Customer
Compensation Policy :
Bank
of Bahrain and Kuwait BSC offers high levels of service
to its customers. In the event, for some reasons beyond
the control of the bank or inadvertently, the bank is
unable to meet the service levels committed in the dealings
with individual customer, this compensation policy will
be applicable. The Compensation policy is therefore, designed
to cover areas relating to
unauthorized debiting of account, payment of interest
to customers for delayed collection of cheques /instruments,
etc. The policy is based on principles of transparency
and fairness in the treatment of customers. The objective
of this policy is to establish a system whereby the bank
compensates the customer for any financial loss he/she
might incur due to deficiency in service on the part of
the bank or any act of omission or commission directly
attributable to the bank.
It is reiterated
that the policy covers only compensation for financial
losses in real terms for specific value which customers
might incur due to deficiency in the services offered
by the bank which can be measured directly and as such
the commitments under this policy are without prejudice
to any right the bank will have in defending its position
before any forum duly constituted to adjudicate banker-customer
disputes. The policy does not cover and is not applicable
in respect of claims made by customers on account of opportunity
losses or damages or claims pertaining to reputation loss.
Un-authorized
/ Erroneous Debit :
If the bank has raised an unauthorized/erroneous direct
debit to an account and upon being informed of the erroneous
debit, the entry will be reversed with proper value date,
after due verification. In such cases, the Bank will compensate
the customer, by way of loss of savings account interest
due to reduction in the minimum balance applicable for
payment of interest on savings bank deposit or payment
of additional interest to the bank in a loan account or
any charges levied for balance falling below minimum balance
requirement or any charges levied for return of cheques
due to shortfall in balance. In case verification of the
entry reported to be erroneous by the customer does not
involve a third party, the bank shall arrange to complete
the process of verification within a maximum period of
seven working days from the date of reporting of erroneous
debit.
In case, the verification involves a third party, the
bank shall complete the verification process within a
maximum period of one month from the date of reporting
of erroneous transaction by the customer.
Collection
of Outstation Cheques / Instruments :
The compensation on account of delays in collection
of instruments would be as
indicated in the bank’s cheque collection policy
in the following instances
Force
Majeure :
The bank shall not be liable to compensate customers
for delayed credit if some
unforeseen event (including but not limited to civil commotion,
sabotage, lockout, strike or other labour disturbances,
accident, fires, natural disasters or other “Acts
of God”, war, damage to the bank’s facilities
or of its correspondent bank(s), absence of the usual
means of communication or all types of transportation,
etc beyond the control of the bank prevents it from performing
its obligations within the specified service delivery
parameters.
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