What is Negative Account Balance?
Negative Account balance is when the Seller owes money to noon due to a negative statement i.e. the money from sales (net of returns) is lower than fees due to noon. Sellers will be intimated of the negative account balance via an email from noon, and the same can also be viewed at the home page of the Seller Lab.
What must Sellers do in case of a Negative Account Balance?
Sellers must take immediate action to clear any negative account balance within not more than 30 days of the date on which the account balance turned negative. Sellers must transfer the requisite amount into noon’s bank account, details of which are mentioned below.
Noon UAE Bank Details
Beneficiary Name : NOON E COMMERCE OWNED BY NOON AD HOLDINGS ONE PERSON Company LCC
IBAN : AE700920000040000000279
Account Number : 40000000279
Bank Name : GULF INTERNATIONAL BRANCH
Swift Code : GULFAEAA
Noon KSA Bank Details
Beneficiary Name : NOON E COMMERCE SOLUTIONS SINGLE PERSON LLC
IBAN : SA4645000000003667722002
Account Number : 003667722002
Bank Name : The Saudi British Bank
Swift Code : SABBSARI
Noon Egypt Bank Details
Account Name : NOON E COMMERCE
Account Number : 59000003707
IBAN : EG250046000300000059000003707
Bank Name : Mashreq Bank
Swift Code : MSHQEGCAXXX
Failure to clear any negative account balance within the timelines mentioned above will result in appropriate penal actions against the Seller including but not limited to inventory confiscation, pursuing legal proceedings wherein all recovery related expenses borne by noon will also be charged to the Seller, levying appropriate financial penalties among other penal actions.
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