Dubai's direct debit system for rents: Will tenants be fined for insufficient funds?
Another framework that allows occupants to pay rents in Dubai through direct debit became effect recently.
The framework offers tenants an option in contrast to submitting post-dated rental cheques to their real estate firmThrough the framework, landowners get a one-time direct debit command endorsed and signed by occupants, permitting Emirates NBD to charge the rental from the inhabitant's account or Credit Card. Landowners can recuperate the rental utilizing an automated framework.
Under the arrangement endorsed between Dubai Land Department (DLD) and Emirates NBD bank, rental cheque installments are computerized and digitized utilizing the UAE Central Bank's Direct Debit System (UAEDDS). It benefits landowners, property management organizations, and occupants by dispensing with the need to physically manage post-dated checks.