The central bank of Israel has amended the Banking (Service to the Customer) (Fees) Rules to reduce the number of fees collected from customers of the banking corporations.
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The amendment will set out a uniform fee schedule for operational services provided by the credit card companies for payment card transactions
The new regulations will not allow a bank will to charge a transaction fee for immediate debiting through a debit card on the direct channel in addition to removing the deferred payment fee for new transactions made in payments on a payment card.
Although, the amendment will permit the banks to charge a fee for producing confirmation of ownership of a bank account from the second confirmation in a year but the charge for transferring funds in real time through the Zahav system up to a value of NIS1m ($254,253) will be eliminated.
Banks supervisor David Zaken said: "The Banking Supervision Department is continuing to pursue the reduction or elimination of fees and ways to simplify them.
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By GlobalData"Fees that are an impediment to competition or a market failure have been cancelled, with the aim of simplifying the banking service products, increasing transparency to the customer, particularly households and small businesses and increasing customers’ ability to compare."
