Bank of Palestine seeks to set an example in spreading awareness to the public and to its customers about the financial and banking services and how to use these services and the adopted procedures in the development and advancement of financial knowledge of various banking services. This helps in economic and social development and avoiding risks, and guides the customers and provides them with sufficient information to choose the suitable products that meet their needs.
Therefore, it is necessary to guide the customers in regards to the provided services, their quality and nature; the Bank also works in introducing the features, benefits and methods to receive such services, including deposits, checking accounts, accounts payable and receivable and saving accounts. In addition to loans, their benefits, interest rates, how to obtain them, payments and postponements.
Accordingly, the Bank recruited a trained cadre of qualified graduates from Palestinian universities who present the services professionally, introducing their features in a transparent and clear manner, in addition to presenting them through the Bank’s social media networks.
For an introduction about some of the banking services provided by the Bank, please see below a summary of a group of the services, how to receive them and the available related information:
First: Bank Accounts
Opening bank accounts for customers is considered one of the most important steps taken by the customers to receive the banking services provided by the Bank, as through opening a bank account, the customer receives the basic banking needs, represented with cash deposits and withdrawals, checks deposits and transferring the monthly salary, in addition to sending and receiving banking transfers to and from anywhere around the world. All customers of age 18 and older have the right to open a bank account; those under this age can open a bank account under the custody of the parent, who is usually the father or the mother of the child (for the benefit of the child). The account can be opened using any currency desired by the customer (dollar, shekel, dinar, euro or pound); the accounts have different types:
- Checking account: this accounts provides all the basic banking needs, represented with cash deposits and withdrawals, checks deposits and transferring the monthly salary, in addition to sending and receiving banking transfers to and from anywhere around the world.
- Saving Account: a featured program that meets the needs of savers who do not want to receive any interest on their savings. All owners of saving accounts can benefit from the premium prizes provided by the Bank through various savings’ draws.
Second: Credit Facilitation
Credit facilitations for the Bank’s customers are provided as loans to purchase personal needs, such as cars, houses, furniture, marriage, etc., or the commercial loans for corporate to finance large transactions or others. All borrowers should read the instructions issued by the Palestinian Monetary Authority in regards to fair credit, which aims to educate customers and regulate their relationships with their banks on a clear, accurate and transparent basis; which includes all types of credit or facilitations that can be obtained from the Bank, including:
- Read the electronic information screen located in the main office and branches, which describes various interest rates and commissions received.
- Receive a comprehensive and detailed explanation about each item in the loan’s contract from the facilitation employee.
- Review (before receiving the loan) of all the details concerning the credit to be received, including the amount of the loan, date, payments’ due dates, interest and commission rates and late fees.
- Ensure the comprehensive completion of loans’ contracts with a clear handwriting, filling the blanks of interest and commission rates.
- Receive a certified copy of the contracts after they are signed by the Bank.
- Ensure receiving the loan’s payment schedule with the original amount and interest included.
Third: International Banking Transfers
A service provided by the Bank to its customers, in order to send and receive financial transfers to and from anywhere in the world; the banking transfers features the latest safety and privacy regulations; this service has multiple types, including:
- MoneyGram transfers: transfers conducted from anywhere in the world in just few minutes. MoneyGram transfers can be sent or received through more than 275,000 agents for the services in 194 countries, connected through a computerized network to guarantee financial transfers in minutes.
- Local transfers: conducted between local banks.
- Financial transfers through SWIFT system, which is the international central system to execute financial transfers between banks electronically.
Fourth: Credit Cards
Plastic cards are financial tools that facilitate cash withdrawals and shopping for customers through their bank accounts anywhere in the world, through 24 million ATMS and commercial stores around the world; these cards include the VISA logo; in order to enhance the safety level, these cards are protected by a smart chip with a private PIN code of four digits. The balance of the card is the same balance as the checking account; the validity of the card ends after five years and can be renewed. Visa Electron card is connected to the primary checking account and other accounts, as when a cardholder withdraws cash from Bank of Palestine’s network, the customer can select the account to deduct from; as for shopping and cash withdrawal outside Bank of Palestine’s network, the deduction is from the primary balance selected by the cardholder. The primary account is the first account that gets deducted from when shopping locally and internationally and when withdrawing cash internationally; the cardholder can change the primary account at any time.
The cards provided by Bank of Palestine have multiple types, including:
- Cash Card: prepaid card used for shopping, purchasing services and products online and through various commercial stores around the world.
- Visa Debit: international debit card issued in Palestine and holds the VISA logo; the card is used in shopping and cash withdrawals locally and internationally. The card has a smart chip protected with a private PIN code of four digits. The balance of the card is the same balance as the checking account; the validity of the card ends after five years and can be renewed.
- Visa & Mater cards: these cards are the most common in the world; they are connected to a bank account and can be used in cash withdrawals from any ATM in Palestine and the world and can be used to purchase from stores and commercial shops inside and outside of Palestine, within a credit limit, with no money in the bank account and with no interest or commission.
- Easy Life card: a card for convenient installments, designed particularly to help the customers to purchase products and pay through installments.
- Sanabel card: a card for convenient installments, designed particularly to help the customers to purchase products or services and pay through installments; this card enables the receiving of various financial facilitations through one card simultaneously.
A check is issued by the Bank based at the customer’s request to pay a financial amount that will be deducted from the customer’s account when issued and payable to a specific beneficiary. The check issued for the customer is considered a legal document and the customer is liable for the amount. Accordingly, customers should control their financial resources and monthly expenditures to avoid legal measures for their inability to meet financial commitments.