At Atlasimmobilier, we understand how crucial it is to be aware of your rights as a banking consumer. Bank Al-Maghrib (BAM) is committed to enhancing these rights through a series of directive measures, ensuring a relationship of trust and balance between banks and their clients.
Strengthening Consumer Rights
Bank Al-Maghrib, in collaboration with Sidi Mohamed Ben Abdellah University in Fes, organized a meeting to discuss initiatives aimed at balancing the power dynamics between banks and their clients. This meeting, focused on “The Role of Bank Al-Maghrib in Protecting Credit Institution Customers,” highlighted several concrete measures to protect consumers and strengthen trust in the banking system.
Major Initiatives by Bank Al-Maghrib
- Issuance of Releases After Loan Repayment:
- Banks must issue a release within 30 days after full loan repayment, ensuring the removal of the mortgage from the land registry. Sanctions are imposed in case of non-compliance.
- Clear Display of Banking Conditions:
- Banks are required to clearly display their terms and fees, in accordance with law 31-08.
- Online Banking Fee Comparator:
- An online tool allows clients to compare the costs of banking products offered by different banks, facilitating informed and wise choices.
- Bank Mobility:
- The directive on bank mobility reduces administrative procedures for changing banks, improving transparency and accessibility.
Consumer Banking Rights
Right to a Bank Account
Every citizen has the right to own a bank account. In case of refusal by a bank, Bank Al-Maghrib intervenes to designate a bank that will open the account, ensuring financial inclusion for all.
Free Banking Services
Bank Al-Maghrib has identified 22 common banking services for which banks do not charge any fees, offering greater transparency and accessibility to clients.
Loan Releases
After full loan repayment, consumers have the right to a release, particularly for mortgage loans. Bank Al-Maghrib requires banks to issue this document within 30 days.
Account Closure
Account closure is governed by Article 503 of Law No. 15.95 forming the Commercial Code. Clients can request the closure of their account with one month’s notice. Banks can also close an account inactive for a year, after notification and a 60-day period.
Credit Transparency
Banks must provide a preliminary credit offer detailing all ancillary fees. Clients also have a right of withdrawal within 8 days after signing a credit contract.
Consumer Protection and Education
Awareness and Financial Education
The Moroccan Foundation for Financial Education (FMEF) plays a key role by offering training and educational tools to help citizens better manage their budget and understand banking services. Banks accompany each new regulation with a fun guide and video capsules distributed through various channels, including social media.
Data Security
With the increasing digitization of banking services, the risks of fraud and cybercrime increase. Banks must secure their clients’ data and raise awareness of best practices.
Inclusion of Vulnerable Populations
A charter has been adopted to ensure that vulnerable populations, such as people with disabilities, can open and manage bank accounts independently. Banks must adapt their infrastructures to ensure total accessibility.
At Atlasimmobilier, we believe that knowing your banking rights is essential for informed and serene financial management. Bank Al-Maghrib, through its numerous initiatives, strives to ensure transparency, protection, and education for consumers, thereby strengthening trust in the Moroccan banking system. For any questions or further information, do not hesitate to contact us.
