Banking Awareness

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Banking Awareness
The Basis of Your Protection

The Saudi Investment Bank is circulating these flyers to raise customer awareness, provide the highest levels of security, and enable customers to make their banking transactions flexible, easy, and safe.

Credit Advisors

The Credit Advisory Unit aims to provide advice on credit related matters regarding requested products and services from our customers, you can call our toll free number 8001248000 to speak to a Credit Advisor about credit matters.

Bank Fraud

How to avoid bank fraud?

  • Preserve confidentiality of personal data and bank information.
  • Ensure all notices received from the bank are correct.
  • Do not deal with unlicensed or unauthenticated parties when implementing banking transactions.
  • Minimise credit card use over the Internet; especially with unauthenticated websites.
  • Keep your computer protection programs’ software up to date.
  • Update your data though bank branches.
  • Always access the bank’s website directly.
  • Download the bank’s application through a reliable source.
  • Do not help unknown people in making any financial transaction from your account.

Personal accounts

  • When opening or updating your account information, the data given must be accurate and clear.
  • You must not use your personal account for commercial purposes in order not to be a subjected to legal repercussions.
  • do not engage in illegal or fake financial transactions in which you will be at the risk of money laundering and terrorist financing.
  • Donation collection can be authorized only though licensed and accredited organizations in the Kingdom.
  • Inform your bank immediately of any changes in your phone numbers, postal address, or any other personal data.
  • Deposit of any amount is not required to open a bank account, however you are obligated to make a transaction in less than 90 days.

(Non-moving) Accounts:

Non-moving banking accounts, relationships and deals are accounts that have elapsed two Gregorian years since the date of the last financial transaction conducted by the client himself (the concerned person or the accountholder), his authorized representative, or his heirs, unless no other transaction has been conducted after that transaction (neither deposit nor withdraw).

Types of Non-moving Accounts:

  1. Dormant Accounts:

    The account, relationship or deal shall be considered dormant if Twenty-four months have elapsed since the last credited financial transaction (deposit or withdraw- based on nature of relationship), or the last authenticated communication pertaining transactions, that have been conducted by the accountholder or his authorized representative.

  2. Unclaimed Accounts:

    The account, relationship or deal shall be classified as unclaimed if Five years (Sixty months- including the dormant account phase) have elapsed and the customer or his authorized representative did not perform any financial transaction (either deposit or withdraw- based on nature of relationship) or any authenticated communication pertaining transactions, and the Bank could not reach the customer after using all means of communication.

  3. Abandoned Accounts and Deals Whose Owners Are No Longer In Connection With The Bank:

    The account, relationship or deal shall be considered abandoned and its holder is no longer connected with the Bank if the account has completed the periods and phases set out below with effect from the date in which it has been classified as unclaimed, and the Bank could not reach or locate the accountholder through his account details or transactions with the Bank, and after using all means of communication in accordance with the customer communication policy and procedures.

    Terms and durations on which the account is considered “Abandoned”:

    • Lapse of ten calendar years of the unclaimed credit current account, savings account, investment deposits, balances of deceased persons and credit balances in credit cards, (i.e., a total of fifteen calendar years from the date of the last financial transaction).
    • Lapse of five calendar years of the unclaimed bank draft, bank transfer, safe deposit boxes, withheld shareholders dividends, accruing but unpaid amounts and earnings owed to customers for their investments, other amounts or dues accruing for customers with the bank, (i.e., a total of ten calendar years from the date of the last financial transaction).
    • Lapse of five calendar years of the unclaimed stocks, bonds and mortgaged real estate for the benefit of the bank as security to the banking facilities the debts of which have been duly paid by their respective holders who haven’t called at the banks to recover them, and the amounts withheld as collateral for the issuance of letters of guarantees and letters of credit after the lapse of five years from their expiration date, (i.e., a total of ten calendar years from the date of the last financial transaction).
    • Lapse of five years of all unclaimed lease finance settlement account and prepaid services account (i.e., a total of ten calendar years from the date of the last financial transaction).

Use of ATM Cards, Credit Cards and Internet Services

  • Keep your card number and secret number [PIN] confidential.
  • Do not accept help from any person present at an ATM.
  • Avoid using ATMs that are at remote location.
  • Sign on the signature panel as soon as you receive your card
  • Dispose of your expired cards.
  • Ensure that your transaction is processed in your presence.
  • Check the amount required before signing the slip.
  • Preserve your invoices and double check them with your account statements.
  • Request SMS or email alerts for your card transactions.
  • Inform your Bank about your contact details upon travel in order to contact you immediately in case of any suspicious transaction on your card.
  • Report any unfamiliar transaction alerts or if your card is lost, stolen, or not received by calling the SAIB Flexx-Call Call Center number provided on the back of your card.

Proper Savings and Investment

The Saudi Investment Bank aims to promote the principle of savings and financial planning. Savings help in providing family stability to avoid any financial crisis and contribute to building a good economy for the individual.

Some of savings ways

  1. Moderation in spending and consumption.
  2. Find another source of income, no matter how small the revenue.
  3. Have a savings account and save consistently.
  4. Use our budget calculator to help you identify and cut unnecessary spending, if possible.

Credit Score

A credit score is a log of an individual’s credit and financial transactions with multiple sectors, such as banks and financial institutions. These records are used by bank management when deciding to accept or reject a customer loan request.

How to keep a Good Credit Score

  • Paying installments on time.
  • There should not be any returned checks on your account
  • Do not raise your credit card limit.
  • Avoid having several credit cards to avoid payment disruptions.
  • Check your credit record at least once a year

Loans tips

  • Think about your actual needs and the monthly payments you can realistically afford. Use this simple equation:
    Total Fixed Expenses + Semi-Fixed Expenses per Month - Monthly Income = Convenience Monthly Payment. The Saudi Arabian Monetary Agency (SAMA) has also developed a maximum monthly payment for each type of finance.
  • Set your priorities.
  • Receive a full and detailed explanation for each term and condition of a loan contract from the bank’s employee.
  • Complete the loan application in clear handwriting.
  • Do not sign an uncompleted contract or paper work. Ensure receiving a certified customer copy of the contract with the bank’s signature.
  • Receive the loan repayment schedule, showing the original debt and interest.
  • To get funding faster you must have a good credit record.
  • Irregular repayments will be reflected in your credit history.
  • Review all of your financial obligations to any financial agency connected to SIMAH including credit cards due to 5% of the credit limit. It is a monthly commitment, even when not used

Customer Complaints

The bank has an independent unit to receive public complaints regarding the bank, branches and employees. Complaints should contain the following:

  • The complainant should state his or her name, a clear description of the complaint And a way to contact him or her.
  • The complaint should be related to the bank ,one of its branches or one of its employees.
  • The complaint should be from its owner or legal representativ.

Awareness Tips

  • Ignore and delete SMSs and E-mails claiming you won an award.
  • Carefully read all the information provided by the bank, and be aware about all of your service or product commitments.
  • Ask for services or products that are suitable to your needs and financial abilitis.
  • Avoid using computers in business centers or internet cafés to do your bank transactions.
  • Change your passcode periodically.
  • Protect your personal computers with original antivirus software
  • While browsing a webpage, Make sure that the lock sign appears on the search engine, and that the web link begins with (https ://).
  • Ask the bank representative about any unclear point or condition.
  • Consult the bank when you face financial difficulties.
  • Becareful when authorizing others to perform financial transactions on your behalf.

FAQ