The Semiannual Report on Common Banking Service Fees was presented today to the Knesset Economic Affairs Committee
The Bank of Israel urges the public to examine and compare the terms offered by the various banks and has made a variety of tools available to consumers on its website.
- The decline in the monthly cost of maintaining a current account continues, even without taking the fee tracks service into account.
- The monthly cost of using a credit card remains stable.
- The average revenue, on banks’ financial statements, from fees attributed to households’ banking and financial activity accounts is approximately NIS 28 per month.
- As of May 31, 2015, approximately 200,000 customers had joined the fee tracks service. The Banking Supervision Department is taking steps to increase customers’ awareness of this service and its worthwhileness. The Banking Supervision Department calls on customers to make use of the comparisons in this publication, calculators (including the fee track calculator), tips to save money, and other comparisons on the Bank of Israel’s website, in order to examine the terms offered by various banks and in order to make decisions regarding the bank at which it is most worthwhile to hold a current account and securities portfolio.
- In recent months, several directives have come into effect which led to further reductions in fees, increased transparency, and that improved bank customers’ negotiating position.