Commercial Bank is making profit !!!!
In addition to the QR.50.oo charge for Debit Card, Commercial Bank is trying to loot the customers in many different ways.
Are you aware of that if our bank balance in Saving Account is less than QAR. 3,000, CBQ will charge QR.25 per day !
And if you don’t keep minimum of 5,000 in your Current Account with commercial bank, they will charge QR.25 per day.
As an expatriate, we may need money on urgent basis, forced to withdraw the whole, then you will be charged by the bank, even though you are withdrawing your money.
And I’m now suffering pain from my personal loan I’d taken from CBQ.
I have taken a loan of QR 100,000 from Commercial Bank in July 2008 for meeting certain unimportant expenses. The offer and other terms explained by CBQ Agent at the time of granting the loan was very attractive, with an interest rate of 6.99%. I considered this an advantage, although I have to pay an interest of 6.99%.
I now understand thru some reliable source that the bank has unilaterally increased the interest rate to 11. 49% (nearly doubled) effective from ? (no idea since I don’t received any statement of loan accounts till date). Al though as per the contractual documents (copy of which has not been provided to me) or bank’s policy, it has the liberty to increase the interest rate at any time, without ascertaining any reason, but this attitude of suddenly doubling the interest rate without any advance notification or valued reason is rather surprising and not a professional attitude. I took the loan and spent it and planned my reimbursement based on the terms at the time of providing the loan. Now the terms are revised without any option to the customer, which is taking advantage of the situation.
I have not been provided with any statement of loan account or notification regarding the interest increase. I hope it is a courtesy of the Bank or agent to notify its customer if any such condition changes.
I am a family man and have planned the expenses based on my income and loan re-payment. In this financial crisis situation, CBQ is trying to increase profit by looting the customers….
I’ve made a request to them by email, telephone but no favorable action till date.
Can we really call CBQ's attittude as business or kind of open robbery / simply bulking their pocket by looting the hard earned money... dont know one day they have to change the Name CBQ to LBQ = Looting bank of Qatar
"Being appreciative attracts positive attitude"
Well..well..well... it is pretty obvious that those complaining about the banks' variable rates don't understand the contract they are signing and the word "variable rate". Rate varies coz some factors(i..e. when Central bank increases it lending rate to banks, tendency banks would pass on the increase to its borrowers.)That's business jude!
In regards to the ATM annual fee, it is indeed injustice to the part of customers and CBQ management cannot even give their legal explanation. Perhaps they do this coz they know their customers w/ high loan can't transfer as other banks have also tightened their lending policies. Maybe time will come there will be charges when you withdraw to other bank's atm machine..
lmao at "Commercial Bank is making profit !!!!"
Why does that surprise you? They are a business, after all.
Again mistaken!
Who knows the “then” situation? Since I am a lawyer by default my understanding was based upon my experience in dealing with clients.
I am familiar with the term as I did my PG from US.
Better to close this chapter otherwise CBQ will be the ultimate beneficiary.
BOYCOTT ISRAEL- The Sponser of Terrorism
RP, I am fully aware what it is, but why you would refer to me as a "street lawyer" or any other form of lawyer amuses me, considering the post.
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"Diplomacy is the art of saying 'Nice doggie' until you can find a rock - Will Rogers"
advocatefk
For others that will be a serious problem, then you will be at the mercy of them. That will be no problem with me in that case.
Amoud, It is a street slang from the USA, you need to figure it out, yourself.
I'm out of this forum, later dudes....
Lol, lawyer? are you posting to the right person?
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"Diplomacy is the art of saying 'Nice doggie' until you can find a rock - Will Rogers"
Now you are hitting below the belt! Please refrain from such comments.
Hire a lawyer and feel the difference between street & real! For sure, you have never been trapped in shoes of a lawyer (be it “street” or real)
BOYCOTT ISRAEL- The Sponser of Terrorism
Sorry for the hijack, I spoke my mind... No more politics for now..
Amoud, I don't hire street lawyers, i would hire a real lawyer, If I need one....respectfully
What exactly you desire to know RP?
The topic is much comprehensive and has many implications to discuss. At the outset please note that I am against the idea of separate Jewish state.
Let aside all, read Gandhi on Israel. (It seems that u r heavily influenced by Gandhi’s ideology that’s why a humble advise)
BOYCOTT ISRAEL- The Sponser of Terrorism
Then let it be, is your pain and final showdown.
RP, give it up, everyone gets it, you dont like the boycott, so heres an idea... dont join the boycott.
OK, this guys avatar and signature support the boycott, but the guy didnt say a word till you provoked him. Grow up
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"Diplomacy is the art of saying 'Nice doggie' until you can find a rock - Will Rogers"
RP what’s wrong with you? How can you judge my understanding and vision? I wonder if you are trying to seduce me to harbor or subscribe your ideas.
Boycotting Israel is very dear to me and I pledge to boycott until last breadth of my life! Even if I am subject to death by not taking a medicine which I know ( no presumptions) that manufacturer supports Israelis war crime………. I would like to meet my destiny rather than kissing such medicines. So do not compare the case with “soap” at least!
If you want to start debate on my rational and understanding that why I boycott Israel then….. It is a different story…… any way I am here to answer!
BOYCOTT ISRAEL- The Sponser of Terrorism
I agree with the new bank card issue. Doha bank did ours for free, all we did was go in, turn in the old ones and got the new pretty chipped ones.
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"Diplomacy is the art of saying 'Nice doggie' until you can find a rock - Will Rogers"
CBQ have my phone number, P.O.Box, email address, Online banking message service and their own website to convey info to me. How do I find out about the card charges ... Through a newspaper article! Go figure!!
They have not personally told me of any additional charge which will constitute a change to my signed agreement, therefore any money they take from my account is tantamount to theft.
Did you Google it first?
Don't you hate it, when those are boycotting your pocket? It must feel horrible, that you are losing your money to some kind of Totalitarianism rules of.25 surcharge because you are committed to your salary and your love ones back at home.
Imagine, If you need a medical soap and is not available, because is made by some private pharmaceutical company accused of supporting Israel war machine, and there is no other generic brands, except that particular Medical soap? i guess that Holy River has the powers to heal that itch....
Enjoy u r in Qatar! These banks can do whatever they deem fit.
BOYCOTT ISRAEL- The Sponser of Terrorism
If not then you have a Variable Rate loan...and the fine print says that the bank can/will increase the interest rate at their will. They dont require your concent to increase the rate, thought as a matter of courtesy they should have sent you a letter advicing you of this.
But no many banks do ... my bank in Australia increase the rate at will and the only way I know is by checking via Internet banking.
.
.Commercial Bank is making profit !!!! of course
.
Number one, banks are supposed to make money, they arent philantropists.
Also, you are made fully aware of the account terms and they are in the agreement that you sign when you open an account. If you dont like the terms, go to another bank.
The bank card thing is unfair... but as for the interest rate on your loan. Did you ever default on any payments? If you did then they can put up the rate, if not, you also have a contract that states the interest rate.
Why dont people actually read the contracts before signing them? ____________________________________________________
"Diplomacy is the art of saying 'Nice doggie' until you can find a rock - Will Rogers"
though it's the bank's prerogative to charge us fees as per Qatar Banking Laws, they still have professional obligations to their clients. They should update customers on whats happening, at least. But this is Qatar. We just have to bear it or we could take an action by transferring to another bank. Yes, it would be worth it. Ask around which banks treats their customers better. You won't be alone in your decision and your bank will realize soon. Let's see if their 'sound fundamentals' will succeed. Good luck!
it is not QR25 per day...it is QR25 per month...!!
yeah it's true that interest rate on loans are very high..!!