The supervision of banks at the Bank of Israel is changing the method of collecting fees in banks for the benefit of customers, following repeated complaints about the amount of fees.
Therefore, in each round of billing, the customer will be charged the lowest possible price automatically (using the best route). In addition, several additional measures will be implemented that will allow a wider range of small businesses to benefit from the discounted fee rate.
In the current method, bank customers pay for each current account operation separately, unless they chose to join a basic route at a price of ten shekels per month or an extended route of 20-30 shekels per month (depending on the bank). In the new method, the customer will not be required to actively join the route, Rather, the bank will calculate the cheapest payment method every month according to the operations performed by a clerk and through a direct channel. The amount of savings for the customer may reach hundreds of shekels per year.
Another move is to expand the group of small businesses to which the discounted rate will apply from a turnover of up to NIS 5 million to NIS 10 million, so that more businesses will benefit from the discounted rate. Following the change, all corporations will be defined as a “small business”, and the bank will be entitled to request an annual report. A current account operation through a clerk or through a direct channel includes, among other things, depositing cash, withdrawing cash, delivering a printout at a customer’s request, transferring or depositing to another account, cashing a check, paying a voucher, and withdrawing cash.
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Yair Avidan, the inspector: “The measures are intended to make it easier for the public and improve the payment mechanisms for basic services that will be adapted to the customer’s actions. This will lower the payment and make the collection mechanism fair.”