The Checks Without Cover Law, 1981, is meant to make checks more reliable to use, improve payment ethics, and deter account holders from drawing checks on insufficient funds by imposing quasi-criminal administrative sanctions on those who do this—sanctions reflected in the restriction of the account and of the customer. The law also states that the restriction sanction may also be imposed on debtors who are going through bankruptcy or Bailiff’s Service proceedings and on those who refuse to grant letters of divorce under rabbinical law.​

​A current  account is the type of account that we use to manage most of our routine financial activity: paying bills by means of checks, charge cards, standing orders, and other ways. It is also the type of account via which we make bank deposits, receive loans, manage our securities portfolio, etc.
A current account is the main type of account in the banking system. It is the vehicle by which most employees receive their salaries. In fact nearly everyone in Israel must have such an account for the daily management of his or her financial activities. The essentiality of this account is reflected in the law that requires a banking corporation to “open a current account in Israeli currency or foreign currency” unless it has reasonable ground to refuse.

Everyone can find out how much a banking service costs, compare prices offered by banks or other entities that provide the same service with the prices of alternative services, and decide what to do. For example, you can ask the bank where you keep your account to improve the terms or, where necessary, you can even switch to a bank that will give you a better deal.
Wise consumerism in banking, as in other fields, will help to improve the terms that are offered to customers at large.
Everyone can find out how much a banking service costs, compare prices offered by banks or other entities that provide the same service with the prices of alternative services, and decide what to do. For example, you can ask the bank where you keep your account to improve the terms or, where necessary, you can even switch to a bank that will give you a better deal.
Wise consumerism in banking, as in other fields, will help to improve the terms that are offered to customers at large.​

In Israel, there are two kinds of credit cards: deferred debit cards and revolving credit cards.
Deferred debit card—this is the regular kind of credit card commonly found in Israel. Customers use it to make purchases during the month and have to pay back the entire accrued amount on the next monthly payment date. Customers who make a purchase at the beginning of the month actually receive a full month of credit; on average, they are given fifteen days of credit. However, no interest is charged for this credit and such transactions are not customarily referred to as credit transactions.
One can also use a deferred debit card to make installment transactions. Such transactions are in fact credit transactions, with the issuer of the card or the business owner providing the credit. Thus, instead of paying for the entire transaction at once, the customer divides the payment into several installments.​

Wise consumption on the part of the customer is the key to increasing competition and improving the terms offered. This means awareness and a willingness to compare and demand better terms, and if necessary to switch one’s bank or credit card company.
The Bank of Israel is providing you with useful calculators and tools to help you compare the prices of banking services. ​