Banque du Liban Basic Circular 148

FAQs | Banque du Liban Basic Circular 148 | Lebanon | Byblos Bank

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Banque du Liban Basic Circular 148

الرجاء الضغط هنا للاطلاع على تعميم مصرف لبنان الأساسي رقم 148

الرجاء الضغط هنا للاطلاع على النسخة العربية من الأسئلة المتكررة

 

Banque du Liban (BDL) issued on Friday, 3 April 2020, the Basic Circular 148 related to the exceptional measures on cash withdrawals from small bank accounts. Byblos Bank has designed a fully automated process for its eligible clients to request cash withdrawals from their accounts which balances are equal or less than LBP 5,000,000 and USD 3,000 as of Friday, 3 April 2020. Here below are some useful information and clarifications related to this circular.

 

What procedure should I follow to withdraw my money? Do I need to personally visit the branch?
To keep you safe and protected from COVID-19, we have developed a digital procedure allowing you to apply from the comfort of your home by just filling out an online form . Once you do, we will look into your application and call to inform you when it is approved. In this case, there a few steps you need to take in order to withdraw your money:
1. Receive a message on your mobile phone along with a link
2. Open the link and add your credentials (same Username and Password of your Byblos Bank Mobile Banking App)
3. Click “Circular 148”
4. Check the amount that you are allowed to withdraw (after deductions in case of overdue payments on loans and/or credit cards)
5. Click “Approve” 
6. Wait no more than three days to receive an SMS informing you of the amount that was added to your debit card
7. Visit any Byblos Bank ATM and withdraw the money

 

Click here to watch a step-by-step guide on how to perform your operation online.

 

In case you don’t use the Byblos Bank Mobile Banking App, open the link and add your debit card number and Pin Code. You then receive a One-Time Password (OTP) on your mobile phone for verification. Just enter the OTP on the same link to check the amount you can withdraw and proceed by taking Steps 5 to 7 listed above. For more information, you can always check with your branch. 

 

Will I need to sign any hardcopy document? 
No, all documents to sign will be provided to you in digital forms so that we keep you safe and protected from COVID-19.

 

Once my request for withdrawal is approved, which debit card should I use to withdraw the money?
You should use the same debit card you normally use for withdrawals at Byblos Bank ATMs. No new debit card will be issued. 

 

If I have a loan with overdue payments, how do I settle my dues and withdraw the remaining amount in LBP?
The Bank will deduct your overdue payments from your account’s balance as of Friday, 3 April 2020. The remaining amount, if in USD, will be converted to LBP based on the market exchange rate and you will then be able to withdraw it in cash. 
 
If my total account’s balance cannot cover my overdue payments, can I still benefit from the circular?
No, Circular 148 stipulates that you must settle your overdue payments before withdrawing the remaining funds. If your overdue payments exceed the actual balance in your account, you cannot claim any withdrawal. 

 

Does the deduction of overdue payments from the account’s balance apply to all types of loans and credit cards? How far back does the deduction go?
Yes, the deduction applies to all types of loans and credit cards. The Bank will deduct from your balance any obligations due by Friday, 3 April 2020, no matter how old or new they are. 

 

Will I have to close my account(s) after the withdrawal of my money?
No, you do not have to close your account after withdrawing the available funds. However, the Bank retains the rights to close the account(s) at its sole discretion at the time of withdrawal, and you will be informed accordingly.
 
Can I withdraw a portion of the money in my account or should I withdraw all of it?
You must withdraw all the money in your account(s), either by making withdrawals at Byblos Bank ATMs or by visiting the branch and performing the transaction at the counter.
 

Can I make more than one withdrawal operation? 
No, you can only request and make one withdrawal operation. 

If I have an account with funds exceeding LBP 5,000,000 or USD 3,000, can I withdraw this portion of money and leave what remains in the account? 
No, you must have an account balance that is equal or less than LBP 5,000,000 or USD 3,000 to be able to benefit from the circular, and your total net worth at the Bank should be equal or less than LBP 9,500,000. 


If the exchange rate appreciates by the time I withdraw my money, will I benefit from the increase in the value of the currency?
The Bank will apply the market exchange rate effective on the date of withdrawal, regardless of any increase or decrease in the value of the currency. Accordingly, this exchange rate will be applied on the conversion of your amount from USD to LBP.


If I have an eligible account at another bank, can I still benefit from the circular to withdraw the money from my account(s) at Byblos Bank?
Yes, if you have an account balance that is equal or less than LBP 5,000,000 or USD 3,000 at any other bank, you can still benefit from the circular. Thus, you can request to withdraw your money from your account(s) at Byblos Bank. 


If I have a salary domiciliation account(s) and I am receiving monthly transfers or payments, can I withdraw my money and keep my account(s) open for future monthly transfers or payments?
Yes, provided all rules of the circular are respected and as long as you make no more than a single withdrawal operation. As for keeping the account open, you are not obliged to close it. Rather, the Bank retains the right to close it at its discretion at the time of withdrawal. 


Do all types of accounts benefit from the circular?
Yes, all types of accounts benefit as long as their balances conform with the conditions stipulated in the circular (funds equaling or less than LBP 5,000,000 or USD 3,000 as of Friday, 3 April 2020, end of business day). These include checking, saving, wedding, deposit and salary domiciliation accounts.


Can I make use of the money by making purchases at Points of Sale, rather than withdrawing it from the ATM?  
No, you must withdraw the money in full from the ATM. 


Will I be charged any fees?
You will be charged no additional costs by Byblos Bank except for the stamp fees imposed by the Ministry of Finance and a small charge resulting from the rounding of cash transactions at the time of withdrawal from ATMs.