FAQs

Who is the natural resident person?

A natural resident person is a person who has been residing in Palestine for a period of one year or more (continuously or intermittently) regardless of the nationality he holds.

Who is the minor?

A minor is a natural person who has not completed eighteen years of age and whose account is opened by the guardianship, custody, or trusteeship of the mother.

How are active accounts converted to dormant accounts?

Approved accounts with credit balances are considered dormant if they do not receive any banking transactions (withdrawal / deposit) for a specified period of time, except for transactions related to interest, commissions, fees, periodic transfers based on standing orders, periodic stock dividends, refunds of returned shares, and bill payment transactions under a fixed authorization, in addition to prizes on bank accounts, mentioning that the account is considered dormant in the following cases:

• One year after the date of the last transaction on current, demand, and financial inclusion accounts.
• Two years after the last transaction on savings accounts.
• Five years after the date of the last transaction made on deposits accounts.
• After a year has passed since the accounts in which all sub-accounts in all currencies are considered inactive.

What is IBAN?

IBAN is the international bank account number, which is based on the international specifications for the bank account number, and it is a profiling of bank account numbers, so that it allows its users to verify the correctness of the account number transferred to it (the beneficiary of the amount transferred) before implementing the transfer order to any local bank or around the world, provided that the receiving country complies with IBAN standards.

What is the National Switch System (194)?

It is the national network that connects all ATMs of banks operating in Palestine to a single network, which enables ATM card holders issued by one of the banks operating in Palestine to use any ATM of any other bank, in addition to any other services provided by the National Switch.

What does responsible lending mean?

It is the provision of financing products commensurate with the approved needs and their ability to pay, and it falls within the instructions issued by the Palestine Monetary Authority to organize the work mechanism related to the facilities granted.

What are the customer’s obligations?

The obligations of the authorized person are the sum of the direct obligations of the customer as a debtor, as well as his obligations as a guarantor.

How can the income be considered regular?

The income can be considered regular if the total monthly salary of the customer coming to the bank, or any income of the customer earned from known, specified and approved sources.