the integration, however, the banks does not guarantee this will happen.