The bank's objectives of the supervision of banks: supervision of current account fees
Are the fees discounted?
The supervision of banks at the Bank of Israel intends to impose supervision on the amount of fees we pay for basic operations, according to a draft order that was circulated for public comments.
Will the regulation do what the competition did not?
Bini Ashkenazi
09/08/2022
Tuesday, 09 August 2022, 12:20 Updated: 12:28
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Intends to also monitor fees charged for operations performed by an official (Photo: ShutterStock)
The Supervision of Banks at the Bank of Israel published for public comment a draft supervision order on basic current account fees, with the aim of freezing the existing price level. Among the services on which supervision will be extended: "Operation by a clerk", "Operation through a direct channel", "Extended route" and Extended route plus".
As of today, only the "basic route" service - through which you can do up to one operation through a clerk, and another ten operations through a direct channel, is the banking service whose price is controlled, and it allows you to receive a package of basic services at a discounted price of up to ten shekels.
The Bank of Israel intends to bring additional banking services under supervision, with the aim of freezing the existing price level and ensuring that the prices of commissions for these services will not be increased without the approval of the supervision of banks.
A banking corporation that wishes to raise the rate for these services, compared to the prices existing at the time the order was issued, will be required to submit a reasoned request to the Supervisor of Banks and obtain his approval.
The supervisor of banks at the Bank of Israel, Yair Avidan: "The imposition of supervision is intended to allow the customer to use his money easily, and at a fair price" (Photo: Reuven Castro)
Common, basic and essential services
The current account services on which the Bank of Israel intends to impose supervision are the basic services included in the service "Operation by a clerk". Currently, the average service rate in banks for this service is NIS 5.8 per operation.
In addition, the Bank of Israel intends to impose supervision on the service "Operation through a direct channel" and in the packages of the different routes ("basic route", "extended route" and "extended route plus") today the average service rate in banks for this service is NIS 1.9 per operation. The
Bank of Israel emphasizes that these are common, basic and essential services for the public of customers of the banking system, which In most cases, it can only be obtained at the bank where the client's account is maintained, and without them the client will have difficulty managing his account and carrying out his financial activities properly.
Supervisor of Banks, Yair Avidan
: "The supervision of the banks works in a variety of ways to allow the public to consume essential and basic banking services, both in the bank branches and in the various digital channels, at a fair price. To ensure this, we decided to introduce additional checking services into the supervision.
The imposition of supervision is intended to allow the customer to use his money easily, at a fair price and known in advance as long as he chooses to do so in one of the supervised routes."
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