🇱🇧 Lebanese Banks and Fees Imposition: What’s Allowed?
No, banks in Lebanon are not allowed to impose new fees without customer agreement—especially on older accounts. Here’s a breakdown of the current regulations:
🏦 Central Bank Restrictions. In October 2023, the Banque du Liban (BDL) issued Circular No. 679 which significantly limits banks’ ability to unilaterally increase fees and commissions:- No new fees can be imposed on deposits that existed before October 31, 2019.- Banks must provide a transparent breakdown** of all fees, including how they’re calculated and how customers are charged.- This information must be **clearly displayed in bank branches and on their websites.
💰Why This matters?
The move came after public backlash against banks—especially the Bank of Beirut—for suddenly increasing fees on “lollar” accounts (dollars trapped in Lebanese banks due to crisis-era restrictions). Some customers were being charged up to $100/month, which is far higher than fees on “fresh dollar” accounts.
⚖️ Legal and Consumer Protection Lawyers and depositors’ rights advocates, like “Karim Daher” of the Beirut Bar Association, have welcomed the circular as a step toward curbing bank abuse. However, enforcement and broader reforms are still needed.If you’re a depositor in Lebanon and suspect unauthorized fees, you may want to:- Review your bank’s published fee schedule.- File a complaint with the bank or the Central Bank.- Consult legal support through organizations like the Beirut Bar Association.