Banks to allow emergency ATM access
A number of banks in the Kingdom have launched the service of cash withdrawals from ATMs without a card.
Bank sources indicated that the new service is initially being implemented by two banks — the National Commercial Bank and Saudi Investment Bank. They will be followed by other banks.
Secretary-General of the Media and Banking Awareness Committee of Saudi banks Talat Hafez confirmed the news, stressing that the new service enables customers to withdraw cash without an ATM card in emergencies such as the loss of the card. “The customer will be able to access his account without the ATM card through a specified secret code,” Hafez explained, adding that the service had a limit of a cash withdrawal of up to SR1,000.
Commenting on the future of the new service, Hafez said: “There are 24 banks in the Kingdom, including 12 foreign banks, and competition is expected to rise generating the need for the expansion of such services in the local market in the future.”
The new development in Saudi banks is in sync with the initiative recently launched by some Gulf banks where national identity cards can be used for financial transactions marking a first in the era of banking in the Middle East.